ITHAX Acquisition Corp III

What they do

ITHAX Acquisition Corp III is a Cayman Islands exempted company formed in July 2025 to effect a merger or similar business combination with one or more businesses. It has not selected any target and has not initiated substantive discussions with any potential target. Its only activities to date have been organizational, IPO preparation, and identifying a target. The company generates non-operating income from interest on trust-held proceeds.

Revenue drivers

• Trust Account interest income — The company's only revenue source is interest earned on U.S. Treasury Bills held in the trust account, which totaled $234,340,929 as of June 30, 2026.
• No operating revenue — The company has not generated any operating revenues since inception and does not expect to until after a business combination.

Recent performance

For the three months ended June 30, 2026, net income was $1,963,107, driven by trust account marketable securities income of $2,085,611 offset by general and administrative costs of $122,504. For the six months ended June 30, 2026, net income was $3,746,831, from trust income of $4,044,847 and G&A costs of $298,016. Cash used in operating activities for the six months was $216,286. As of June 30, 2026, total assets were $235.1 million, total liabilities were $9.9 million, and shareholder equity was negative $9.1 million.

Strategy

The company intends to focus its initial business combination on private companies with an enterprise value in excess of $500 million in asset management, leisure, hospitality, catering, travel, entertainment, gaming, lifestyle, and related services, driven by next-generation technologies including AI and digital assets. It plans to use proceeds from the IPO and private placement warrants to fund the combination. The company emphasizes its management team's networks and deal-sourcing capabilities to identify targets. It may complete a business combination even without majority public shareholder support, as founder shares participate in any vote.

Risks

• No selected target — The company has not identified any business combination target and has not begun substantive discussions, so there is no guarantee a combination will occur.
• Limited shareholder vote — The company may not hold a shareholder vote, and even if it does, founder shares and non-managing sponsor investors could allow a combination without majority public shareholder support.
• Redemption risk — Public shareholders' ability to redeem shares for cash may make the company less attractive to potential targets and could reduce available funds.
• Intense competition — The company faces substantial competition from other SPACs and private investors, which could increase costs or delay a combination.

Outlook

Management expects to continue incurring significant costs in pursuit of a business combination and does not expect operating revenues until after completion. It intends to use substantially all trust account funds, including interest (net of taxes and deferred underwriting fees), to complete a combination. There is no assurance that the company will successfully complete a business combination.