Company: CGCT
Filing Date: 2025-01-29
Form Type: S-1
Source: 0001104659-25-006780
Chunk: 156

Company: Cartesian Growth Corp III
Filing Date: 2025-01-29
Form: S-1
Chunk 156
---
 of outstanding Class A ordinary shares.

The below calculations (A) assume that (i) no
ordinary shares are issued to shareholders of a potential business combination target as consideration or issuable by a post-business
combination company, for instance under an equity or employee share purchase plan, (ii) no ordinary shares and convertible equity
or debt securities are issued in connection with additional financing that we may seek in connection with an initial business combination,
(iii) no working capital loans are converted into private placement-equivalent warrants, as further described in this prospectus
and (iv) no value is attributed to the warrants (however, we may need to issue ordinary shares or convertible equity or debt securities
in the circumstances described above, as we intend to target an initial business combination with a target company whose enterprise value
is greater than the net proceeds of this offering and the sale of private placement warrants) and (B) assume the issuance of 20,000,000
Class A ordinary shares (or 23,000,000 Class A ordinary shares if the underwriters’ over-allotment option is exercised
in full) and 5,750,000 founder shares (up to 750,000 of which are assumed to 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                         |                                               |     |                |      |     |            |      |     |                |      |     |            |      |     |                |