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Completed · 13 Feb 2025RFACU · NasdaqCIK 1847607Sponsor at IPO: RF Dynamic LLC

RF Acquisition Corp.

$116MTrust raised at IPO · 0% of public shares left after its last counted vote

Merged with GCL Global Holdings Ltd (GCL) · Technology and telecoms

  1. IPO23 Mar 2022
  2. Searching12 months
  3. Deal announcedAgreement signed
  4. Closed13 Feb 2025

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Smaller than 59% of 2022’s SPAC IPOs.

    $115M raised, against a median of $115M for the 83 SPACs that priced in 2022.

  2. 02

    $10.10 in trust per unit, below the 2022 median.

    The median that year was $10.20. Above $10.00, the sponsor tops up the trust from its own private placement.

  3. 03

    100% of public shares redeemed across 4 votes.

    3 extension votes and the merger vote, counted from the SPAC’s 8-Ks. 0% of the public shares remained after the last one.

  4. 04

    Closed its merger 35 months after its IPO.

    The combined company is GCL Global Holdings Ltd (GCL). Sector: Technology and telecoms.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2022 SPAC IPOs →
IPO priced
23 Mar 2022
IPO closed
28 Mar 2022
Raised
$115M
Units sold
11,500,000
Trust raised
$116M1
Trust per unit
$10.102
Unit
1 sh + 1 warrant + 1 right (1/10)3
Months to complete
124
Deadline before extensions
28 Mar 2023
Over-allotment
Exercised in full

Each unit: “one share of Class A common stock, one redeemable warrant, and one right to receive one-tenth of one Class A common stock”

How it compares

RF Acquisition Corp. against the 83 SPACs that priced in 2022.

Raised
$115M
43% of 2022 SPACs are above it
2022 median: $115M
Trust per unit
$10.10
76% of 2022 SPACs are above it
2022 median: $10.20
Months to complete
12
33% of 2022 SPACs match it
2022 median: 15
Redeemed across its votes
100%
71% of 2022 SPACs are below it
2022 median: 98%

Trust and redemptions

  1. Extension vote · 24 Mar 20237,391,973 of 11,500,000 redeemed (64%)
  2. Extension vote · 20 Dec 20231,363,378 of 4,108,027 redeemed (33%)
  3. Extension vote · 23 Sept 20241,170,280 of 2,744,649 redeemed (43%)
  4. Merger vote · 23 Jan 20251,522,973 of 1,574,369 redeemed (97%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

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.

SPACIPORaisedStatusOutcomeMonths
RF Acquisition Corp III12 Feb 2026$100MDeal announced——
RF Acquisition Corp II16 May 2024$115MDeal announced——
RF Acquisition Corp. This SPAC23 Mar 2022$115MCompletedGCL 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 2022 SPAC IPOs with EarlyBirdCapital, Inc. as bookrunner.

SPACIPORaisedUnitStatus
AlphaVest Acquisition Corp.19 Dec 2022$69M1 sh + 1 right (1/10)Completed
Chenghe Acquisition Co.27 Apr 2022$115M1 sh + ½ warrantCompleted
Counter Press Acquisition Corp8 Feb 2022$86.3M1 sh + 1 warrantLiquidated
LIV Capital Acquisition Corp. II7 Feb 2022$115M1 sh + 1 warrantLiquidated
Keyarch Acquisition Corp24 Jan 2022$115M1 sh + ½ warrant + 1 right (1/10)Completed

Sources

  1. PFinal prospectus: 0001104659-22-037563
  2. 1Trust raised: 0001104659-22-045201A total of $116,150,000 of the proceeds from the IPO and the sale of the Private Placement Warrants were placed in a U.S.-based trust account
  3. 2Trust per unit: 0001104659-22-037563$101,000,000, or $116,150,000 if the underwriter’s over-allotment option is exercised in full ($10.10 per unit in either case), is deposited into a trust account in the United States
  4. 3Unit composition: 0001104659-22-037563Each unit has an offering price of $10.00 and consists of one share of Class A common stock, one redeemable warrant, and one right to receive one-tenth of one Class A common stock
  5. 4Months to complete: 0001104659-22-037563If we are unable to complete our initial business combination within 12 months

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.