Deal announced · 9 Jul 2026RFAMU · NasdaqCIK 2091712Sponsor at IPO: Alfa 30 Limited
RF Acquisition Corp III
$100MTrust raised at IPO
- IPO12 Feb 2026
- Searching21 months
- Deal announced9 Jul 2026
- Closed—
- 01
Smaller than 90% of 2026’s SPAC IPOs.
$100M raised, against a median of $200M for the 155 SPACs that priced in 2026 so far.
Worked out from checked figures in snapshot 14 · no forecasts or advice
Key terms
Other 2026 SPAC IPOs →- IPO priced
- 12 Feb 2026
- IPO closed
- 17 Feb 2026
- Raised
- $100M1
- Units sold
- 10,000,0002
- Trust raised
- $100M3
- Trust per unit
- $10.004
- Unit
- 1 sh + 1 right (1/10)5
- Months to complete
- 216
- Deadline before extensions
- 17 Nov 2027
- Over-allotment
- Not exercised
Each unit: “one ordinary share and one right to receive one-tenth of one ordinary share”
How it compares
RF Acquisition Corp III against the 155 SPACs that priced in 2026.
- Raised
- $100M
- 82% of 2026 SPACs are above it
- 2026 median: $200M
- Trust per unit
- $10.00
- 78% of 2026 SPACs match it
- 2026 median: $10.00
- Months to complete
- 21
- 54% of 2026 SPACs are above it
- 2026 median: 24
Trust and redemptions
No extension or merger vote with paid redemptions is on record for this SPAC yet.
Firms named in the prospectus
Bookrunners
Company counsel
Underwriters’ counsel
Auditor
Other SPACs from RF
RF’s track record →RF has brought 3 SPACs to market since 1 January 2019, $330M in all: 1 completed, 2 with a deal announced. 1 of the 1 that reached an end completed a merger.
| SPAC | IPO | Raised | Status | Outcome | Months |
|---|---|---|---|---|---|
| RF Acquisition Corp III This SPAC | 12 Feb 2026 | $100M | Deal announced | — | — |
| RF Acquisition Corp II | 16 May 2024 | $115M | Deal announced | — | — |
| RF Acquisition Corp. | 23 Mar 2022 | $115M | Completed | GCL Global Holdings Ltd (GCL) | 35 |
Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.
Peers
Other 2026 SPAC IPOs with EarlyBirdCapital, Inc. as bookrunner.
| SPAC | IPO | Raised | Unit | Status |
|---|---|---|---|---|
| Three Lions Acquisition Corp. | 31 Aug 2026 | $100M | 1 sh + ½ warrant | Searching |
| Pelican Acquisition II Corp | 23 Jul 2026 | $86.3M | 1 sh + 1 right (1/10) | Searching |
| AmperCap Acquisition Co | 2 Jun 2026 | $143M | 1 sh + 1 right (1/10) | Searching |
| Peace Acquisition Corp. | 21 May 2026 | $60M | 1 sh + 1 warrant + 1 right (1/5) | Searching |
| West Enclave Merger Corp. | 29 Apr 2026 | $115M | 1 sh + 1 right (1/10) | Searching |
Sources
- PFinal prospectus: 0001829126-26-001285
- 1Gross proceeds: 0001829126-26-001440
The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $100,000,000.
- 2Units sold: 0001829126-26-001440
On February 17, 2026, RF Acquisition Corp III (the “Company”) consummated its initial public offering (“IPO”) of 10,000,000 units (the “Units”).
- 3Trust raised: 0001829126-26-001581
Following the closing of the Initial Public Offering, on February 17, 2026, an amount of $100,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units and the Private Placement Units was placed in the trust account
- 4Trust per unit: 0001829126-26-001285
$100,000,000 or $115,000,000 if the underwriters’ over-allotment option is exercised in full ($10.00 per unit in either case) will be placed into a U.S.-based trust account
- 5Unit composition: 0001829126-26-001285
consists of one ordinary share and one right entitling the holder thereof to receive one-tenth of one ordinary share upon the completion of an initial business combination.
- 6Months to complete: 0001829126-26-001285
We have 21 months from the closing of this offering (or 24 months from the closing of this offering if we have filed a proxy statement with the SEC
Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.
How the figures are compiled
- Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
- Dated by. The date of the final prospectus.
- Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
- Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
- Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
- Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
- Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
- Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
- Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
- Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
- Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
- Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
- Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
- Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
- Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
- Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.
Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026
For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.