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RF Acquisition Corp.

RFAC · Nasdaq

Trust settledGrand Centrex Limited (GCL Group) · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

In plain terms

What it is
A SPAC from STOCK RF Dynamic LLC, listed on Nasdaq in March 2022.
What it's doing now
It agreed in December 2024 to buy Grand Centrex Limited (GCL Group), a Video game publisher and developer company. The deal valued that business at about $1.20B. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
What you should know
This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.

At a glance

Where it stands
Closed (deSPAC)
The business it bought
Grand Centrex Limited (GCL Group)
Industry
Video game publisher and developer
Deal value
$1.2B
announced 31 December 2024
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
24 March 2022
size not on file · 101.0% of each $10 unit into trust
Headquarters
111 SOMERSET, #05-06, SINGAPORE, U0, 238164
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
Ng Tse Meng (Chief Executive Officer) · Thou Melvin Ong Xeng (Director) · Hui Vincent Yang (Director)
Listed securities
RFAC common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Shares already handed backthe filing does not state a pre-event share count

At the 27 February 2023 event.

0001104659-23-050443opens on sec.gov in a new tab

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

3 dated milestones

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 24 March 2022IPOpassed

    IPO size not on file

  2. 27 February 2023Shares handed backpassed0001104659-23-050443opens on sec.gov in a new tab

    redemption rate not stated in the filing

  3. 31 December 2024Deal announcedpassed

    Combination with Grand Centrex Limited (GCL Group)

The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

Who has already taken their money back

1 filed event

Each time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.

Worst single event

—

no filing states a pre-event share count

Shares redeemed, all events

7.39M

across every filed redemption event

Every figure below is stated in the linked filing; nothing here is estimated.

The score

deterministic, from filed fields

RFAC is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

RF Acquisition Corp. was a blank-check company with SEC CIK 0001847607 whose common stock traded on the Nasdaq Stock Market under the ticker RFAC. The company priced its initial public offering on March 24, 2022, per 424B prospectus 0001104659-22-037563. Its lifecycle status is closed, as it completed a business combination and no longer files. The closing was established by Form 25 0001354457-25-000108 filed on February 13, 2025, under 17 CFR 240.12d2-2(a)(3), indicating that its Class A Common Stock, Warrants, Rights, and Units became the successor's securities. The ticker RFAC is also printed on the cover page of 8-K 0001104659-25-009455, filed on February 5, 2025.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • DEFM14A31 December 20240001104659-24-132616opens on sec.gov in a new tab

    Four amendments across eleven months is the clearest signal a transaction is struggling - each one typically resets economics or conditions in the target's favour. A prospectus for 127.8 million shares against a SPAC whose trust supports far fewer means public holders end with a small fraction of GCL Global. The $20,000,000 minimum condition is what redemption levels must not breach, so heavy redemptions could kill the deal outright.

  • DEF 14A4 September 20240001104659-24-096913opens on sec.gov in a new tab

    Sponsor notes that are forfeited if no deal closes are genuinely aligned with public holders - the sponsor loses its contributions rather than recovering them from a liquidating trust, which is the opposite of the usual repayable-loan structure. Three cents a month per share accretes the trust modestly. A merger agreement amended three times in fourteen months, and a fourth amendment to follow in September 2024, is the offsetting risk.

Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

  • SCHEDULE 13G/A15 May 20250001172661-25-002371opens on sec.gov in a new tab
  • SCHEDULE 13G/A6 March 20250001140361-25-007328opens on sec.gov in a new tab
  • SCHEDULE 13G/A20 February 20250001104659-25-015605opens on sec.gov in a new tab
  • 10-K14 February 20250001410578-25-000130opens on sec.gov in a new tab
    What changed vs 2024-04-25trust $117.7M → $29.7M -75%deadline 2024-09-28 → 2025-03-28
    trust account, combination deadline, going-concern doubt +22 moved · 3 with no prior record of ours
    Trust account
    $117.7M$29.7M

    SpacBrain reads this as $88,006,452 left the trust between the two filings.

    The clause …“costs. As of December 31, 2024 and December 31, 2023, we had $18,084,445 and $29,718,024 investments held in the Trust Account, respectively. We intend to use substantially all of the funds held in the Trust Account to complete our”…

    Combination deadline
    2024-09-282025-03-28

    SpacBrain reads this as 181 days later than the previous record.

    The clause …“be able to consummate a Business Combination by the specified period. If a Business Combination is not consummated by March 28, 2025, there will be a mandatory liquidation and subsequent dissolution. The Company’s evaluation of its”…

    Going-concern doubt
    stated · unchanged

    The clause …“accounting firm’s report contains an explanatory paragraph that expresses substantial doubt about our ability continue as a “going concern.” The financial statements have been prepared assuming that the Company will continue as a”…

    Mandate language
    the Company intends to focus its search for a Business Combi… · unchanged
    Redeemable shares
    2.74M · unchanged

    The clause …“were redeemed and $14,619,421 in redemption payments made, leaving a total of 2,744,649 shares of Class A common stock subject to possible redemption outstanding and $29,430,708 in the Trust Account after redemptions. On September 23,”…

    Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.

  • 15-12G14 February 20250001104659-25-014313opens on sec.gov in a new tab
Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPO$10.10

Unit: U = S + R/10 · 101.0% of the $10 unit

from 424B4 0001104659-22-037563

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Blank Checks (6770)
Registered inDelaware
Exchange · CIKNasdaq · 0001847607

All filings on EDGARopens on sec.gov in a new tab

Directors & officers

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

11 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

38 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail6 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

RFAC — company record
UNIVERSE-HISTORY2026-08-16

admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001104659-22-037563 priced 2022-03-24; common ticker RFAC off 8-K 0001104659-25-009455 (2025-02-05); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-25-000108 (2025-02-13) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Class A Common Stock, Warrants, Rights, Units). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SPONSOR-ID2026-08-14

sponsor "STOCK RF Dynamic LLC" sourced from prospectus definition (10-K) acc 0001104659-23-050443.

WEBSITE-NONE2026-08-26

Deal — Grand Centrex Limited (GCL Group)
DEAL-TARGET2024-12-31

AI-extracted target (z-ai/glm-5.2, conf 0.95)

BACKFILL2026-08-26

target recovered for a completed de-SPAC

PROFILE-STUB2026-08-26

entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read

Also listed inSPACs with rights
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