RF Acquisition III, a blank check company based in Singapore targeting AI, quantum computing, and biotech in APAC, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, and one right to receive one-tenth of a share upon the completion of an initial business combination.
The Singapore-based company is led by CEO and Chairman Tse Meng Ng, the co-founder and CEO of Ruifeng Wealth Management and a former investment banker. He is joined by CFO Chee Tham, a director of Vinfast Auto (VFS) and former audit partner at Ernst & Young.
The SPAC has not yet chosen a target, but plans to focus its search on businesses in Asia (but not in China) within the deep technology sector, including artificial intelligence, quantum computing, and biotechnology.
Management's previous SPACs include RF Acquisition II (RFAI), which raised $100 million in 2024 and has a pending merger with Nanyang Biologics, and RF Acquisition, which merged with GCL Global (GCL) in 2023.
RF Acquisition III plans to list on the Nasdaq under the symbol RFAMU. EarlyBirdCapital acted as sole bookrunner on the deal.
