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GCL Asia, Merges with RF Acquisition in Deal Valued at USD 1.2bn.

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Vincent

MANews-(C)2009-2023

Singapore-based video game distribution and publishing group Grand Centrex Ltd. (GCL, GCL Asia) has entered into a definitive business combination agreement with publicly traded special purpose acquisition company RF acquisition Corp (NASDAQ: RFAC) and RF Dynamic LLC that will result in GCL Asia becoming a publicly listed Company, the company said.

The proposed transaction gives GCL approximately USD 1.2bn in pre-transaction equity value. The Proposed Transaction includes a minimum cash condition of USD25,000,000 and is expected to result in GCL receiving gross proceeds of approximately USD42.9 m.

Upon closing, the combined Company is expected to be listed on NASDAQ under the reserved ticker symbol GCL.

GCL's shareholders will retain a majority of the Combined company's outstanding shares, and GCL will designate a majority of director nominees for the Combined company's board.

GCL's primary growth focus lies in the games publishing and IP management of AAA/AA game titles in Asia, which is projected to generate total video game revenues of USD222.5 bn in 2023, i.e., 57.8% of worldwide video game revenue.

GCL's existing shareholders will roll over 100% of the equity and retain a majority of the Combined company's outstanding shares, while GCL will also designate a majority of the Combined company's board of directors.

RF acquisition and GCL have agreed to work together to pursue...

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