Monitor for announcement of a target business combination. The 24-month deadline (July 2028) provides a long runway, but any definitive agreement will trigger a shareholder vote or tender offer with redemption rights. The deferred underwriting fee creates alignment for the underwriter to facilitate a deal.
Price Chart
Executive Summary
Research Alliance Corporation IV (RACD) completed its IPO of 7,500,000 Class A ordinary shares at $10.00 per share, raising $75 million in gross proceeds (before underwriting discounts and expenses). Concurrently, the sponsor purchased 275,000 private placement shares at $10.00 each. The net proceeds are deposited into a trust account and will be used to fund a future business combination, which must be completed within 24 months or the company will liquidate and return funds to public shareholders. The filing also includes adoption of amended governing documents, entry into related party agreements, and director/officer appointments — all standard for a SPAC IPO.
Key Financial Metrics
Key Facts
- IPO of 7,500,000 Class A ordinary shares at $10.00 per share, raising $75,000,000 in gross proceeds.
- Underwriting discount of $0.40 per share ($3,000,000 total), including $0.30 per share ($2,250,000) deferred until completion of a business combination.
- Sponsor purchased 275,000 Private Placement Shares at $10.00 per share ($2,750,000) in a concurrent private placement.
- Net proceeds (including private placement) deposited into a trust account; funds to be used for a future business combination.
- Company must complete a business combination within 24 months (by July 2028) or liquidate and redeem public shares.
- Amended and restated memorandum and articles of association adopted, effective July 10, 2026.
- Founder shares (1,323,529 Class B shares) held by sponsor and two individuals; convertible into Class A shares on a one-for-one basis at closing of business combination, subject to anti-dilution adjustment.
- Registration rights granted to holders of founder shares, private placement shares, and potential working capital loans.
- Lock-up periods: founder shares locked up for 1 year after business combination (or earlier if price triggers met); private placement shares locked up for 30 days after business combination.
- Insider letter executed, including 180-day lock-up on shares held by officers, directors, and sponsor from IPO date.
Financial Impact
IPO raised $75,000,000 in gross proceeds ($74,250,000 net before deferred discount) plus $2,750,000 from private placement, all deposited in trust for future business combination.
Risk Factors
- No identified target business — risk of liquidation if no deal completed within 24 months.
- Founder shares represent significant potential dilution (1,323,529 shares) upon conversion at deal close.
- Sponsor and insiders control voting on director appointments and business combination until deal closes (Class B shares have exclusive voting rights on director elections).
Market Snapshot
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-303344 |
| Document: d138133dex11.htm | 0001193125-26-303344 |
| Document: d138133dex102.htm | 0001193125-26-303344 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 20, 2026 14w ago | 8-K | $10.44 $11.90 | ▲ +13.98% | ▲ +11.42% | $10.41 (−0.29%) |
Jul 14, 2026 14w ago | 8-K | $10.64 $11.42 | ▲ +7.33% | ▲ +4.99% | $10.41 (−2.16%) |
Jul 13, 2026 15w ago | 424B4 / EFFECT | $10.34 $11.51 | ▲ +11.32% | ▲ +8.13% | $10.41 (+0.68%) |
Jul 10, 2026 15w ago | 3 | — | awaiting T+20 | — | — |
Jul 10, 2026 15w ago | 3 | — | awaiting T+20 | — | — |
Jul 10, 2026 15w ago | 3 | — | awaiting T+20 | — | — |
Jul 10, 2026 15w ago | 3 | — | awaiting T+20 | — | — |
Jul 10, 2026 15w ago | 3 | — | awaiting T+20 | — | — |
Jul 8, 2026 15w ago | S-1/A | — | awaiting T+20 | — | — |
US Market Status
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