ITHAX Acquisition Corp III (NASDAQ: ITHA) is a special purpose acquisition company incorporated on July 3, 2025 as a Cayman Islands exempted company, formed for the sole purpose of completing a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company has generated no operating revenues since inception and does not expect to do so until after an initial business combination is completed. As of the 10-K filed March 24, 2026 (covering the period from July 3, 2025 through December 31, 2025), ITHA reported a net loss of $56,044, with interest income of $296,082 from proceeds held in a trust account partially offsetting formation and administrative costs of $133,876 and compensation expense of $218,250. The company intends to target businesses with enterprise values above $500 million in the asset management, leisure, hospitality, catering, travel, entertainment, gaming, and lifestyle sectors, with preferred market positioning in the United States, Latin America, and European markets.

Revenue model

No operating revenue generated from inception (July 3, 2025) through December 31, 2025. The only income source is non-operating interest income from IPO proceeds held in a trust account ($296,082 for the period ending December 31, 2025). Revenue generation is contingent on completing an initial business combination.

Products and services

ITHA offers no commercial products or services. Its activities consist of identifying and executing an initial business combination. The company has issued Class A ordinary shares, Class B ordinary shares (founder shares), units, and warrants as part of its capital structure following its IPO completed December 11, 2025.

Customers and end markets

ITHA has no customers. Its target acquisition sectors, as disclosed in the 10-K filed March 24, 2026, include asset management, leisure, hospitality, catering, travel, entertainment, gaming, and lifestyle businesses with enterprise values above $500 million, with interest in companies integrating AI and digital assets. No specific target has been identified or substantively discussed as of the filing date.

Value-chain role

Blank check acquisition vehicle. Raises capital through a public offering, holds proceeds in a trust account, and deploys capital to acquire an operating business. Post-combination, it converts into an operating company in the target sector.

Geographic exposure

Incorporated in the Cayman Islands. Intends to target businesses with material presence in the United States, Latin America, and European markets, per the 10-K filed March 24, 2026.

Source: SEC 10-K, filed 2026-03-24

Industry: Blank Checks