Fri, Aug 23, 10:04 AM (144 days ago)
For the quarter ending June 30, 2024, RF Acquisition Corp (RFAC) reported a net loss of $100,693, a decrease from a loss of $244,473 in the same period last year. Operating expenses totaled $369,446, down from $586,781, while interest income was $390,194. The company’s cash position showed $118,349 outside its Trust Account and $30,643,229 within it, reflecting a slight increase from the previous quarter. The total liabilities rose to $6,022,999, driven by increased promissory notes and deferred costs. RFAC continues to face significant uncertainties regarding its ability to complete a business combination by the revised deadline of September 28, 2024. The company’s working capital deficit of $5,854,311 raises concerns about its liquidity and ongoing operations. Furthermore, the recent redemptions have reduced its public float, complicating compliance with Nasdaq listing requirements. Future financial health will heavily depend on successfully executing a business combination and managing operational costs effectively.