Company: RENEF
Filing Date: 2025-10-20
Form Type: DEF 14A
Source: 0001104659-25-100857
Chunk: 50

Company: Cartesian Growth Corp II
Filing Date: 2025-10-20
Form: DEF 14A
Chunk 50
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 Holder if the percentage of the
respective entity’s outstanding voting shares that such U.S. Holder actually or constructively owns immediately after the redemption
is less than 80% of the percentage of the respective entity’s outstanding voting shares that such U.S. Holder actually or constructively
owned immediately before the redemption. Prior to an initial business combination, 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 such U.S. Holder’s interest if either (i) all of the ordinary shares actually or constructively owned by such U.S.
Holder are redeemed or (ii) all of the ordinary shares actually owned by such U.S. Holder are redeemed and such U.S. Holder is eligible
to waive, and effectively waives in accordance with specific rules, the attribution of ordinary shares owned by certain family members
and such U.S. Holder does not constructively own any other ordinary shares. The redemption of Class A Ordinary Shares will not be essentially
equivalent to a dividend if it results in a “meaningful reduction” of such U.S. Holder’s proportionate interest in
the respective entity. Whether the redemption will result in a meaningful reduction in such U.S. Holder’s proportionate interest
will depend on the particular facts and circumstances applicable to it. The IRS has indicated in a published ruling that even a small
reduction in the proportionate interest of a small minority shareholder in a publicly held corporation who exercises no control over
corporate affairs may constitute such a “meaningful reduction.”

If none of the foregoing
tests is satisfied, then the redemption of Class A Ordinary Shares will be treated as a distribution to the redeemed holder and the tax
effects to such U.S. Holder will be as described below under the section entitled “Taxation of Distributions.” After the application of those rules, any remaining tax basis of the U.S. Holder in the redeemed Class A Ordinary Shares will be added to such holder’s adjusted tax basis in its remaining stock, or, if it has none, to such holder’s adjusted tax basis in its warrants or possibly in other stock constructively owned by it.

U.S. Holders should consult
their tax advisors as to the tax consequences of a redemption, including any special reporting requirements.

Taxation of Distributions.

Subject to the PFIC rules
discussed below under “PFIC Considerations,” if the redemption of a U.S. Holder’s Class