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RF Acquisition Corp. (RFAC0.00%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing indicates that RF Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
The company has not yet commenced any operations and will not generate any operating revenues until after the completion of a business combination.
The company completed its initial public offering on March 28, 2022, raising gross proceeds of $115 million, which were placed in a trust account.
As of December 31, 2024, the company had $18.1 million in the trust account and $40,511 in cash outside the trust account.
The company has until March 28, 2025, to complete a business combination. If it does not complete a business combination by that date, it will cease all operations except for the purpose of winding up.
The filing also notes that the company has extended the deadline for completing a business combination multiple times, with the most recent extension approved by stockholders on September 23, 2024.
RF Acquisition Corp. reported a net loss of $1,015,914 for the fiscal year ended December 31, 2024, compared to a net loss of $565,418 for the previous year.
The company has identified a business combination target and entered into a merger agreement on October 18, 2023, with several amendments made subsequently.
The company is subject to various risks, including the risk of not being able to complete a business combination within the specified time frame, which could result in the liquidation of the company.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RF Acquisition Corp. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.