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RFAI

Pre-effectiveDeal announcedStallingPubCo NYB

RF Acquisition Corp II

Merging with NYB Holdings Ltd · PubCo NYB

1/20 of a right per unit. 20 units = 1 listed right. *R trades whole.

Deal announced 2025-10-02

Pulse

↓Vote printed — cash still open

0–100 vitality — and a read on how the book feels about this shell.

Stalling

% done

93%

Path to close

Price

$58.00

Mkt 483.94M

What is Pulse?

SPAC Pulse measures the current vitality of a deal on a 0–100 scale. A new IPO starts near 50 — a healthy heart with room both ways. It is not weakening just because nothing has printed yet. Weakening is a tag for a slowing beat (stalling cadence), not a quiet shell. 10-Q / 10-K on time is a good beat; an NT is a deficiency. File the report late, then file the NT late, and Pulse falls — that is how public investors read whether management is on top of the shell. Filing recovers some of it. It never pretends the miss did not happen. When other new IPOs file that window on time, they are no longer equal — those shells are healthier. High readings mean the deal book is accelerating; low readings flag life-support risk. Full methodology lives on the desk.

Rate + Lead II · 25 mm/s

Pulse Timeline

Top trace is the Pulse rate. Bottom is the filing lead — R-wave when the rate lifts, QS when it slows. Height is the change.

06-16 F-4/A
07-13 F-4/A
08-07 10-Q
08-14 Extension vote
08-20 EGM / prelim. redemption
10-07 Now

Auto interpretation · Lead II printoutNonspecific ST-T changesPulse 90

Rate looks fast because the vote printed. The wiggle is leftover trust, not a dead heart.

Silent 48dBeats/90d 2Recent gap 26d

Marks on this strip

05-0779 ↑410-Q. Periodic report on time. +4
06-0382 ↑3F-4/A. Amendment printed. Pulse +3.
06-1686 ↑4F-4/A. Comments coming back. Beat sped up. +4
07-1388 ↑2F-4/A. Amendment printed. Pulse +2.
08-0789 ↑110-Q. Periodic report on time. +1
08-1489 →0Extension vote. Shareholders printed. Path is late, not leftover trust. unchanged
08-2092 ↑3EGM / prelim. redemption. Shareholders printed. Path is late, not leftover trust. +3
10-0790 ↓2Now. No S-4/F-4 beat in 48 days. 48d since the last beat. -2

Impression: EGM is done. The Strong number is close path. Watch the final redemption 8-K for leftover trust — those tenders can still reverse.

· No S-4/F-4 beat in 48 days.

Unconfirmed machine read · not medical advice · not financial advice

Skin in the game

medium

Target

early

8-K Item 5.07

Votes & leftover trust

Share counts as filed. Preliminary tenders do not move cash until they settle.

2026-08-20 · final-prelim · preliminary
3,956,323 shares
Preliminary requests to redeem 3,956,323 shares in connection with the combination meeting. Subject to withdrawal.
2026-08-14 · extension
833,157 shares
Further extension to Feb 15, 2027. 833,157 shares redeemed. $75,000 per extra month into trust.
2025-11-14 · extension
6,668,735 shares
Extension vote. Holders of 6,668,735 ordinary shares redeemed.

Historical context

Vote printed in the archive

Precedent from 26 names in the Pulse archive (closed, liquidated, and broken deals). Archive base rate is one input; live beat speed then moves Pulse. Not a forecast.

Close rate: 100%
Median days left: 10
Archive n: 26

Status

In Review

Exchange

Nasdaq

Rights

1/20

Warrants

CIK

0002012807

IPO date

2024-05-17

Market cap

483.94M

Days to deadline

—

SEC tickers

RFAI, RFAIR, RFAIU

Sponsor

—

S-4 / F-4 filer

Holdco · NYB Holdings Ltd

Fiscal year

December 31

Next filing

10-Q 2026-11-14

Vote

Held 2026-08-19

Schedule

What is due next

Fiscal year: Ends December 31 · 10-K cover
This window: 10-Q due 2026-08-14 · filed
Next due: 10-Q 2026-11-14Period 2026-09-30
Pulse: +6

10-Q for period ended 2026-06-30, due 2026-08-14. 10-Q 2026-08-07 on time (+6).

On time with this window. Pulse stays even with the other new listings that filed.

Meetings

2026-08-19 · EGM — NYB Holdings (held)

Price history

Delayed exchange prints — common, rights, units, warrants when listed. Last price is in the header. This tape does not move Pulse.

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S-4 study: rights conversion did not change across amendments for this name. See amendment impact

S-4 amendment timeline

Shrinking gaps mean the deal is progressing. The tag says whether that filing cleared a checklist, dropped a hurdle, or repriced the deal.

Merging company
On file
NYB Holdings Ltd
Close timing Q&A
Gap
S-4 has a close Q we have not captured.
Meeting Q&A
Gap
Meeting Q is still a blank. They have not printed a date.
Proxy card
Gap
No form of proxy in the exhibits yet.
10-Q / 10-K
On file
10-Q for period ended 2026-06-30, due 2026-08-14. 10-Q 2026-08-07 on time (+6).

Q&A · meeting

When and where is the Extraordinary General Meeting? A: The Extraordinary General Meeting will be held at [ ] Eastern Time, on [ ], 2026 in person at the offices of Winston Taylor LLP located at 800 Capitol St., Suite 2400, Houston, Texas 77002 and as a virtual meeting. The meeting will be held virtually over the internet by means of a live audio webcast. You will be able to attend, vote your shares, and submit questions during the Extraordinary General Meeting in person and via a live webcast available at https://www.cstproxy.com/rfacquisitioncorpii/2026. 25 Table of Contents