The company announced a business combination agreement with Factorial Inc. to accelerate commercialization of solid-state battery technology, with the transaction expected to close in mid-2026.

• On December 17, 2025, Cartesian Growth Corp III entered into a business combination agreement with Factorial Inc., a Delaware corporation, to accelerate commercialization of solid-state battery technology [N1].
• The business combination agreement was unanimously approved by the boards of directors and special committees of both Cartesian Growth Corp III and Factorial Inc. [N1].
• The transaction is anticipated to close in mid-2026 following requisite shareholder and stockholder approvals [N1].

The company’s business combination agreement with Factorial Inc. positions it to participate in the commercialization of solid-state battery technology, a sector with significant growth potential. The management team’s extensive experience and global network may facilitate successful acquisition and value creation. The substantial funds held in trust provide financial flexibility to complete the business combination and support post-combination growth initiatives.

As a blank check company, Cartesian Growth Corp III faces risks related to the successful identification, negotiation, and completion of a suitable business combination within the prescribed timeframe. The company’s liquidity ratios indicate a working capital deficit, and it currently has no operating revenues or full-time employees. The success of the business combination depends on the target company’s performance and integration, and there is no assurance that the combination will generate value for shareholders. Additionally, conflicts of interest and competition for acquisition targets may pose challenges.

As a blank check company, Cartesian Growth Corp III’s moat is primarily derived from the expertise and network of its management team and sponsor, Cartesian Capital Group, which has over 20 years of experience in growth capital investing and a global network of relationships. The company’s disciplined acquisition criteria and value-creation strategy aim to identify and develop high-growth companies with transnational operations. The ability to leverage the sponsor’s capital, experience, and relationships provides a competitive advantage in sourcing and executing business combinations, although the company itself has no operating business prior to the combination.

• Business Combination Completion Risk: The company must complete its initial business combination within 24 months of the IPO or an earlier date approved by the board. Failure to do so may result in liquidation or other adverse outcomes.
• Liquidity and Going Concern Risk: As of December 31, 2025, the company’s liquidity condition raises substantial doubt about its ability to continue as a going concern without completing a business combination.
• Dependence on Management and Sponsor Expertise: The company relies heavily on the experience and network of its management team and sponsor to identify and execute a successful business combination.
• Limited Operating History: The company has no operating business prior to the business combination and limited operating history, which increases uncertainty regarding future performance.
• Potential Conflicts of Interest: Officers and directors may have fiduciary or contractual obligations to other entities that could limit the company’s ability to pursue certain acquisition opportunities.

• Cartesian Growth Corp III is a blank check company incorporated on October 29, 2024, as a Cayman Islands exempted company formed to effect a business combination with one or more businesses or entities.
• The company completed its initial public offering on May 5, 2025, raising gross proceeds of $276 million by selling 27.6 million units at $10.00 per unit, with additional private placement warrants sold for $6.8 million.
• Proceeds from the IPO, including over-allotment, were placed in a trust account totaling $276 million, net of transaction costs of approximately $18.8 million.
• The sponsor is an affiliate of Cartesian Capital Group, LLC, a global private equity firm with over $3 billion in committed capital and extensive international investment experience.
• The management team has over 20 years of experience in growth capital investing, focusing on high-growth companies with transnational operations and proven business models.
• The company seeks to acquire target businesses with meaningful high-growth potential, identified through proprietary processes, led by proven management teams, and supportive of enhanced governance and value creation.
• The company has entered into a business combination agreement with Factorial Inc. to accelerate commercialization of solid-state battery technology, with the transaction expected to close in mid-2026, subject to approvals.
• As of December 31, 2025, the company had cash and equivalents of $624,163 and current assets of $740,139, with current liabilities of $834,869, resulting in a current ratio of 0.89 and a cash ratio of 0.
• Investments held in the trust account as of December 31, 2025, amounted to approximately $283.4 million, primarily invested in U.S. Treasury Bills with maturities of 185 days or less.
• For the year ended December 31, 2025, the company reported net income of $6,219,069, which includes interest earned on investments held in the trust account of $7,377,276.
• The company has no full-time employees prior to the consummation of its initial business combination and currently has two executive officers.
• The company is subject to Nasdaq listing rules requiring the initial business combination to have an aggregate fair market value of at least 80% of the assets held in the trust account at the time of signing a definitive agreement.
• The company’s acquisition strategy emphasizes disciplined value creation through organic growth, targeted combinations, and operational improvements post-business combination.
• The company’s management team has a network of relationships with privately held businesses and families globally, which it leverages to source acquisition opportunities.
• The company’s financial statements are prepared in accordance with U.S. GAAP and SEC regulations, with audited financials available for shareholders to assess the target business.
• The company’s liquidity condition as of December 31, 2025, raises substantial doubt about its ability to continue as a going concern without completing a business combination.
• The company’s initial public offering included issuance of public and private placement warrants exercisable at $11.50 per share, with terms detailed in the filings.
• The company’s board includes independent directors as required by Nasdaq listing standards.
• The company’s recent news includes the announcement of the business combination agreement with Factorial Inc. to accelerate commercialization of solid-state battery technology [N1].