Cartesian Growth Corporation III (NASDAQ: CGCT) is a blank check company incorporated on October 29, 2024 as a Cayman Islands exempted company, formed for the purpose of effecting a merger, amalgamation, share exchange, or similar business combination with one or more target businesses. The company generates no operating revenue; it raises capital through an initial public offering and holds proceeds in trust until a business combination is completed. As of the 10-K filed March 23, 2026, CGCT had signed a Business Combination Agreement dated December 17, 2025 with Factorial Inc. via merger subsidiary Fenway MS, Inc. The sponsor entity is CGC III Sponsor LLC, and Peter Yu holds 6,900,000 Class B ordinary shares, representing 100% of the Class B class and 20% of all outstanding ordinary shares. Independent auditor CBIZ CPAs P.C. charged approximately $102,000 in audit fees for the fiscal year ended December 31, 2025.

Revenue model

No operating revenue. As a special purpose acquisition company (SPAC), CGCT holds IPO proceeds in trust and earns no revenue until completion of a business combination. The sponsor and affiliates hold founder shares and private placement warrants that convert upon a successful deal.

Products and services

Blank check SPAC shell entity. Securities issued include Class A ordinary shares, Class B ordinary shares (founder shares), units, and warrants. A Business Combination Agreement with Factorial Inc. was signed December 17, 2025.

Customers and end markets

No customers or end-market revenues. Capital providers are institutional shareholders including The Goldman Sachs Group, Inc. (8.3% of Class A shares as of the filing), Highbridge Capital Management LLC (7.2% of Class A shares), Tenor Opportunity Master Fund Ltd. (5.4% of Class A shares), and Picton Mahoney Asset Management (5.1% of Class A shares), per the 10-K filed March 23, 2026.

Value-chain role

SPAC sponsor vehicle. Raises public capital, identifies a private merger target, and delivers a public listing to the target upon deal close. Sponsor is CGC III Sponsor LLC.

Geographic exposure

Incorporated in the Cayman Islands. Primary listing on the Nasdaq Capital Market. The filing notes the company may pursue targets with operations outside the United States, including cross-border combinations subject to foreign regulatory approval and foreign exchange risk.

Source: SEC 10-K, filed 2026-03-23

Industry: Miscellaneous Electrical Machinery, Equipment & Supplies