SINGAPORE - RF Acquisition Corp. (NASDAQ: RFAC), a special purpose acquisition company with a current market capitalization of $34.87 million, announced today that its stockholders have given the green light to a business combination with GCL Global Limited, a prominent video game distributor and publisher in Asia. The approval was granted during a Special Meeting held today, paving the way for both companies to become wholly-owned subsidiaries of GCL Global Holdings Ltd.
This anticipated merger is expected to close within the next few weeks, subject to customary closing conditions. Upon completion, the combined entity’s ordinary shares and warrants are set to trade on Nasdaq under the symbols "GCL" and "GCLW," respectively. According to InvestingPro analysis, RFAC is currently trading at $6.50, significantly below its Fair Value, suggesting potential upside for investors. For more insights on undervalued opportunities, visit our Most Undervalued Stocks list.
Tse Meng Ng, Chairman and CEO of RF Acquisition Corp., expressed gratitude towards stockholders for their support and highlighted the merger’s potential to elevate Asian-developed video games on a global scale. He anticipates that GCL’s new status as a publicly traded company will enhance its visibility and reach in the entertainment industry.
Sebastian Toke, Group CEO of GCL, echoed Ng’s sentiments, citing the merger as a validation of their strategic and operational goals. GCL has positioned itself as a significant player in the gaming sector, focusing on development, publication, and distribution across Asia and beyond. Toke stressed the importance of leveraging their technological advantages and distribution networks to drive growth and profitability.
The move to the public equity markets in the U.S. is expected to accelerate GCL’s business expansion and enable the exploration of additional growth opportunities. While RFAC’s stock has experienced significant volatility recently, with a one-month return of -33.92%, InvestingPro subscribers have access to 8 additional key insights and detailed financial metrics to make informed investment decisions.
The legal and financial advisors for the transaction include Winston & Strawn LLP for RF Acquisition Corp., Loeb & Loeb as GCL’s US counsel, Icon (NASDAQ:ICLR) Law as GCL’s Singapore counsel, and Early Bird Capital Inc. as a financial advisor to RF Acquisition Corp.
The information presented in this article is based on a press release statement.
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