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Research Alliance Corporation IV, a healthcare-focused blank check company, is conducting an initial public offering of 7,500,000 Class A ordinary shares at $10.00 per share, for $75,000,000 in gross proceeds. The shares are expected to list on Nasdaq under the symbol “RACD.”
Of the proceeds from the IPO and concurrent private placement, $75,000,000, equal to $10.00 per public share, will be placed in a U.S. trust account and released only upon completion of an initial business combination or a required liquidation. Public shareholders will have the right to redeem shares in connection with a business combination or certain charter amendments, and to receive cash if no transaction is completed within 24 months from closing.
The sponsor acquired founder shares for approximately $0.02 per share, which will convert into Class A shares so that initial shareholders hold 15% of issued and outstanding ordinary shares (excluding private placement shares) at offering completion. The sponsor will also purchase 275,000 Class A shares in a concurrent private placement at $10.00 per share and may provide up to $3,000,000 of convertible working capital loans, creating potential dilution and conflicts of interest highlighted in the risk factors.