RF Acquisition Corp. Shareholders Approve Business Combination with GCL Global Holdings Ltd.
RF Acquisition Corp. (RFAC) shareholders have approved the business combination with GCL Global , a leading Asian video game distributor and publisher. The merger is expected to close in the coming weeks, with both companies becoming subsidiaries of GCL Global Holdings . The Combined Company's ordinary shares and warrants will trade on Nasdaq under symbols 'GCL' and 'GCLW' respectively.
The transaction aims to provide GCL with access to U.S. public equity markets, accelerating its business expansion and exploring growth opportunities. GCL focuses on developing, publishing, and distributing games across Asia, leveraging its technological advantages and established distribution networks in fragmented markets. The company plans to use its public platform to elevate Asian-developed video games and content to the global market while delivering entertainment across devices and streaming platforms.
RF Acquisition Corp. (RFAC) ha ricevuto l'approvazione da parte degli azionisti per la fusione con GCL Global, un principale distributore e editore di videogiochi asiatici. Si prevede che la fusione si conclude nelle prossime settimane, con entrambe le aziende che diventeranno filiali di GCL Global Holdings. Le azioni ordinarie e i warrant della società combinata saranno negoziati su Nasdaq con i simboli 'GCL' e 'GCLW' rispettivamente.
L'operazione mira a fornire a GCL accesso ai mercati azionari pubblici statunitensi, accelerando l'espansione della sua attività e esplorando opportunità di crescita. GCL si concentra sullo sviluppo, la pubblicazione e la distribuzione di giochi in tutta l'Asia, valorizzando i suoi vantaggi tecnologici e le reti di distribuzione consolidate in mercati frammentati. L'azienda prevede di utilizzare la sua piattaforma pubblica per elevare i videogiochi e i contenuti sviluppati in Asia nel mercato globale, offrendo intrattenimento su vari dispositivi e piattaforme di streaming.
RF Acquisition Corp. (RFAC) ha aprobado la combinación empresarial con GCL Global, un destacado distribuidor y editor de videojuegos en Asia. Se espera que la fusión se cierre en las próximas semanas, con ambas empresas convirtiéndose en subsidiarias de GCL Global Holdings. Las acciones ordinarias y los warrants de la empresa combinada se negociarán en Nasdaq bajo los símbolos 'GCL' y 'GCLW', respectivamente.
La transacción tiene como objetivo proporcionar a GCL acceso a los mercados de capitales públicos de EE.UU., acelerando su expansión empresarial y explorando oportunidades de crecimiento. GCL se enfoca en desarrollar, publicar y distribuir juegos en toda Asia, aprovechando sus ventajas tecnológicas y redes de distribución establecidas en mercados fragmentados. La empresa planea utilizar su plataforma pública para elevar los videojuegos y contenido desarrollados en Asia al mercado global, ofreciendo entretenimiento a través de dispositivos y plataformas de streaming.
RF Acquisition Corp. (RFAC) 주주들은 아시아의 주요 비디오 게임 유통업체이자 출판사인 GCL Global과의 사업 결합을 승인했습니다. 이번 합병은 몇 주 이내에 완료될 것으로 예상되며, 두 회사는 GCL Global Holdings의 자회사가 될 것입니다. 합병 회사의 보통주와 워런트는 각각 'GCL'과 'GCLW' 기호로 나스닥에서 거래될 것입니다.
이번 거래의 목표는 GCL이 미국 공공 자본 시장에 접근할 수 있도록 하여 사업 확장을 가속화하고 성장 기회를 탐색하는 것입니다. GCL은 아시아 전역에서 게임을 개발, 출판 및 배포하는 데 집중하며, 단편화된 시장에서 기술적 장점과 확립된 유통 네트워크를 활용하고 있습니다. 회사는 아시아에서 개발된 비디오 게임과 콘텐츠를 글로벌 시장에 올리기 위해 자신의 공개 플랫폼을 사용할 계획이며, 다양한 장치와 스트리밍 플랫폼을 통해 엔터테인먼트를 제공할 것입니다.
RF Acquisition Corp. (RFAC) a approuvé la combinaison d'affaires avec GCL Global, un distributeur et éditeur de jeux vidéo asiatiques de premier plan. La fusion devrait être finalisée dans les prochaines semaines, les deux entreprises devenant des filiales de GCL Global Holdings. Les actions ordinaires et les warrants de la société combinée seront négociés sur le Nasdaq sous les symboles 'GCL' et 'GCLW' respectivement.
La transaction vise à fournir à GCL un accès aux marchés de capitaux publics américains, en accélérant son expansion commerciale et en explorant des opportunités de croissance. GCL se concentre sur le développement, la publication et la distribution de jeux en Asie, tirant parti de ses avantages technologiques et de ses réseaux de distribution établis sur des marchés fragmentés. L'entreprise prévoit d'utiliser sa plateforme publique pour promouvoir les jeux vidéo et les contenus développés en Asie sur le marché mondial, tout en offrant du divertissement sur divers appareils et plateformes de streaming.
RF Acquisition Corp. (RFAC) Aktionäre haben die Unternehmenszusammenschluss mit GCL Global, einem führenden asiatischen Vertriebs- und Verlagsunternehmen für Videospiele, genehmigt. Die Fusion wird voraussichtlich in den kommenden Wochen abgeschlossen, wobei beide Unternehmen Tochtergesellschaften von GCL Global Holdings werden. Die Stammaktien und Warrants des kombinierten Unternehmens werden unter den Symbolen 'GCL' und 'GCLW' an der Nasdaq gehandelt.
Transaktion zielt darauf ab, GCL den Zugang zu den US-amerikanischen öffentlichen Aktienmärkten zu ermöglichen, die Geschäftsexpansion zu beschleunigen und Wachstumschancen zu erkunden. GCL konzentriert sich auf die Entwicklung, Veröffentlichung und den Vertrieb von Spielen in ganz Asien und nutzt dabei seine technologischen Vorteile und etablierten Vertriebsnetze in fragmentierten Märkten. Das Unternehmen plant, seine öffentliche Plattform zu nutzen, um asiatisch entwickelte Videospiele und Inhalte auf dem globalen Markt zu fördern und Unterhaltung auf verschiedenen Geräten und Streaming-Plattformen zu bieten.
- Access to U.S. public equity markets for business expansion
- Established distribution networks in Asian markets
- Multi-platform gaming content delivery capability
- Strong technological infrastructure for game development and publishing
- Operating in fragmented markets which may present integration challenges
- Potential execution risks in global market expansion
Insights
The shareholder approval of the RFAC-GCL merger marks a strategic pivot in the Asian gaming industry's global expansion narrative. As one of Asia's leading video game distributors and publishers, GCL's public listing through this SPAC merger presents several key implications:
Market Position & Growth Strategy:
GCL's established distribution networks in fragmented Asian markets provide a unique competitive advantage. The public listing will enable GCL to: 1) Accelerate market penetration in high-growth Asian gaming markets 2) Access U.S. capital markets for strategic acquisitions 3) Enhance cross-border publishing capabilities 4) Invest in technological infrastructure for multi-platform game distribution.
Industry Context & Timing:
This merger comes at a important juncture in the gaming industry where: 1) Asian game developers are increasingly seeking global distribution channels 2) Mobile gaming continues to dominate market growth 3) Cross-platform publishing capabilities are becoming essential for success 4) Regional market fragmentation creates opportunities for established distributors.
Strategic Implications:
The transaction structure suggests a focus on long-term value creation rather than immediate liquidity. The retention of existing management and emphasis on operational expansion indicates a growth-focused strategy. The public listing will provide: 1) Enhanced visibility for partnership opportunities 2) Improved ability to attract talent 3) Greater financial flexibility for strategic investments 4) Stronger positioning in international gaming markets.
Risk Considerations:
Key factors to monitor include: 1) Post-merger integration execution 2) Regulatory compliance across multiple Asian jurisdictions 3) Competition from other global gaming publishers 4) Market reception of the new public entity.
SINGAPORE, Jan. 23, 2025 (GLOBE NEWSWIRE) -- RF Acquisition Corp. (Nasdaq: RFAC) (“RFAC”), a publicly traded special purpose acquisition company, announced that at its Special Meeting earlier today, January 23, 2025, its stockholders approved the previously announced business combination with GCL Global Limited (“GCL”), one of Asia's leading video game distributors and publishers.
Complete official results of the vote will be included in a current report on Form 8-K to be filed by RFAC with the U.S. Securities and Exchange Commission (the “SEC”). Subject to satisfaction of customary closing conditions, the business combination is expected to close in the coming weeks, resulting in each of GCL and RFAC becoming a wholly-owned subsidiary of GCL Global Holdings Ltd. (the “Combined Company”), with its ordinary shares and warrants expected to be listed on Nasdaq under the trading symbol “GCL” and “GCLW,” respectively.
“We are pleased to announce the approval of our merger with GCL and would like to thank our stockholders for their support. GCL’s pending status as a publicly traded company will give it a high-visibility platform to elevate Asian-developed video games and content to the global market, while delivering engaging, quality entertainment across devices and streaming platforms. We are proud to have played a role in helping this dynamic gaming brand go public and look forward to closing this transaction in the coming weeks,” said Tse Meng Ng, Chairman and CEO of RF Acquisition Corp.
“This is an exciting milestone for our company and validates the strategic rationale and operational benefits of the merger,” said Sebastian Toke, Group CEO of GCL. “Since the announcement of the transaction, our team has established GCL as a compelling opportunity in the gaming sector that develops, publishes, and distributes games across Asia and beyond. In the coming weeks, we will be focused on closing the transaction and capitalizing on the opportunities available to us as a public company. Leveraging our technological advantages and established distribution networks in fragmented markets will fuel growth and profitability as we continue to capture market share in some of the most exciting markets in the region.”
The business combination is expected to provide GCL with access to the U.S. public equity markets, thereby accelerating its business expansion and bolstering GCL’s ability to explore additional growth and value-creating opportunities.
Advisors
Winston & Strawn LLP is serving as counsel to RF Acquisition Corp. Loeb & Loeb is serving as GCL's US counsel and Icon Law is serving as GCL's Singapore counsel. Early Bird Capital Inc. is serving as a financial advisor to RF Acquisition Corp.
About GCL Global Limited
GCL Global Limited unites people through games and entertainment experiences, enabling creators to deliver engaging content and fun gameplay experiences to the gaming communities worldwide, with a strategic focus on the rapidly expanding Asian gaming market.
The GCL Group is driven by a bold vision to become a global leader with a diverse portfolio of exciting content available through both digital and physical formats. Its mission is to bridge cultures and audiences by introducing Asian-developed IP to a global audience across consoles, PCs and streaming platforms.
Learn more at www.gcl.asia.
About RF Acquisition Corp.
RF Acquisition Corp. is a blank check company incorporated as a Delaware corporation whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. While RF Acquisition Corp. may pursue an initial business combination target in any business, industry, or geographic location, it intends to search globally for target companies within the Southeast Asian new economy sector or elsewhere. RF Acquisition Corp. was incorporated in 2021 and is based in Singapore.
Forward-Looking Statements
This press release includes “forward-looking statements” which may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the estimated implied enterprise value of the Combined Company, GCL’s ability to scale and grow its business, the advantages and expected growth of the Combined Company, the Combined Company’s ability to source and retain talent, and the cash position of the Combined Company following closing of the Business Combination, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of RFAC’s and GCL’s management and are not predictions of actual performance.
These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although each of RFAC and GCL believes that it has a reasonable basis for each forward-looking statement contained in this press release, each of RFAC and GCL cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the definitive proxy statement/prospectus mailed to RFAC stockholders on or about December 31, 2024, and filed by the Combined Company with the SEC, and other documents filed by the Combined Company or RFAC from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Neither RFAC nor GCL can assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the ability to recognize the anticipated benefits of the Business Combination, the amount of redemption requests made by RFAC’s public shareholders, costs related to the Business Combination, the impact of the global COVID-19 pandemic, the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination, the outcome of any potential litigation, government or regulatory proceedings, and other risks and uncertainties, including those to be included under the heading “Risk Factors” in the definitive proxy statement/prospectus mailed to RFAC stockholders on or about December 31, 2024, and filed by the Combined Company with the SEC, and those included under the heading “Risk Factors” in the annual report on Form 10-K for the fiscal year ended December 31, 2023, of RFAC and in its subsequent quarterly reports on Form 10-Q and other filings with the SEC. There may be additional risks that neither RFAC nor GCL presently know or that RFAC and GCL currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of RFAC and GCL as of the date of this press release. Subsequent events and developments may cause those views to change. However, while RFAC and GCL may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of RFAC or GCL as of any date subsequent to the date of this press release. Except as may be required by law, neither RFAC nor GCL undertakes any duty to update these forward-looking statements.
GCL:
Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185
RFAC:
Tse Meng Ng
Chairman and CEO, RF Acquisition Corp
tsemeng.ng@ruifengwealth.com
FAQ
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