Chenghe Acquisition III Co. (NASDAQ: CHECU, CHEC, CHECW), a Cayman Islands-based blank check company, filed its annual report on Form 10-K for the year ended December 31, 2025. The company, formed to pursue a merger, share exchange, asset acquisition, or similar business combination, reported a net income of $1.09 million for the year, primarily driven by $1.37 million in interest earned on cash held in its trust account, offset by $281,678 in formation, general, and administrative costs. This contrasts with a net loss of $32,592 for the period from its inception on June 4, 2024, through December 31, 2024.
As of December 31, 2025, Chenghe Acquisition III Co. held $127.87 million in its trust account, consisting of cash. The company's total assets amounted to $128.68 million, while total liabilities reached $5.24 million, including $5.06 million in deferred underwriting fees. The company's financial activities during the year were primarily focused on organizational efforts, preparing for its initial public offering (IPO), and identifying a potential target for a business combination. The company has not generated any operating revenue to date and does not expect to do so until after completing its initial business combination.
The company's IPO, completed on September 17, 2025, generated gross proceeds of $126.5 million through the sale of 12.65 million units at $10.00 each. Simultaneously, the co-sponsors and BTIG, LLC purchased 408,000 private placement units for $4.08 million. These proceeds were placed into a trust account to be used for a future business combination. The company's management is currently focused on identifying and evaluating suitable acquisition targets, with a particular interest in growing companies in Asian markets or global businesses with a presence or focus in Asia.
The company faces a deadline of 18 months from the closing of its IPO to complete an initial business combination. If it fails to do so, it will be forced to liquidate, returning the funds held in trust to its public shareholders. The company's management acknowledges that it currently lacks the liquidity to sustain operations for a reasonable period and that its ability to continue as a going concern is dependent on completing a business combination. The company's strategy involves leveraging the experience of its team to identify and acquire a target business that can benefit from its expertise and capabilities to create long-term shareholder value.
About Chenghe Acquisition III Co.
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