15 December 2023
Under the Radar: How does a SPAC merger work? - RF Acquisition sheds the light on its business combination deal with Singapore-based video game distributor GCL
How does a SPAC merger work exactly and how does a special purpose acquisition company’s management choose a target firm to acquire, and eventually exit?
These are the questions we seek to address in today’s session with our guest from RF Acquisition
Listed on the US NASDAQ in March 2022, RF Acquisition is a SPAC or a blank cheque company which uses proceeds from its initial public offering to merge with a private firm.
It had in October signed a deal with Singapore-based video game distributor Grand Centrex Limited that values it at US$1.2 billion.
For context, GCL is a firm with over 15 multi-year deals with big name publishers like CD Projekt Red, Warner Brothers and SEGA and is responsible for bringing games such as the Cyberpunk 2077 into Singapore.
It sells and distributes to retailers and consumers in Asia physical and digital copies of video games that are compatible with major gaming consoles such as Sony PlayStation, Microsoft Xbox, and personal computers.
The company also moved into media and content creation and you might also know it as the company that backed YouTuber Jian Hao Tan’s Titan Digital Media Group.
But a number of questions here – how did RF Acquisition eventually decide on merging with GCL and what’s next after signing the deal with the target firm?
Meanwhile, the deal is set to fetch US$42.9 million in proceeds for GCL - so what is the basis behind the projection? How and when can the management of RF Acquisition cash out and what is the ROI RF Acquisition is seeking?
On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Ng Tse Meng, Chairman and CEO, RF Acquisition Corp.

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