Nantahala Capital Management, LLC and its managing members, Wilmot B. Harkey and Daniel Mack, each may be deemed beneficial owners of 1,100,000 Research Alliance Corp III Class A ordinary shares as of September 30, 2026, equal to 14.1% of the class for each reporting person. The shares are held by funds and separately managed accounts under Nantahala’s control. Each reports shared voting and dispositive power over 1,100,000 shares and zero sole voting or dispositive power.
Blackwell Partners LLC - Series A, a fund advised by Nantahala, is identified as having the right to receive or direct dividends or sale proceeds from more than five percent of the outstanding shares beneficially owned by Nantahala. Taki Vasilakis is listed as Chief Compliance Officer and signed as attorney-in-fact for Harkey and Mack.
Research Alliance Corp III (symbol: RACC) is the issuer of record for a Form S-4/A filing submitted to the SEC.
Research Alliance Corp III (RACC) describes a proposed business combination with OHB Pediatrics Ltd., d/b/a Oak Hill Bio, at a $160 million pre-money equity value, alongside $100 million of financing. The combined company is expected to be named Oak Hill Bio Inc. and list on Nasdaq under the ticker OAKH.
The financing includes a $45 million SAFE from the RACC sponsor, RA Capital, and a $55 million PIPE, both priced at $10 per share, plus a sponsor backstop of up to $75 million of trust redemptions. Proceeds are expected to fund lead candidate rugonersen, a Phase 3 antisense oligonucleotide for Angelman syndrome, through a potential NDA filing in the second half of 2029.
The presentation highlights a rare-disease focus, with an estimated ~30,000 diagnosed Angelman patients in the U.S. and EU5 and a $4–5 billion market opportunity, but also an extensive list of risks, including dependence on rugonersen, need for additional capital, clinical and regulatory uncertainties, SPAC-related execution and dilution risks, and potential Nasdaq listing and liquidity issues.
Research Alliance Corp III (RACC) received a Schedule 13G reporting that Great Point Partners, LLC, together with Dr. Jeffrey R. Jay, M.D. and Ms. Lillian Nordahl, beneficially own 504,891 Class A Ordinary Shares, representing 6.49% of the outstanding Class A shares. All 504,891 shares are held with shared voting and dispositive power and no sole power. The ownership is held through Biomedical Value Fund, L.P. with 333,228 shares and Biomedical Offshore Value Fund, Ltd. with 171,663 shares, for which Great Point acts as investment manager; Dr. Jay and Ms. Nordahl have voting and investment power but disclaim beneficial ownership except to the extent of their pecuniary interests. The percentage is based on 7,775,000 shares outstanding as reported by the company for its Class A Ordinary Shares.
Research Alliance Corp III (RACC) describes communications related to its proposed business combination with OHB Pediatrics Ltd., including LinkedIn posts by the company and its CEO and CFO sharing a STAT article on Angelman syndrome antisense therapies and competitors’ trial outcomes.
The filing explains that the combination is governed by a Business Combination Agreement dated July 26, 2026, and that a Form S-4 registration statement with a proxy statement/prospectus has been filed for RACC shareholders to consider the transactions. Extensive forward-looking statement and risk disclosures highlight uncertainties around clinical development, regulatory approvals, financing, market conditions, and the ability to complete and realize benefits from the proposed transactions.
Research Alliance Corp III (RACC), a Cayman Islands SPAC, plans to combine with OHB Pediatrics Ltd. (Oak Hill Bio), domesticate into Delaware and be renamed Oak Hill Bio Inc. The S-4 registers 9,098,529 shares of New OHB common stock for existing RACC shareholders, assuming no redemptions.
Immediately before closing, all Class B founder shares convert into Class A, redemptions of Class A public shares are effected, and each remaining Class A share becomes one New OHB share. Oak Hill Bio shareholders (including SAFE and option holders) will receive 16,000,000 New OHB shares based on a $160 million base equity value at $10.00 per share. A concurrent PIPE will raise $55 million via 5.5 million shares and/or pre-funded warrants at $10.00, and a backstop investor may buy up to 7.5 million shares (up to $75 million) to offset redemptions.
RACC’s trust held about $75.2 million on June 30, 2026, implying an estimated $10.03 per-share redemption value. Public holders can redeem (subject to a 15% cap per holder/group) while sponsors and insiders have waived redemptions and agreed to a six‑month lock-up. The proxy notes that public holders, who currently own about 82.4% of RACC, will experience immediate dilution and that sponsor economics and reimbursements create potential conflicts, though the board obtained a fairness opinion and unanimously recommends approval.
Research Alliance Corporation III received a Schedule 13G filing from ADAR1 Capital Management, LLC and its sole manager, Daniel Schneeberger, reporting a passive ownership stake in the company’s Class A Ordinary Shares. The reporting persons beneficially own 650,000 Class A Ordinary Shares through private investment funds managed by ADAR1 Capital Management, with shared voting and dispositive power over these shares and no sole voting or dispositive power. This position represents 8.4% of the 7,775,000 Class A Ordinary Shares outstanding as of June 30, 2026, based on the issuer’s Form 10-Q. ADAR1 Capital Management is reported as an investment adviser, and Schneeberger files as a control person with indirect beneficial ownership of the same shares.
Research Alliance Corporation III has a significant shareholder group led by TCG Crossover Fund III, L.P., TCG Crossover GP III, LLC, and Chen Yu reporting beneficial ownership of 500,000 Class A ordinary shares. This represents 6.4% of the Class A shares outstanding, based on 7,775,000 shares outstanding as of June 24, 2026.
The Reporting Persons have shared voting and dispositive power over 500,000 shares and no sole voting or dispositive power. The securities are held of record by TCG Crossover Fund III, L.P., with TCG Crossover GP III as general partner and Chen Yu as sole managing member. Each Reporting Person disclaims beneficial ownership beyond their pecuniary interest and expressly disclaims status as a group under the Exchange Act.
Balyasny Asset Management L.P. and related entities report a significant passive ownership position in Research Alliance Corporation III’s Class A common stock. Through Atlas Diversified Master Fund, Ltd., they are deemed to beneficially own 500,000 shares.
This position represents 6.43% of the Class A shares, based on 7,775,000 shares outstanding as of June 24, 2026. Each reporting person has sole voting and sole dispositive power over the 500,000 shares, with no shared voting or dispositive power. ADMF has the right to receive dividends and sale proceeds from these securities.
Spruce Street Capital LP, together with Alex R. Rosen and Simon Basseyn, reports beneficial ownership of Class A Ordinary Shares of Research Alliance Corp III. The group has shared voting and dispositive power over 500,000 Class A shares, representing 6.4% of the class.
The ownership percentage is based on 7,775,000 Class A Ordinary Shares outstanding as of June 24, 2026. Spruce Street Capital Master Fund LP has the right to receive dividends or sale proceeds from more than 5% of the outstanding Class A Ordinary Shares.