NEW YORK, May 26, 2026, 18:01 (EDT)
- RFAI traded last at $10.97 in light volume after Nasdaq reopened following the Memorial Day holiday.
- The stock is trading near the company’s stated $10.95 redemption value for each public share.
- The key problem remains the planned Nanyang Biologics deal and how much time the SPAC has left on its extension clock.
Shares of RF Acquisition Corp II traded on Nasdaq at $10.97 Tuesday, barely moving as just 39 shares traded hands for the day. The SPAC’s stock stuck close to its trust-account price, not behaving like a typical operating stock.
That’s coming up as U.S. equities are back open after the Nasdaq was closed for Memorial Day on May 25. RFAI is still in the tight, time-limited window that most SPACs face. These are listed shells that collect cash to buy or merge with a private firm.
RFAI is working on a merger with Singapore’s Nanyang Biologics via NYB Holdings. Announced in October, the deal values NYB around $1.5 billion before the transaction. The plan is for the combined business to list on Nasdaq using the “NYB” ticker.
Investors are still wary. RFAI disclosed in its May 7 quarterly filing that it hasn’t made any operating revenue yet and doesn’t expect any until it completes a business deal. In the March quarter, the company reported net income of $93,702, with $454,296 in interest from cash held in trust and $360,594 spent on general, administrative, and operating costs.
The trust account, set up to protect public shareholders before a SPAC merger, had $52.9 million as of March 31. The filing also showed 4,831,265 public shares that could be redeemed at $10.95 each, which is near where the stock traded on Tuesday.
RFAI said in a filing that shareholders backed monthly extensions, which could take the timeline out to Aug. 15, 2026 if the needed deposits come in. The filing also showed Nanyang put in $60,000 after March 31 to push the termination date to May 15.
RFAI executives focused on AI-assisted drug discovery in the deal. “NYB is a truly differentiated AI-powered drug discovery platform,” said RFAI Chairman and CEO Tse Meng Ng. NYB Group Chairman Roland Ong described the transaction as an “important milestone.”
RF Acquisition Corp wrapped up its merger with GCL Global back in February 2025. RF Acquisition Corp III split off trading its shares and rights in February 2026. Both are in the RF-branded stable. RFAI targets biotech and artificial intelligence, unlike the earlier vehicles focused on gaming or other sectors.
Downside risks are clear. RFAI said it might need extra funding, and reported just $34,737 in cash outside its trust account as of March 31. The company warned of “substantial doubt” on its path as a going concern — the standard language for survival concerns. If RFAI does not finish a business combination in time, the board would shift to voluntary liquidation.
Rights holders are staring at more downside. According to the filing, RFAI rights would go to zero if the company doesn’t close a deal and public shares get redeemed from the trust account.
Right now the price action doesn’t tell much. Just 39 shares traded, which isn’t a clear signal either way. Small SPACs often sit in place until there’s a filing, vote, redemption number, or a closing update to move on.
