By Josh Beckerman
Shares of RF Acquisition Corp. shares gained as shareholders approved the blank-check company's combination with video-game distributor and publisher GCL Global.
RF Acquisition's stock was up 14%, to $7.39, after hours Thursday. The shares closed above $11 every trading day in December and much of January, but fell 21% Tuesday and 17% Wednesday. It ended the regular session Thursday down 13%.
The deal with GCL Global is expected to close in the coming weeks.
Tuesday was the deadline for Class A stockholders to elect to redeem shares. According to a securities filing, stockholders holding 1,522,973 Class A shares exercised redemption rights, leaving the company with 3,126,376 Class A shares outstanding, of which 51,396 were held by public stockholders.
The company also said a Nasdaq panel granted its request for continued listing, subject to the company demonstrating compliance with Listing Rule 5405 on or before March 23.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
January 23, 2025 19:04 ET (00:04 GMT)
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