Research Alliance Corporation III

What they do

Research Alliance Corp III is a Cayman Islands exempted company formed on February 19, 2026, as a blank check company to effect a merger or similar business combination. It has entered into a Business Combination Agreement with Oak Hill Bio (OHBP) and plans to domesticate as a Delaware corporation named Oak Hill Bio, Inc. Following the domestication and closing, it will acquire 100% of OHBP shares in exchange for newly issued shares of New OHB common stock. The company has no current operations and is solely focused on completing the OHBP business combination.

Revenue drivers

• No operating revenue — As a blank check company, it has no revenue-generating business. Its only potential value is the funds in trust from the IPO and private placement, held for the business combination.

Recent performance

As of June 30, 2026, the company reported total assets of $76.3 million, total liabilities of $2.3 million, and shareholder equity of negative $1.2 million. Cash and equivalents were $832,812. The company filed its 10-Q on August 12, 2026. On July 26, 2026, it entered into the Business Combination Agreement with OHBP, which is the most significant recent development.

Strategy

The company intends to complete the OHBP Business Combination using cash from the IPO and private placement, along with shares, debt, or a combination of cash, equity, and debt. The domestication to Delaware and renaming to Oak Hill Bio, Inc. are key steps. The Company will provide Class A shareholders the right to redeem their shares for cash at a per-share price equal to the pro rata portion of trust account funds. The sponsor and Class B shareholders have agreed to vote in favor and waive anti-dilution adjustments.

Risks

• Completion risk — The OHBP Business Combination is subject to shareholder approvals and customary closing conditions, which may not be obtained or satisfied.
• Redemption risk — Class A shareholders may redeem a significant portion of trust account funds, leaving insufficient capital for the business combination or adversely affecting its terms.
• Domestication risk — The de-registration from Cayman and continuation to Delaware may not occur as planned, which could delay or prevent the closing.
• Regulatory risk — The company's blank check status and the transaction may be subject to SEC or other regulatory scrutiny, which could delay or block the deal.

Outlook

Management expects the OHBP Business Combination to close in the second half of 2026, following the receipt of shareholder approvals and other customary closing conditions. The company will de-register from the Cayman Islands and domesticate as a Delaware corporation, renaming to Oak Hill Bio, Inc. No assurances are given that the business combination will be completed successfully.