RFAI Shares Soar 473% on Nanyang Biologics Merger Vote Approval

RF Acquisition Corp II (RFAI), a Singapore-based Special Purpose Acquisition Company (SPAC), witnessed significant market activity after its shareholders approved a business combination agreement with Nanyang Biologics Pte. Ltd., a Singapore-based AI-driven drug discovery company, at an extraordinary general meeting held on August 19, 2026. Following this approval, RFAI shares experienced remarkable surges, climbing by as much as 473% in after-hours and pre-market trading.

The business combination involves the merger of RFAI into a PubCo vehicle named NYB Holdings Limited, with Nanyang Biologics becoming a wholly-owned subsidiary of PubCo. Shareholders approved six proposals, including the business combination agreement, governance provisions, Nasdaq share issuance, and the company's equity incentive plan. This deal, valued at approximately $1.5 billion, is set to facilitate Nanyang Biologics' public listing on the Nasdaq exchange under the ticker symbol "NYB."

Nanyang Biologics specializes in AI-driven drug discovery, focusing on identifying novel drug candidates from natural compounds. The company's Vecura™ AI platform, built on a proprietary library of over one million natural compounds, is designed to pinpoint promising bioactive candidates and mechanisms often overlooked by conventional synthetic-first approaches. Upon the completion of the transaction, existing Nanyang shareholders, including The9 Limited (NCTY), are expected to retain a majority of the combined company's voting shares and hold an approximate 15-16% stake.

This development triggered substantial price volatility in RFAI shares. After closing Thursday's regular trading session up 13.71% at $12.73, RFAI shares spiked to as high as $73 in after-hours trading. Such SPAC mergers often generate speculative interest and high volatility in the market. While the final cash balance and public float remain uncertain until the deal's closing, the shareholder approval acted as a powerful catalyst, de-risking the merger.

Looking ahead, the transaction is subject to customary closing conditions, and final redemption figures are yet to be confirmed. As Nanyang Biologics prepares to trade on Nasdaq under "NYB," its AI-driven drug discovery capabilities and expanding pipeline will be a key focus for investors. The company's potential drug candidates in areas such as oncology, cardiovascular, metabolic, and mental health could play a significant role in the global healthcare sector. Market participants will closely monitor the performance of the combined entity and its innovations in the AI-powered biotechnology space.