Brief: GCL Asia To Go Public Via Merger With RF Acquisition

GCL Global Holdings

18/10/2023 13:25

Oct 18 (Reuters) - RF Acquisition Corp  RFAC.O :
    * GCL ASIA, A LEADING VIDEO GAME PUBLISHER & DISTRIBUTOR IN
ASIA,
TO GO PUBLIC VIA MERGER WITH RF ACQUISITION CORP
    * RF ACQUISITION CORP -  PROPOSED TRANSACTION GIVES GCL
APPROXIMATELY $1.2 BILLION IN PRE-TRANSACTION EQUITY VALUE
    * RF ACQUISITION CORP: COMBINED COMPANY IS EXPECTED TO BE
LISTED
ON NASDAQ UNDER RESERVED TICKER SYMBOL "GCL "
    * RF ACQUISITION CORP - GCL'S SHAREHOLDERS WILL RETAIN A
MAJORITY
OF COMBINED COMPANY'S OUTSTANDING SHARES
    * RF ACQUISITION CORP - GCL WILL DESIGNATE A MAJORITY OF
DIRECTOR
NOMINEES FOR COMBINED COMPANY'S BOARD
    * RF ACQUISITION CORP - TRANSACTION HAS BEEN APPROVED BY
BOARD OF
DIRECTORS OF GCL AND RF ACQUISITION
    * RF ACQUISITION CORP - TRANSACTION CLOSING IS EXPECTED TO
BE IN
Q2 OF 2024
    * RF ACQUISITION CORP - PROPOSED TRANSACTION INCLUDES A
MINIMUM
CASH CONDITION OF $25 MILLION
    * RF ACQUISITION CORP - GCL'S EXISTING SHAREHOLDERS WILL
ROLL OVER
100% OF EQUITY AND RETAIN A MAJORITY OF COMBINED COMPANY'S
OUTSTANDING SHARES
    * RF ACQUISITION CORP - GCL WILL ALSO DESIGNATE A MAJORITY
OF
COMBINED COMPANY'S BOARD OF DIRECTORS
    * RF ACQUISITION CORP: COMBINED COMPANY WILL CONTINUE TO BE
LED BY
JACKY SEE WEE CHOO, GROUP CHAIRMAN OF GCL, SEBASTIAN TOKE, GROUP
CEO OF GCL
    * RF ACQUISITION CORP - PROPOSED TRANSACTION IS EXPECTED TO
RESULT
IN GCL RECEIVING GROSS PROCEEDS OF APPROXIMATELY $42.9 MILLION

Source text for Eikon:  ID:nPn40Qbx7a 
Further company coverage:  RFAC.O 

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