RF Acquisition Corp III Nets $100M IPO Proceeds, Grants 45-Day Overallotment Option
RF Acquisition Corp III closed a $100 million IPO by selling 10 million units at $10 each, listing on Nasdaq under RFAMU on Feb. 13. Each unit includes one ordinary share and one right to one-tenth of a share, and underwriters have a 45-day option for 1.5 million extra units.
1. IPO Closing Details
On February 17, RF Acquisition Corp III concluded its IPO, selling 10 million units at $10 per unit to raise $100 million. Units began trading on Nasdaq under RFAMU on February 13, each comprising one ordinary share and one right to receive one-tenth of a share.
2. Focus on Business Combination Strategy
As a blank check company, RF Acquisition Corp III aims to pursue mergers or acquisitions, concentrating on deep technology opportunities in Asia such as artificial intelligence, quantum computing and biotechnology. IPO proceeds are earmarked for identifying and executing an initial business combination within these sectors.
3. Management Leadership and Overallotment Option
The SPAC is led by CEO and Chairman Tse Meng Ng and CFO Chee Soon Tham, alongside independent directors Ryan Lee Wen, Tuan Lee Low and Yunn Chinn Shng. EarlyBirdCapital acted as sole book-running manager and holds a 45-day overallotment option for 1.5 million additional units.