RF Acquisition Corp IIRFAI
Cash in trust
—
Not yet disclosed
Trust per share
$11.08
Redemption value
IPO
May 2024
—
Combination deadline
Aug 15, 2026
Deadline passed
Filings on record
74
Latest Aug 20, 2026
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- Oct 2, 2025
Overview
RF Acquisition Corp II is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002012807. It completed its initial public offering in May 2024 and listing on Nasdaq. Class A shares trade under the ticker RFAI, units under RFAIU, rights under RFAIR on Nasdaq. The vehicle is sponsored by Alfa through Alfa 24 Limited. The mandate targets technology, healthcare. Definitive business-combination agreement signed, closing pending.
“we intend to focus our search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing, and biotechnology.”
Reading the filings
Arithmetic on what RF Acquisition Corp II has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trust versus the $10 unit
The trust holds $11.08 per public share, 10.8% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Time on the clock
The stated combination deadline of Aug 15, 2026 has passed without a closing in our filing record. Either an extension was approved that we have not yet indexed, or the vehicle is in wind-down. Check the latest proxy statement.
Sponsor promote
The sponsor's founder block is 2,875,000 shares against 4,831,265 public shares, or 37.3% of the combined count, acquired before the IPO at nominal cost. That promote is the structural dilution every public shareholder carries into a combination, and it is why the economics of a de-SPAC differ so sharply from a conventional IPO.
Sponsor record
Alfa has launched 2 vehicles, none of which has resolved yet, so there is no completion record to read.
Underwriting
EarlyBirdCapital led the offering. It has been named on 52 SPAC IPOs, and 23.1% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
Scores
Recomputed 4m agoThree readings of RF Acquisition Corp II, each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built
Edge
ElevatedHow much does the structure protect a holder right now?
50/100
- Trust accretion92
$11.08 per share
- Runway8
-20 days
Edge reads the setup, not the business. A vehicle can score well on protection and still be a poor place to leave money once a deal closes.
FOMO
ElevatedHow much attention is this vehicle attracting right now?
55/100
- Filing activity79
5 in 30 days
- News coverage40
1 story in 30 days
- News tone65
positive
- Deal freshness37
announced 337 days ago
Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.
Potential
HighHow likely is this vehicle to complete a combination, and at what scale?
77/100
- Lead bank record86
23.1%
- Bank franchise60
52 SPAC mandates
- Stage85
definitive agreement signed
Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.
These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.
News on RF Acquisition Corp II
Last 90 days- RF Acquisition Corp (RFAI) Stock Jumps Nearly 500% After Hours: Why It Is TrendingPositive
Benzinga · 14d ago
News sentiment
PositiveAcross 1 recent story, weighted towards the newest. Scored by our own headline classifier using finance- and SPAC-specific terms. It reads what a story is about, not what the shares are worth.
SEC filing history
Free tier: filings older than 24 hours- 425
Business-combination communication
Accession 0001829126-26-009169
- 8-K
Submission of matters to a vote of security holders; Other events
Items 5.07, 8.01, 9.01 · Accession 0001829126-26-009168
- 425
Business-combination communication
Accession 0001829126-26-008823
- 8-K
Entry into a material definitive agreement; Submission of matters to a vote of security holders; Other events
Items 1.01, 2.03, 5.03, 5.07, 8.01, 9.01 · Accession 0001829126-26-008821
- 10-Q
Quarterly report
Accession 0001829126-26-008485
- DEF 14A
Definitive proxy statement
Accession 0001829126-26-008243
- 424B3
Prospectus supplement
Accession 0001829126-26-007878
- EFFECT
Notice of effectiveness
Accession 9999999995-26-002411
- PRE 14A
PRE 14A
Accession 0001829126-26-007713
- F-4/A
F-4/A
Accession 0001829126-26-007519
- F-4/A
F-4/A
Accession 0001829126-26-006538
- F-4/A
F-4/A
Accession 0001829126-26-005976
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001104659-26-060616
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001628280-26-032590
- 10-Q
Quarterly report
Accession 0001829126-26-004763
- F-4/A
F-4/A
Accession 0001829126-26-004560
- F-4/A
F-4/A
Accession 0001829126-26-003608
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001072613-26-000323
- F-4
F-4
Accession 0001829126-26-002520
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001072613-26-000247
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001167557-26-000021
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001628280-26-007335
- 10-K
Annual report
Accession 0001829126-26-001254
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001844495-26-000007
- DRS/A
Amended draft registration statement
Accession 0001829126-25-010368
- DRS
Draft registration statement (confidential)
Accession 0001829126-25-009959
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001140361-25-042903
- 8-K
Entry into a material definitive agreement; Submission of matters to a vote of security holders; Other events
Items 1.01, 5.03, 5.07, 8.01, 9.01 · Accession 0001829126-25-009218
- 425
Business-combination communication
Accession 0001829126-25-009219
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001193125-25-274760
RF Acquisition Corp II: questions answered
What is RF Acquisition Corp II (RFAI)?
RF Acquisition Corp II is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002012807. It completed its initial public offering in May 2024 and listing on Nasdaq. Class A shares trade under the ticker RFAI, units under RFAIU, rights under RFAIR on Nasdaq. The vehicle is sponsored by Alfa through Alfa 24 Limited. The mandate targets technology, healthcare. Definitive business-combination agreement signed, closing pending.
How much does RF Acquisition Corp II hold in trust?
No trust balance has been disclosed in a filing we have indexed for RF Acquisition Corp II. For a newly priced IPO this is normal: the figure first appears in the quarterly report after closing.
When must RF Acquisition Corp II complete a merger?
By Aug 15, 2026. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.
What happens if RF Acquisition Corp II does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in RF Acquisition Corp II, and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $11.08 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
What tickers does RF Acquisition Corp II trade under?
Class A shares trade as RFAI on Nasdaq, the units as RFAIU, with rights as RFAIR. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for RF Acquisition Corp II?
No, and the gap between them is the whole trade. Trust per share is a disclosed, contractual figure of $11.08, being what a redeeming holder receives. The market price is whatever the shares change hands at: most recently $41.52, a spread to the redemption value. Quotes on this site are delayed and indicative; confirm on your own venue before trading.
How much dilution do RF Acquisition Corp II's founder shares and warrants create?
The founder block is 2,875,000 shares against 4,831,265 public shares, so roughly 37.3% of the combined count sits with the sponsor at nominal cost. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors RF Acquisition Corp II, and what is their track record?
Alfa 24 Limited is the sponsor entity, part of the Alfa franchise. That franchise has launched 2 vehicles in total, none of which has resolved yet. Named principals: Tse Meng Ng.
Which banks underwrote the RF Acquisition Corp II IPO?
EarlyBirdCapital, Revere Securities, Benjamin. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is RF Acquisition Corp II tradeable, and where?
Yes. RFAI returned a live quote of $41.52 on Nasdaq. Quotes here are delayed and refreshed on a schedule rather than streamed, so treat the figure as indicative and confirm on your own venue. Units and warrants trade under their own symbols and are quoted separately.
Is RF Acquisition Corp II a good investment?
That is not a question this site answers. RF Acquisition Corp II is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this RF Acquisition Corp II data come from?
Filings RF Acquisition Corp II submitted to the SEC under CIK 0002012807: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Sep 4, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
Read the full methodology · What is in the dataset · Report a correction
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Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Alfa: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
EarlyBirdCapital in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Technology SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All spacs with an announced deal
Definitive business-combination agreement signed, closing pending.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.