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Oaktree Capital's SPAC Oaktree Acquisition III withdraws $225 million IPO

February 6, 2023

Oaktree Acquisition III, the third blank check company led by the head of Oaktree Capital's Value Equities group, withdrew its plans for an initial public offering on Monday. It had originally filed in February 2021 and most recently planned to raise $225 million by offering 22.5 million units at $10, with each unit containing one share of common stock and one-third of a warrant.

The company was set to be led by CEO Alexander Taubman and President and CFO Zaid Pardesi, who both serve as Managing Directors within Oaktree's Value Equities strategy. They were set to be joined by Chairman John Frank, Oaktree's Vice Chairman, and Director Patrick McCaney, Portfolio Manager for Oaktree's Value Equities strategy.

Oaktree's previous SPACs include 2019 IPO Oaktree Acquisition, which merged with wellness startup Hims & Hers Health (NYSE: HIMS; -21% from $10 offer price) in January 2021, and 2020 IPO Oaktree Acquisition II, which merged with biosimilar biotech Alvotech (Nasdaq: ALVO; +23%) in June 2022.

The Los Angeles, CA-based company was founded in 2021 and had planned to list on the NYSE under the symbol OACC.U. Deutsche Bank, Credit Suisse, and Morgan Stanley were set to be the joint bookrunners on the deal.