New York, May 28, 2026, 11:06 EDT
- RF Acquisition Corp III last traded at $9.88, off 2 cents. Volume was light with 2,967 shares changing hands.
- U.S. markets opened for their normal Thursday hours. Nasdaq’s 2026 holiday list puts Memorial Day on May 25 and Juneteenth on June 19 for market closures, skipping May 28.
- SPACs saw 19 IPOs in May with roughly $2.52 billion raised through May 28, data from Boardroom Alpha showed.
RF Acquisition Corp III shares hovered just below $10 on Thursday, showing little movement as the Nasdaq-traded SPAC saw muted action. The stock, RFAM, last changed hands at $9.88, off 2 cents from Wednesday’s close. Activity in new battery and nuclear-related SPAC deals has kept the sector on investors’ radar this week, but RF Acquisition shares stayed flat.
The move is important now since RFAM is a pre-deal SPAC, or special purpose acquisition company. It’s still just a shell that collects cash in an IPO and then hunts for a private firm to combine with. For these shares, traders tend to care more about the trust account and the next deal than about quarterly results.
SPAC activity picked up. Boardroom Alpha said 19 SPAC IPOs priced in May, raising about $2.52 billion. That’s above the 12-month average of 16 deals a month. But in Thursday’s update, there were no new SPAC IPOs priced.
RF Acquisition Corp III wrapped up a $100 million IPO back in February, selling 10 million units for $10 apiece. The company’s units started trading on Nasdaq under RFAMU. Ordinary shares and rights trade separately as RFAM and RFAMR. Each unit includes one ordinary share and a right to get one-tenth of a share once a business combination goes through.
The company reported in its quarterly filing it hasn’t begun business operations and doesn’t expect to bring in operating revenue unless it completes an initial business combination. As of March 31, the trust account had $100.4 million. Cash on hand was $933,390, with a working-capital surplus of $899,267.
RF Acquisition Corp III said it is looking for targets in Asia in areas like deep tech, AI, quantum computing and biotech. The firm said it will not consider companies based in Greater China or those with most of their operations there.
RF Acquisition Corp. (RFAM) has been trading close to $10, a level common for pre-deal SPACs that tend to stick near trust value. The trust is the cash backing up redemptions. In its filing, RFAM showed redeemable ordinary shares sitting at $10.04 per share for redemption as of March 31.
Investors watching peers have more deals to weigh. Taiwanese battery company ProLogium plans to go public in a $3.8 billion SPAC merger with Translational Development Acquisition Corp. Newcleo is going with NewHold Investment Corp III, valuing the nuclear startup at about $2.4 billion before new funds.
Newcleo CEO Stefano Buono said the cash from the deal and access to public markets gives the company what it needs to speed up work on its reactors and fuel production in Europe and the US. He made the comments in a statement to Reuters.
Markets traded unevenly. Wall Street’s big indexes slipped from their highs, Reuters said, as investors looked at U.S.-Iran tensions and new inflation numbers. Some strength still came from AI and company results. “A lot of the focus will still be on the Iran negotiations and the AI trends,” Angelo Kourkafas, senior global investment strategist at Edward Jones, told Reuters. Reuters
Risks remain. RFAM needs to land and finish a deal. Investors have the option to redeem shares for cash, and rights may end up worthless if RFAM doesn’t finish a business combination in time. A softer market for risk assets, or a target that fails to win over investors, could hit the stock or leave the trust with less cash after redemptions.
AQR Capital Management showed up as a holder in the register. The firm and its affiliates reported owning 940,000 RFAM ordinary shares, equal to 6.75% of the class, as of March 31, according to a Schedule 13G filed May 13.
