RF Acquisition Corp II, a Cayman Islands-based SPAC focusing on deep tech businesses in Asia, notably AI, quantum computing and biotech, is moving closer to completing a business combination through an agreement to merge with Nanyang Biologics. The SPAC raised approximately $115.6 million in its May 2024 IPO, placing proceeds into a trust account earning interest as its primary income to date. Following shareholder approval to extend the deadline for combination completion, the company is on track to finalize its de-SPAC transaction. Key risks remain around timing and shareholder redemption, but management’s operational experience and sector focus provide a defined pathway toward value creation.