Singapore-Based SPAC RF Acquisition Prices US$100 Million IPO
Special purpose acquisition company RF Acquisition Corp. (Nasdaq: RFACU) started trading its securities on the Nasdaq Global Market today. The firm priced its initial public offering, aiming to raise total proceeds of US$100.0 million.
The offering will entail selling 10.0 million units priced at US$10.00 per unit. Each unit is composed of one Class A common share, one redeemable warrant, and one-tenth of a right. Each warrant is exercisable to purchase one common share at US$11.50 per share and each whole right translates to one common share.
The company units trade on the Nasdaq big board under the symbol “RFACU”. Once the securities separate, the company shares, warrants, and rights will trade under the ticker symbols “RFAC”, “RFACW”, and “RFACR”, respectively.
The proposed offering is being managed by EarlyBirdCapital, Inc. as the sole bookrunner. The underwriters were granted a 45-day over-allotment option to purchase additional 1.5 million company units.
The blank check company is led by CEO and Chairman Tse Meng Ng, co-founder of Singapore-based financial firm Ruifeng Wealth Management. The firm intends to search globally for target companies within the Southeast Asian new economy sector.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
