RF Acquisition Corp II, a blank check company incorporated in the Cayman Islands, reported its financial performance for the fiscal year ending December 31, 2025, in its recent 10-K filing. The company generated a net income of $3.37 million, primarily from interest earned on cash held in its Trust Account, which amounted to $4.62 million. This was partially offset by operational costs totaling $1.26 million. In comparison, for the period from its inception on February 5, 2024, through December 31, 2024, the company reported a net income of $3.16 million, indicating a slight increase in profitability year-over-year.
Significant changes in the company's financial position were noted, particularly in its cash reserves. As of December 31, 2025, RF Acquisition Corp II had approximately $52.26 million in cash held in the Trust Account, a decrease from $119.09 million at the end of 2024. This reduction was largely due to the redemption of 6,668,735 ordinary shares, which resulted in approximately $71.58 million being withdrawn from the Trust Account. The company now has 8,343,765 ordinary shares outstanding, with 4,831,265 of those being public shares subject to possible redemption.
Strategically, RF Acquisition Corp II is focused on completing a business combination with a target in the deep technology sector, particularly in Asia, including areas such as artificial intelligence and biotechnology. The company entered into a Business Combination Agreement on October 2, 2025, with NYB Holdings Limited and Nanyang Biologics Pte. Ltd. This agreement outlines a merger and subsequent amalgamation, which is expected to enhance the company's operational capabilities and market presence. The company has also extended its deadline to complete a business combination to August 15, 2026, allowing for additional time to identify suitable targets.
Operationally, the company has not yet commenced any business operations and has generated no revenues aside from interest income. The management team, led by CEO Tse Meng Ng and CFO Chee Soon Tham, is currently focused on identifying potential acquisition targets. As of the end of 2025, the company had a working capital deficit of $567,649, raising concerns about its ability to continue as a going concern without additional financing. The management has indicated that it may seek loans from its sponsors or affiliates to cover operational costs and facilitate the business combination process.
Looking ahead, RF Acquisition Corp II's management remains optimistic about completing a business combination within the extended timeframe. However, they acknowledge the inherent risks associated with identifying and acquiring a suitable target, particularly in the rapidly evolving technology sector. The company is also subject to various regulatory and market conditions that could impact its ability to execute its business strategy effectively.
About RF Acquisition Corp II
RF Acquisition Corp II is a Cayman Islands-based blank check company focused on merging with or acquiring deep technology businesses in Asia, including AI, quantum computing, and biotech. It aims to leverage management expertise and broad networks to identify high-growth, market-leading targets. The company offers public investors redemption rights and seeks to complete a business combination within 18 months, emphasizing disciplined valuation and strategic fit.
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