RF Acquisition Corp III Inks $500M Deal to Take HCC Healthcare Public on Nasdaq
RFAM is trading near its 52-week low of $9.77 (1.8% above the low).
Summary
RF Acquisition Corp III signed a definitive business combination agreement with HCC Healthcare, valuing the target at $500 million. The deal will take HCC Healthcare public on Nasdaq, with closing expected in Q4 2026.
Key Events · M&A and Partnerships · RFAM
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Definitive Merger Agreement Signed
On July 9, 2026, RF Acquisition Corp III entered into a Business Combination Agreement with HCC Healthcare Pte. Ltd., a Singapore-based integrated medical and long-term care provider.
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$500 Million Valuation
The transaction values HCC Healthcare at $500 million on a fully-diluted basis, with each RFAM ordinary share converting into one HCC Healthcare ordinary share.
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Nasdaq Listing Targeted
Upon closing, HCC Healthcare is expected to become a publicly traded company listed on the Nasdaq Stock Market, providing access to capital for expansion.
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Pro Forma Network Scale
On a pro forma basis, HCC Healthcare's network encompasses over 120 long-term care facilities and more than 9,000 beds in Taiwan, with plans to expand into Japan.
Analysis · RFAM · Real Estate & Construction
A definitive agreement has been reached for RF Acquisition Corp III (RFAM) to merge with HCC Healthcare, a Singapore-based integrated medical and long-term care provider operating in Taiwan. The deal values HCC Healthcare at $500 million on a fully-diluted basis, with RFAM shareholders receiving one HCC Healthcare ordinary share per RFAM share. This is a transformative event for the SPAC, which had been seeking a target since its IPO. The transaction is expected to close in Q4 2026, subject to shareholder and regulatory approvals. The combined entity will list on Nasdaq, providing HCC Healthcare with public capital to expand its network of over 120 facilities and 9,000+ beds across Taiwan and into Japan. The deal includes customary lock-up and registration rights agreements. This is the first public disclosure of the definitive agreement, following a non-binding letter of intent disclosed in April 2026.
At the time of this filing, RFAM was trading at $9.95 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $138.5M. The 52-week trading range was $9.77 to $9.98. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.