Financial Performance - The company incurred a net loss of $60,420 from February 5, 2024, through March 31, 2024, due to formation and operating costs [76]. - The company does not expect to generate operating revenues until after the completion of its Business Combination [75]. Initial Public Offering - The company completed its Initial Public Offering on May 21, 2024, raising gross proceeds of $100,000,000 from the sale of 10,000,000 units at $10.00 per unit [78]. - An additional 1,500,000 units were sold on May 23, 2024, generating gross proceeds of $15,000,000 due to the underwriters exercising their over-allotment option in full [79]. - A total of $115,575,000 was placed in the Trust Account following the Initial Public Offering and related transactions [80]. Use of Funds - The company plans to use substantially all funds in the Trust Account to complete its initial Business Combination [81]. - The company may need to raise additional capital to finance transaction costs or working capital deficits related to the Business Combination [86]. Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2024 [87]. - The company will incur monthly fees of $10,000 to the Sponsor for office space and administrative support starting May 16, 2024 [88]. - The company engaged EBC as an advisor for the Business Combination, agreeing to pay a service fee of 3.5% of gross proceeds upon consummation [89].
RF Acquisition Corp II(RFAI) - 2024 Q1 - Quarterly Report