RF Acquisition Corp II (NASDAQ: RFAI) details Q2 2026 results and trust balance
Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
10-Q
Rhea-AI Filing Summary
RF Acquisition Corp II is a Cayman Islands-based special purpose acquisition company focused on deep technology targets in Asia. For the three months ended June 30, 2026, it reported net income of $104,427, driven by $459,287 of interest on funds in its Trust Account, offset by $354,860 of general, administrative and operational costs. For the six-month period, net income was $198,129.
Cash held in the Trust Account was $53,530,961 at June 30, 2026, while cash outside the Trust Account was only $10,191, contributing to a working capital deficit of $1,283,103 and shareholders’ deficit of $5,308,103. After prior redemptions of 6,668,735 shares, 4,831,265 ordinary shares remain subject to possible redemption. The company has a Business Combination Agreement with Nanyang Biologics and must complete a Business Combination by August 15, 2026 or liquidate, leading management to conclude there is substantial doubt about its ability to continue as a going concern. Disclosure controls and procedures were deemed not effective due to a material weakness in internal controls.
Positive
- None.
Negative
- Management reports substantial doubt about going concern, with only $10,191 cash outside the Trust Account and a $1,283,103 working capital deficit.
- Disclosure controls and procedures were found not effective due to a material weakness in internal control over financial reporting.
