The9’s Singapore investee NYB to go Nasdaq via $1.5B combination with RF Acquisition Corp II

The9’s (NCTY) Singapore investee company Nanyang Biologics, together with its subsidiaries and affiliates, entered into a business combination agreement with RF Acquisition Corp II (RFAI) in a transaction that will result in NYB becoming a publicly listed company. Following the closing, the combined company is expected to be listed on Nasdaq under the reserved ticker symbol “NYB”. The Proposed Transaction gives NYB approximately $1.5B in pre-transaction equity value. NYB’s existing shareholders, including The9, will roll over 100% of the equity and retain a majority of the combined company’s outstanding shares, while NYB will also designate a majority of the combined company’s board of directors. The transaction’s closing is expected to be in Q1 or Q2 of 2026, subject to shareholders’ approval and the satisfaction of customary closing conditions. Following the Proposed Transaction, NYB aims to accelerate the discovery of more effective drug molecules and identify active ingredients from natural sources for use in both pharmaceuticals and traditional medicine by utilizing its AI platform accelerating therapeutic discoveries.