RF Acquisition Corp. has reported its financial performance for the fiscal year ending December 31, 2024, revealing a net loss of $1,015,914, compared to a loss of $565,418 in the previous year. The company generated no operating revenues, as it has not yet completed a business combination, and its activities have primarily involved formation and preparation for its Initial Public Offering (IPO). Total operating expenses for 2024 amounted to $1,934,067, while interest income was recorded at $1,362,218. The company’s cash position at the end of 2024 was $40,511, down from $188,235 in 2023, reflecting a working capital deficit of $7,519,823.
Significant changes in the company’s financials compared to the previous fiscal period include a decrease in investments held in the Trust Account, which fell from $29,718,024 in 2023 to $18,084,445 in 2024. This decline is attributed to stockholder redemptions, with 1,170,280 shares redeemed at a price of approximately $11.23 per share during a special meeting held on September 23, 2024. The company has also extended its deadline to consummate a business combination to March 28, 2025, following stockholder approval for this extension.
Strategically, RF Acquisition Corp. has been actively pursuing a business combination and has entered into a merger agreement with GCL Global Holdings Ltd. The company has also engaged in several rounds of stockholder redemptions, which have impacted its cash reserves and overall financial position. As of February 13, 2025, the company had 3,126,396 shares of Class A Common Stock outstanding, with 1,574,369 shares subject to possible redemption.
Operationally, the company has faced challenges in maintaining its listing on Nasdaq, having received a notice of non-compliance with listing rules. However, following an appeal, Nasdaq granted the company continued listing, contingent upon demonstrating compliance by March 23, 2025. The company’s management team, which includes experienced professionals from various sectors, is focused on identifying suitable acquisition targets primarily in the financial services, media, technology, retail, interpersonal communication, transportation, and education sectors.
Looking ahead, RF Acquisition Corp. remains committed to completing its business combination by the revised deadline. However, the company’s ability to do so is uncertain, given its current financial position and the need for additional capital to meet obligations. The management has indicated that if a business combination is not completed by the deadline, the company will cease operations and liquidate, raising substantial doubt about its ability to continue as a going concern.
About RF Acquisition Corp.
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