Total assets have contracted sharply from $123.5 million in 2025Q3 to $53.1 million in 2026Q1, reflecting a significant erosion of the capital base available for potential acquisitions.
| Total Current Assets | 240.15K | 401.8K | 984.41K |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 54.01K | 14.33K | 0 |
| Total Non-Current Assets | 52.89M | 52.26M | 119.09M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 272.4M | 40.64M | 87.3M |
| Other Non-Current Assets | - | - | - |
| Total Assets | 53.13M | 52.66M | 120.08M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | -104.11% | -56.15% | - |
| Total Current Liabilities | 1.17M | 753.85K | 295.2K |
| Accounts Payable | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 1.17M | 753.85K | 138.55K |
| Current Ratio | 0.21x | 0.53x | 3.33x |
| Quick Ratio | 0.21x | 0.53x | 3.33x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 4.03M | 4.03M | 4.03M |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 5.19M | 3.88M | 4.32M |
| Total Debt | 0 | 0 | 0 |
| Net Debt | -34.74K | -337.38K | -958.79K |
| Debt / Equity | 0.00x | - | - |
| Debt / EBITDA | -0.00x | - | - |
| Net Debt / EBITDA | 0.27x | - | -0.41x |
| Interest Coverage | - | - | - |
| Total Equity | 37.16M | 37.06M | 115.76M |
| Equity Growth % | -114.38% | -67.98% | - |
| Book Value per Share | 7.69 | 3.48 | 10.36 |
| Total Shareholders' Equity | 37.16M | 37.06M | 115.76M |
| Common Stock | 41M | 40.64M | 119.09M |
| Retained Earnings | -3.84M | -3.57M | -2.45M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Binary merger execution failure
As reported in financial statements, RFAI's total assets have plummeted from $123.5M in 2025Q3 to $53.1M by 2026Q1, signaling a rapid contraction of the entity's resource base as the search for a viable business combination target continues to consume available capital without yielding a definitive agreement.
The sharp decline in asset value suggests that the company is facing significant redemption pressure or capital outflows that undermine its ability to maintain a competitive position for target acquisition. This downward trajectory warrants concern, as the shrinking asset base limits the scope of potential deals the SPAC can realistically pursue.
Based on recent SEC filings, RFAI's cash position has deteriorated to a mere $26.9K in 2026Q1, representing a precipitous drop from the $337.4K reported in 2025Q4 and leaving the company with an extremely thin buffer to cover ongoing administrative and regulatory compliance costs.
The current ratio of 0.21 indicates that the company lacks sufficient liquid assets to meet its near-term obligations, suggesting that management may soon be forced to rely on dilutive sponsor loans or external financing. Investors should monitor this liquidity crunch closely, as it significantly elevates the risk of a forced liquidation.
According to the company's balance sheet, retained earnings have deepened to a deficit of $3.8M as of 2026Q1, reflecting the persistent accumulation of administrative expenses that have eroded the equity base since the company's inception and subsequent operational activities.
The consistent negative trend in retained earnings highlights the lack of internal value creation, which is typical for a shell entity but exacerbated here by the rapid depletion of capital. This erosion of equity suggests that the value proposition for shareholders is increasingly tied to the success of a future merger rather than the current financial health of the vehicle.
As reported in financial filings, the absence of tangible assets or PPE, combined with the reliance on cash held in trust, creates a binary risk profile where the entire balance sheet value is contingent upon the successful completion of a merger before the liquidation deadline.
The lack of any underlying operational assets means that the balance sheet provides no downside protection for investors in the event that a target is not secured. This structural reality makes the headline asset figures potentially misleading, as they do not represent productive capital but rather a temporary holding pool subject to rapid depletion.
Quick answers to the most common questions about buying RFAI stock.
As of 2025, RF Acquisition Corp II Ordinary Shares (RFAI) had total assets of $52.7M including $0.4M in current assets.
RF Acquisition Corp II Ordinary Shares (RFAI) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
RF Acquisition Corp II Ordinary Shares (RFAI) has total shareholders' equity (book value) of $37.1M ($3.48 book value per share). Book value represents the net worth of the company belonging to common stock holders.
RF Acquisition Corp II Ordinary Shares (RFAI) reported a current ratio of 0.53x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.