Monitor for any business combination announcements or target identification. The 24-month deadline creates time pressure; any early target leaks could drive volatility. No immediate catalyst; expect trading to track other pre-deal SPACs.
Executive Summary
Research Alliance Corporation III filed Amendment No. 2 to its S-1 registration statement for its initial public offering of 7.5 million Class A ordinary shares at $10.00 per share, with no warrants. The SPAC intends to target healthcare/life sciences companies and has 24 months from the offering closing to complete a business combination. Proceeds of $75 million will be held in trust pending a deal, with the sponsor purchasing $2.75 million in private placement shares. The filing is routine for a SPAC IPO and contains no material changes from prior amendments.
Key Facts
- IPO of 7,500,000 Class A ordinary shares at $10.00 per share, gross proceeds $75,000,000.
- No warrants are included in this SPAC offering.
- Sponsor (Research Alliance Holdings III LLC) holds 1,245,269 founder shares purchased for $25,000 and will buy 275,000 private placement shares at $10.00 each.
- Company must complete a business combination within 24 months of the offering closing or liquidate.
- Focus on healthcare and life sciences targets, with management affiliated with RA Capital Management ($15B AUM).
- As of February 25, 2026, company had $0 cash and a working capital deficit of $136,730.
Financial Impact
IPO raises $75M in trust (plus $2.75M private placement), resulting in $75M available for business combination (before expenses and redemptions).
Risk Factors
- May not consummate a business combination within 24 months, leading to liquidation and return of ~$10.00 per share.
- Significant dilution from founder shares (purchased at ~$0.02/share) and potential issuance of additional equity.
- No identified target; investment is blind pool risk.
- Conflicts of interest with sponsor and RA Capital Management.
- Potential regulatory risks from Investment Company Act implications.
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001193125-26-220331 |
| Document: d43164dex32.htm | 0001193125-26-220331 |
| Document: d43164dex11.htm | 0001193125-26-220331 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 20d ago | SC 13G | $10.30 | awaiting T+20 | — | $10.12 (−1.75%) |
Sep 16, 2026 5w ago | 425 | $11.10 $10.15 | ▼ −8.56% | ▼ −10.87% | $10.12 (−8.83%) |
Sep 10, 2026 6w ago | 425 | $11.30 $10.18 | ▼ −9.91% | ▼ −11.78% | $10.12 (−10.44%) |
May 28, 2026 21w ago | 8-K | $10.38 $10.66 | ▲ +2.70% | ▲ +4.49% | $10.12 (−2.50%) |
May 20, 2026 22w ago | 424B4 | $10.28 $10.39 | ▲ +1.07% | ▲ +0.74% | $10.12 (−1.56%) |
May 19, 2026 23w ago | 3 | $10.30 $10.41 | ▲ +1.07% | ▲ +0.33% | $10.12 (−1.75%) |
May 12, 2026 23w ago | S-1/A | — | awaiting T+20 | — | — |
US Market Status
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