RF ACQUISITION CORP II RFAI
SHS · Common Stock · CUSIP G75389109
- SectorBlank check (SPAC)
- IndustryBlank Checks
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 3.5m as of 2026-08-07, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $10.99.
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2024 | 31 |
| Q4 2024 | 36 |
| Q1 2025 | 31 |
| Q2 2025 | 29 |
| Q3 2025 | 30 |
| Q4 2025 | 15 |
| Q1 2026 | 15 |
| Q2 2026 | 13 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2024 | 14 | 14 |
| Q1 2025 | 5 | 13 |
| Q2 2025 | 7 | 6 |
| Q3 2025 | 8 | 9 |
| Q4 2025 | 5 | 26 |
| Q1 2026 | 4 | 6 |
| Q2 2026 | 5 | 6 |
Biggest buyers
| MIZUHO SECURITIES USA LLC | Added | +734.4k |
| BERKLEY W R CORP | Added | +48.4k |
| Clear Street Group Inc. | Added | +3.5k |
| AQR Arbitrage LLC | Added | +1.4k |
| MORGAN STANLEY | Added | +592 |
Biggest sellers
| GLAZER CAPITAL, LLC | Reduced | -56.5k |
| Logan Stone Capital, LLC | Sold out | -27.6k |
| Karpus Management, Inc. | Reduced | -21.2k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Sold out | -11.7k |
| DEUTSCHE BANK AG\ | Reduced | -3.0k |
| WOLVERINE ASSET MANAGEMENT LLC | Reduced | -2.3k |
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Karpus Management, Inc. 13G · institution +5.1 pts · filed 2026-09-04 | 24.8% |
| BERKLEY W R CORP 13G · institution +5.6 pts · filed 2026-05-08 | 9.2% |
| MIZUHO FINANCIAL GROUP INC 13G · institution new · filed 2026-05-14 | 8.8% |
Fell to 5% or below in the last year: AQR CAPITAL MANAGEMENT LLC (2.0%, 2026-02-12), Wealthspring Capital LLC (0.0%, 2026-01-14), WOLVERINE ASSET MANAGEMENT LLC (1.8%, 2025-11-21)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| Karpus Management, Inc. 0.51% of their portfolio | 1.6m $17.9m | Reduced -21.2k |
| MIZUHO SECURITIES USA LLC 0.15% of their portfolio | 1.5m $16.0m | Added +734.4k |
| BERKLEY W R CORP 0.44% of their portfolio | 814.9k $9.0m | Added +48.4k |
| First Trust Capital Management L.P. 0.33% of their portfolio | 514.5k $5.7m | Unchanged |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 240.0k $2.6m | Reduced -3.0k |
| AQR Arbitrage LLC 0.03% of their portfolio | 170.5k $1.9m | Added +1.4k |
| WOLVERINE ASSET MANAGEMENT LLC 0.02% of their portfolio | 132.1k $1.5m | Reduced -2.3k |
| Polar Asset Management Partners Inc. 0.01% of their portfolio | 50.0k $551.5k | Unchanged |
| GLAZER CAPITAL, LLC 0.01% of their portfolio | 40.0k $441.0k | Reduced -56.5k |
| Kepos Capital LP 0.44% of their portfolio | 29.1k $320.0k | Unchanged |
| Clear Street Group Inc. 0.00% of their portfolio | 17.4k $191.7k | Added +3.5k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 16.2k $178.8k | Unchanged |
| MORGAN STANLEY 0.00% of their portfolio | 669 $7.4k | Added +592 |