RF Acquisition Corp II (NASDAQ:RFAI) shares are trending Thursday night.
Stock Explodes On Business Combination News
Shares of the Singapore-based blank check company exploded 473.45% to $73.00 after the bell Thursday after RFAI shareholders approved the company’s business combination with Singapore-based biotech Nanyang Biologics Pte. Ltd.
In a Thursday Securities and Exchange Commission filing, RF Acquisition Corp disclosed that it held an extraordinary general meeting of shareholders on Wednesday. The business combination was among six proposals approved by shareholders.
Alongside the business combination, shareholders also approved separate proposals related to the merger. These included governance provisions, such as removing blank-check company provisions from the PubCo charter, as well as the Nasdaq share issuance and the company’s equity incentive plan, according to the filing.
Shareholders also submitted preliminary requests to redeem 3.95 million RFAC shares from the trust account, though these remain subject to change before closing, according to the filing. Final redemption figures won’t be confirmed until the deal closes.
Trading Metrics, Technical Analysis
RF Acquisition Corp has a market capitalization of $106.17 million, a 52-week high of $12.73 and a 52-week low of $8.94. The company has 8.34 million shares outstanding.
RFAI has a Relative Strength Index (RSI) of 68.83.
Over the past 12 months, the small-cap stock has surged 19.98%.
Currently, the stock is trading near its annual high.
Price Action: The stock of the special purpose acquisition company closed Thursday’s regular session at $12.73, up 13.71%, according to Benzinga Pro data.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Zakharchuk on Shutterstock.com
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