RF Acquisition Corp Surges Nearly 500% After Hours on Approval of Nanyang Biologics Merger

RF Acquisition Corp II stock became a hot name Thursday evening.

Stock Soars on Business Combination News

Shares of Singapore-based blank-check company RFAI surged 473.45% to $73.00 after Thursday's close, following shareholder approval of the company's business combination with Singapore-based biotechnology firm Nanyang Biologics Pte. Ltd.

In Thursday's U.S. Securities and Exchange Commission filing, RF Acquisition Corp disclosed it held a special shareholder meeting on Wednesday. The business combination was one of six proposals approved by shareholders.

In addition to the business combination, shareholders approved other proposals related to the merger. These included governance provisions, such as removing blank-check company clauses from the PubCo charter, as well as 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 the transaction closes, according to the filing. The final redemption figure will not be confirmed until the transaction is completed.

Trading Metrics, Technical Analysis

RF Acquisition Corp has a market capitalization of $106.17 million, with a 52-week high of $12.73 and a 52-week low of $8.94. The company has 8.34 million shares outstanding.

RFAI's relative strength index stands at 68.83.

Over the past 12 months, this small-cap stock has gained 19.98%.

Currently, the stock is trading near its annual high.

Price Action: Shares of the special purpose acquisition company closed at $12.73 in Thursday's regular session, up 13.71%.