UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT
OF 1934
Date of Report (Date of earliest event reported):
December 1, 2023
RF ACQUISITION CORP.
(Exact name of registrant as specified in its
charter)
Delaware |
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001-41332 |
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61-1991323 |
(State or other jurisdiction
of incorporation) |
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(Commission File Number) |
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(IRS Employer
Identification No.) |
111 Somerset, #05-06
Singapore 238164
(Address of principal executive offices, including
zip code)
Registrant’s telephone number, including
area code: +65 6904 0766
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
x |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
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Trading
Symbol(s) |
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Name of each exchange on
which registered |
Units, each consisting of one share of Class A Common Stock, one redeemable warrant, and one right to receive one-tenth of one share of Class A Common Stock |
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RFACU |
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The Nasdaq Stock Market LLC |
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Share of Class A Common Stock, par value $0.0001 per share |
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RFAC |
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The Nasdaq Stock Market LLC |
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Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share |
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RFACW |
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The Nasdaq Stock Market LLC |
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Rights, each right receives one-tenth of one share of Class A Common Stock |
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RFACR |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
x
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 1.01. Entry into a Material Definitive Agreement
Amendment to Merger Agreement
As
previously disclosed in our Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”)
on October 23, 2023, RF Acquisition Corp., a Delaware corporation (“SPAC”) entered into an agreement and
plan of merger, dated October 18, 2023, (as it may be amended, supplemented or otherwise modified from time to time, the “Merger
Agreement”) with GCL Global Holdings Ltd, a Cayman Islands exempted company (“PubCo”), Grand Centrex Limited,
a British Virgin Islands business company (“GCL BVI”), GCL Global Limited, a Cayman Islands exempted company limited
by shares (“GCL Global” or the “Company”), and, for the limited purposes set forth therein, RF Dynamic
LLC, a Delaware limited liability company (the “Sponsor”).
On
December 1, 2023, the parties to the Merger Agreement entered into that certain First Amendment to Merger Agreement (the “Amendment”)
pursuant to which the parties agreed to amend certain defined terms, including but not limited to the definition of “Restructuring”,
included in the Merger Agreement.
The
foregoing description of the Amendment is not complete and is subject to and qualified in its entirety by reference to the Amendment,
a copy of which is filed with this Current Report on Form 8-K as Exhibit 2.1, and the terms of which are incorporated by reference
herein.
Important Information for Investors and Shareholders
This document relates to a
proposed transaction among SPAC, PubCo and the Company. This document does not constitute an offer to sell or exchange, or the solicitation
of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale
or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. PubCo intends
to file a registration statement on Form F-4 with the SEC, which will include a document that serves as a prospectus and proxy statement,
referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all SPAC Shareholders. SPAC and PubCo also will
file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders
of SPAC are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will
be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information
about the proposed transaction.
Investors and security holders
will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed
or that will be filed with the SEC by SPAC through the website maintained by the SEC at www.sec.gov.
Participants in the Solicitation
SPAC, PubCo, the Company and
their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from SPAC’s stockholders
in connection with the proposed transaction. A list of the names of the respective directors and executive officers of SPAC, PubCo and
the Company, and information regarding their interests in the business combination, will be contained in the proxy statement/prospectus
when available. You may obtain free copies of these documents as described in the preceding paragraph.
This communication does not
constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall
there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such other jurisdiction.
Forward-Looking Statements
All statements contained in
this Current Report on Form 8-K other than statements of historical facts, contain certain statements that are forward-looking statements.
Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,”
“forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,”
“seek,” “target,” “continue,” “may” or other similar expressions that predict or indicate
future events or trends or that are not statements of historical matters, but the absence of these words does not mean a statement is
not forward looking. Indications of, and guidance or outlook on, future earnings, dividends or financial position or performance are also
forward-looking statements.
These forward-looking statements
involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from
those expressed or implied in the forward-looking statements. Forward-looking statements are predictions, projections and other statements
about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Most
of these factors are outside SPAC’s and the Company’s control and are difficult to predict. Factors that may cause such differences
include, but are not limited to: (i) the occurrence of any event, change, or other circumstances that could give rise to the termination
of the Merger Agreement; (ii) the outcome of any legal proceedings that may be instituted against SPAC and/or the Company following
the announcement of the Merger Agreement and the transactions; (iii) the inability to complete the proposed transactions, including
due to failure to obtain approval of the stockholders of SPAC, certain regulatory approvals, or the satisfaction of other conditions to
Closing in the Merger Agreement; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination
of the Merger Agreement or could otherwise cause the transaction to fail to close; (v) the inability to maintain the listing of SPAC
shares on the Nasdaq Stock Market following the proposed transactions; (vi) the risk that the proposed transactions disrupt the Company’s
current plans and operations as a result of the announcement and consummation of the proposed transactions; (vii) the ability to
recognize the anticipated benefits of the proposed transactions, which may be affected by, among other things, competition, the ability
of the Company to grow and manage growth profitably, and the ability of the Company to retain its key employees; (viii) costs related
to the proposed transactions; (ix) changes in applicable laws or regulations; and (x) the possibility that the Company or SPAC
may be adversely affected by other economic, business, and/or competitive factors. The foregoing list of factors is not exclusive. Additional
information concerning certain of these and other risk factors is included under the heading “Risk Factors” in the Registration
Statement to be filed by PubCo with the SEC and those included under the heading “Risk Factors” in SPAC’s Annual Report
on Form 10-K filed with the SEC on April 26, 2023, and the Quarterly Reports on Form 10-Q filed with the SEC on May 26,
2023, August 23, 2023 and November 14, 2023, respectively. These filings identify and address other important risks and uncertainties
that could cause actual events and results to differ materially from those contained herein. All subsequent written and oral forward-looking
statements concerning SPAC, PubCo and the Company, the transactions or other matters attributable to SPAC, PubCo, the Company or any person
acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place
undue reliance upon any forward-looking statements, which speak only as of the date made. Each of SPAC, PubCo and the Company expressly
disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein
to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement
is based, except as required by law.
Item 9.01 Exhibits.
* Certain exhibits and schedules to this Exhibit have been omitted
in accordance with Regulation S-K Item 601(b)(2). SPAC agrees to furnish supplementally a copy of all omitted exhibits and schedules to
the SEC upon its request.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
StoneBridge Acquisition Corporation |
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By: |
/s/ Tse Meng Ng |
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Name: |
Tse Meng Ng |
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Title: |
Chief Executive Officer |
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Date: December 7, 2023
Exhibit 2.1
FIRST
Amendment to Merger Agreement
This FIRST Amendment
to Merger Agreement (this “Amendment”), dated as of December 1, 2023, is entered into by and among (i) RF
Acquisition Corp., a Delaware corporation (“SPAC”), (ii) GCL Global Holdings LTD, a Cayman Islands exempted company
limited by shares (“PubCo”), (iii) Grand Centrex Limited, a British Virgin Islands business company (“GCL
BVI”), (iv) GCL Global Limited, a Cayman Islands exempted company limited by shares (“GCL Global”) and
(v) for the limited purposes set forth herein, RF Dynamic LLC, a Delaware limited liability company (the “Sponsor”).
RECITALS
WHEREAS, SPAC, PubCo, GCL
BVI, GCL Global and Sponsor entered into that certain Agreement and Plan of Merger dated as of October 18, 2023 (the “Merger
Agreement”); and
WHEREAS, in accordance with
Section 11.11 of the Merger Agreement, the parties hereto wish to make certain amendments to the Merger Agreement as set forth in
this Amendment.
NOW, THEREFORE, in consideration
of the premises, the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:
1. Definitions.
Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to them in the Merger Agreement.
2. Amendment
to Section 1.1 of the Merger Agreement. The following definitions in Section 1.1 of the Merger Agreement are hereby deleted
and replaced with the following:
“Group Subsidiaries”
means (a) Titan Digital Media Pte. Ltd., a Singapore company (“Titan SG”), (b) Epicsoft Hong Kong Limited,
a Hong Kong company (“Epic HK”), (c) Epicsoft Malaysia Sdn. Bhd., a Malaysia company (“Epic MY”),
(d) Epicsoft Asia Pte. Ltd., a Singapore company (“Epic SG”), (e) 4Divinity Pte. Ltd. (“4Divinity
SG”), a Singapore company, (f) 2Game Digital Limited, a Hong Kong company (“2Game HK”), (g) Starry
Jewelry Pte Ltd., a Singapore company (“Starry Jewelry”), (h) Martiangear Pte Ltd., a Singapore company (“Martiangear”)
and (i) 2 Game Pro Ltda (“2Game Pro”), a Brazilian company.
“Restructuring” means
a sequential two-step transaction involving (a) sale by GCL BVI of all its equity interests in GCL Global SG (representing 100% of
the total issued and outstanding shares of GCL Global SG) to GCL Global in return for GCL Global shares being issued to the GCL Shareholders
(defined below), resulting in (i) GCL Global SG (which in turn holds equity interests in the Group Subsidiaries, except for Epic
MY, as depicted on Annex I attached hereto) becoming a wholly-owned subsidiary of GCL Global; and (ii) GCL Shareholders holding all
issued and outstanding shares in GCL Global; and (b) sale by GCL BVI shareholders holding a total of 99.8% of the total outstanding
shares of GCL BVI (“GCL Shareholders”) of their equity interests in GCL BVI to GCL Global, resulting in GCL BVI (which in
turn holds 100% of the total issued and outstanding shares of Epic MY) becoming a 99.8%-owned subsidiary of GCL Global.”
3. Amendment
to Annex I. “Annex I – Restructuring Diagram” attached to the Merger Agreement is hereby deleted and replaced with
Annex I hereto.
4. No
Other Amendments; Effect of Amendment. Except for the amendments expressly set forth in this Amendment, the Merger Agreement shall
remain unchanged and in full force and effect. This Amendment shall form a part of the Merger Agreement for all purposes, and the parties
thereto and hereto shall be bound hereby. From and after the execution of this Amendment by the parties hereto, any reference to the Merger
Agreement shall be deemed a reference to the Merger Agreement as amended hereby. This Amendment shall be deemed to be in full force and
effect from and after the execution of this Amendment by the parties hereto.
5. Further
Assurance. Each party hereto shall execute and deliver such documents and take such action, as may reasonably be considered within
the scope of such party’s obligations hereunder, necessary to effectuate the transactions and matters contemplated by this Amendment.
6. Miscellaneous.
Sections 11.1, 11.7, 11.13, 11.14, 11.15 and 11.16 of the Merger Agreement shall apply, mutatis mutandis, to this Amendment.
[The remainder of this page intentionally
left blank; signature pages to follow]
IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed as of the day and year first above written.
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“SPAC” |
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RF ACQUISITION CORP. |
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By: |
/s/ Tse Meng Ng |
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Name: Tse Meng Ng |
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Title: Chief Executive Officer |
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“SPONSOR” |
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RF DYNAMIC LLC. |
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By: |
/s/ Tse Meng Ng |
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Name: Tse Meng Ng |
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Title: Manager |
Signature Page to First Amendment to Merger
Agreement
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“PUBCO” |
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GCL GLOBAL HOLDINGS LTD |
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By: |
/s/ Choo See Wee |
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Name: Choo See Wee |
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Title: Director |
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“GCL BVI” |
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GRAND CENTREX LIMITED |
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By: |
/s/ Choo See Wee |
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Name: Choo See Wee |
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Title: Director |
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“GCL GLOBAL” |
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GCL GLOBAL LIMITED |
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By: |
/s/ Choo See Wee |
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Name: Choo See Wee |
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Title: Director |
Signature Page to First Amendment to Merger
Agreement
Annex I
Grafico Azioni RF Acquisition (NASDAQ:RFACU)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni RF Acquisition (NASDAQ:RFACU)
Storico
Da Nov 2023 a Nov 2024