Cartesian Growth Corporation II

What they do

The company was incorporated on October 13, 2021 as a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It has no operating business and generates no revenue; it holds IPO proceeds in a trust account and uses them to fund a future acquisition. It states it has focused on seeking high-growth businesses with proven or potential transnational operations or outlooks. As of the recent 10-Q it remains a blank check company that has not completed its initial business combination.

Revenue drivers

• Trust account interest — The only income source is interest earned on the approximately $236.9 million in net IPO proceeds initially placed in the trust account with Continental Stock Transfer & Trust Company; this is not an operating business and no segment disclosure exists.
• No operating segments — Because it is a blank check company, it reports no product lines or customers; net income figures reflect trust interest and expenses, not revenue.

Recent performance

Annual net income moved from $4.9 million in 2022 to $11.4 million in 2023, then $8.2 million in 2024, and turned to a net loss of $1.5 million in 2025. Operating cash flow has been negative every year, at -$842,878 in 2022, -$922,735 in 2023, -$814,232 in 2024 and -$773,847 in 2025. At June 30, 2026, total assets were $38.6 million, total liabilities were $24.7 million, shareholder equity was negative $24.4 million, and cash and equivalents were just $149,017. Only 2022 diluted EPS of $0.24 was provided in the data set. The company's independent registered public accounting firm's report contains an explanatory paragraph expressing substantial doubt about its ability to continue as a going concern.

Strategy

The company's stated strategy is to identify and complete an initial business combination with a high-growth business that has proven or potential transnational operations or outlooks. It intends to fund a deal using IPO proceeds, private placement warrant proceeds, the sponsor loan, share capital, debt, or a combination of these. Its timeline has been extended twice: a First Extension approved November 6, 2023 moved the deadline from November 10, 2023 to up to November 10, 2024, with monthly sponsor deposits of the lesser of $150,000 or $0.02 per public share; a Second Extension was approved November 6, 2024. It failed to complete an initial business combination within 36 months of its IPO registration statement effectiveness, and did not appeal Nasdaq's delisting determination. Recent 8-K filings in 2025 and 2026 report material agreements, charter amendments and financial obligations, but the excerpts do not identify a signed business combination target.

Risks

• Failure to complete a business combination — The company did not complete an initial business combination within 36 months of its IPO registration statement effectiveness and has been delisted from Nasdaq since July 15, 2025.
• Going concern — The independent registered public accounting firm's report contains an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern.
• Lack of working capital and financing — The company cites lack of working capital and ability to obtain additional financing as risk factors.
• Shareholder redemption and warrant risk — The company cites the risk of shares being redeemed and warrants becoming worthless, and warns third-party claims could reduce the per-share redemption price.

Outlook

The risk factor summary states there is substantial doubt about the company's ability to continue as a going concern. The company expects to incur significant costs pursuing acquisition plans and states it cannot assure that its plans to complete an initial business combination will be successful. It has no operating business and, per the filings, no identified or announced business combination target in the excerpts provided.