Fri, Oct 25, 11:02 AM (11 days ago)
RF Acquisition Corp II (RFAIU) reported its financial results for the quarter ending September 30, 2024, reflecting its early-stage status as a blank check company. The firm reported a net income of $1,422,951 for the quarter and $1,909,559 since inception (February 5, 2024), primarily from interest earned on cash held in trust, totaling $2,169,630. Operating costs amounted to $89,990 for the quarter and $260,071 since inception. As of September 30, 2024, total assets were approximately $118.76 million, with $117.74 million in a trust account, while liabilities stood at $4.25 million, including a deferred underwriting fee of $4.03 million. The company has 15,012,500 ordinary shares outstanding, with 11.5 million shares subject to redemption at $10.24 each. The report highlights uncertainties regarding future operations, particularly the ability to complete a business combination within the stipulated 18-month period. The geopolitical landscape and its potential impact on market conditions pose additional risks. The company has raised substantial capital through its Initial Public Offering, totaling $115.58 million post-expenses, but acknowledges the need for ongoing liquidity management as it seeks acquisition opportunities in the deep technology sector.