Company: CGCT
Filing Date: 2025-04-14
Form Type: S-1/A
Source: 0001104659-25-034635
Chunk: 310

Company: Cartesian Growth Corp III
Filing Date: 2025-04-14
Form: S-1/A
Chunk 310
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 all of our shares outstanding
both before and after such redemption. A redemption of Class A ordinary shares generally will be treated as a sale of the Class A
ordinary shares (rather than as a corporate distribution) if such redemption (i) is “substantially disproportionate”
with respect to the U.S. Holder, (ii) results in a “complete termination” of the U.S. Holder’s interest
in us or (iii) is “not essentially equivalent to a dividend” with respect to the U.S. Holder. These tests are explained
more fully below.

<div align='center'>159</div>

In determining whether any of the foregoing tests
are satisfied, a U.S. Holder takes into account not only our shares actually owned by the U.S. Holder, but also our shares
that are constructively owned by such U.S. Holder. A U.S. Holder may constructively own, in addition to shares owned directly,
shares owned by certain related individuals and entities in which the U.S. Holder has an interest or that have an interest in such
U.S. Holder, as well as any shares the U.S. Holder has a right to acquire by exercise of an option, which generally would include
Class A ordinary shares which could be acquired by such U.S. Holder pursuant to the exercise of the warrants. In order to meet
the substantially disproportionate test, the percentage of our issued and outstanding voting shares actually and constructively owned
by the U.S. Holder immediately following the redemption of Class A ordinary shares must, among other requirements, be less
than 80% of the percentage of our issued and outstanding voting shares actually and constructively owned by the U.S. Holder immediately
before the redemption. Prior to our initial business combination, it is possible that the Class A ordinary shares may not be treated
as voting shares for this purpose and, consequently, this substantially disproportionate test may not be applicable. There will be a
complete termination of a U.S. Holder’s interest if either (i) all of our shares actually and constructively owned by
the U.S. Holder are redeemed or (ii) all of our shares actually owned by the U.S. Holder are redeemed and the U.S. Holder
is eligible to waive, and effectively waives in accordance with specific rules, the attribution of shares owned by certain family members
and the U.S. Holder does not constructively own any other shares of ours (including any shares constructively owned by the U.S. Holder
as a result