RF Acquisition Corp. Shareholders Approve Merger with GCL Global

Deal News | Jan 23, 2025 | Globenewswire

On January 23, 2025, RF Acquisition Corp., a publicly traded special purpose acquisition company, announced that its stockholders have approved the previously publicized business combination with GCL Global Limited, a leading video game distributor in Asia. The deal positions both GCL and RFAC as subsidiaries under GCL Global Holdings Ltd., which will trade on Nasdaq. The merger opens U.S. public equity markets to GCL, boosting its business expansion capabilities. Key parties, including Tse Meng Ng of RFAC and Sebastian Toke of GCL, expressed their enthusiasm for the deal, highlighting strategic benefits and growth potential in the gaming sector. Closing conditions are expected to be resolved in the coming weeks. Advisory roles were fulfilled by Winston & Strawn LLP for RFAC, Loeb & Loeb for GCL in the U.S., and Icon Law in Singapore, with financial advisory from Early Bird Capital Inc.

Sectors

  • Video Game Industry
  • Finance and Investment

Geography

  • Singapore – The headquarters of both RF Acquisition Corp. and the legal advisory firm involved in the transaction is in Singapore, establishing the geographical focus of the entities.
  • United States – The merger facilitates GCL's access to U.S. public equity markets, further tying it to the country's financial landscape and regulations.
  • Asia – GCL is recognized as a prominent video game distributor in Asia, and the transaction highlights its regional market presence, with a strategy targeting global expansion.

Industry

  • Video Game Industry – The article focuses on GCL Global Limited's role as a leading distributor and publisher in the video game industry, emphasizing its influence in the Asian market and potential global expansion.
  • Finance and Investment – The transaction involves RF Acquisition Corp., a special purpose acquisition company, indicating significant financial activities including mergers and acquisitions.

Financials

    Participants

    NameRoleTypeDescription
    RF Acquisition Corp.Bidding CompanyCompanyA SPAC based in Singapore aiming for strategic acquisitions in Southeast Asia's new economy sectors.
    GCL Global LimitedTarget CompanyCompanyA major video game distributor and publisher in Asia, focused on global expansion.
    GCL Global Holdings Ltd.Combined CompanyCompanyThe entity resulting from the merger of GCL Global and RF Acquisition Corp., expected to be listed on Nasdaq.
    Winston & Strawn LLPLegal Advisor to RF Acquisition Corp.CompanyProvided legal counsel to RF Acquisition Corp. during the merger.
    Loeb & LoebLegal Advisor to GCL in the USCompanyServed as the US counsel for GCL Global Limited.
    Icon LawLegal Advisor to GCL in SingaporeCompanyProvided legal services for GCL Global Limited in Singapore.
    Early Bird Capital Inc.Financial Advisor to RF Acquisition Corp.CompanyOffered financial advisory services to RF Acquisition Corp. for the merger.
    Tse Meng NgChairman and CEO of RF Acquisition Corp.PersonLed RF Acquisition Corp., guiding the strategic merger with GCL Global.
    Sebastian TokeGroup CEO of GCLPersonExecutive leader at GCL focused on leveraging the merger to propel the company's international growth strategy.
    U.S. Securities and Exchange CommissionRegulatory BodyGovernmentOversees the filing of the merger documents and ensures compliance with U.S. securities laws.