Company: CGCT
Filing Date: 2025-04-14
Form Type: S-1/A
Source: 0001104659-25-034635
Chunk: 158

Company: Cartesian Growth Corp III
Filing Date: 2025-04-14
Form: S-1/A
Chunk 158
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 be forfeited in the scenario in which the underwriters’
over-allotment option is not exercised in full). Such calculations do not reflect any dilution associated with the exercise of warrants
as the warrants are accounted for as equity and are only exercisable following the consummation of our initial business combination.
The assumed exercise of the warrants would cause the actual dilution to the public shareholders to be higher, particularly where a cashless
exercise is utilized. Further, the issuance of additional ordinary or preference shares may significantly dilute the equity interest
of public shareholders, which dilution would even further increase if the anti-dilution provisions in the Class B ordinary shares
resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the Class B ordinary
shares.

The following table illustrates the difference
between the public offering price per unit and our NTBV per share, as adjusted to give effect to this offering and assuming redemption
of our public shares at varying levels and the full exercise and no exercise of the underwriters’ over-allotment option:

| As of                                    
 December 31, 2024                        |                                      |     |            |      |     |            |      |     |            |      |     |            |      |     |            |      |     |            |      |     |            |       |   |     |            |       |
|:-----------------------------------------|-------------------------------------:|:----|:-----------|-----:|:----|:-----------|-----:|:----|:-----------|-----:|:----|:-----------|-----:|:----|:-----------|-----:|:----|:-----------|-----:|:----|:-----------|:------|:--|:----|:-----------|------:|
| Offering                                 
 Price of                                 
 $10.00 per                               
 Unit                                     |                                      |     | 25% of     
 Maximum    
 Redemption |      |     |            |      |     | 50% of     
 Maximum    
 Redemption |      |     |            |      |     | 75% of     
 Maximum    
 Redemption |      |     |            |      |     | Maximum    
 Redemption |       |   |     |            |       |
| NTBV                                     |                                      |     | NTBV       |      |     | Difference 
 between    
 NTBV and   
 Offering   
 Price      |      |     | NTBV       |      |     | Difference 
 between    
 NTBV and