Oyster Enterprises Acquisition Corp. II (Oyster II) is a SPAC — a blank check company with no operations, revenue, or identified acquisition target. Oyster II raised $253M in its IPO in May 2025, selling units at $10.00 each, with proceeds held in a Trust Account invested in safe securities until a deal closes. The company has a 24-month window (until May 2027) to complete an acquisition, or it must liquidate and return trust funds to shareholders. The management team is led by Heath Freeman, Mario Zarazua, and Mike Rollins, and is affiliated with Alden Global, a private investment firm focused on opportunistic investing. The same team previously ran Oyster I, a $230M SPAC launched in 2021 that failed to complete a deal and was liquidated in 2022. Oyster II's stated target focus is AI companies and digital assets and blockchain businesses, though it retains broad discretion to pursue deals across industries. The team looks for companies in fragmented industries, at operational inflection points, or with unrecognized value. The sponsor received Founder Shares at nominal cost, which only become valuable if a deal closes — aligning the sponsor's incentive with deal completion. Public shareholders can redeem shares at approximately $10.24 per share if no deal is done or if they dislike a proposed deal.