Monitor for any conversion of this 13G to a 13D (activist filing) or for a de-SPAC business combination announcement. The accumulation of multiple large passive stakes (Great Point Partners, TCG Crossover, now Nantahala) suggests institutional interest ahead of a potential merger target announcement.
Price Chart
Executive Summary
Nantahala Capital Management, LLC filed a Schedule 13G disclosing a passive 14.1% stake in Research Alliance Corp III as of September 30, 2026. This is a new position for Nantahala, adding to a growing list of institutional investors accumulating shares in this SPAC, following recent 13G filings by Great Point Partners and TCG Crossover. The large passive stake signals conviction but no intent to influence management.
Key Financial Metrics
Key Facts
- Nantahala Capital Management disclosed beneficial ownership of 1,100,000 Class A Ordinary Shares of Research Alliance Corp III
- Stake represents 14.1% of shares outstanding based on 7,775,000 shares outstanding per the issuer's Form 10-Q filed August 12, 2026
- Filing is a new position (not an amendment) under Rule 13d-1(b) — passive investor with no control intent
- Wilmot B. Harkey and Daniel Mack, managing members of Nantahala, are also named as reporting persons with shared voting and dispositive power over the same 1,100,000 shares
- Blackwell Partners LLC - Series A, a fund advised by Nantahala, has the right to receive dividends or proceeds from more than 5% of the shares
- This is the third SC 13G filed for RACC in the past two months, following filings by Great Point Partners (Sep 11) and TCG Crossover GP III (Aug 14)
Financial Impact
Nantahala Capital holds 1,100,000 shares representing 14.1% of outstanding shares — a significant passive stake in a SPAC with ~$7.8M shares outstanding
Risk Factors
- Passive stake — no control intent, so no catalyst for immediate price movement
- SPAC with no announced business combination target — inherent uncertainty and time decay risk
- Multiple large passive holders could complicate any future activist or deal dynamics
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13G Filing (Primary) | 0001104659-26-114377 |
| Document: 0001104659-26-114377-index.html | 0001104659-26-114377 |
| Document: 0001104659-26-114377.txt | 0001104659-26-114377 |
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 | — | — |
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