ITHAX Acquisition Corp III Warrants

ITHAX Acquisition Corp III (ITHAU), a Cayman Islands blank check company formed on July 3, 2025, reported a net loss of $56K for the fiscal year ended December 31, 2025, its period from inception. The loss stemmed from formation, general, and administrative costs of $134K, resulting in a loss from operations of $134K, and compensation expense of $218K. These were partially offset by interest earned on cash and marketable securities held in the Trust Account of $296K, yielding total other income, net of $78K. No revenues were generated, as the company has not engaged in operations beyond organizational activities and preparing for its initial public offering (IPO). The balance sheet reflects total assets of $231.4M, dominated by $230.3M in the Trust Account and $754K in cash. Total liabilities stood at $9.9M, including $9.8M deferred underwriting fee and $97K current liabilities, with shareholders' deficit of -$8.8M. Cash flows showed net use in operating activities of -$341K, investing outflow of -$230.0M into the Trust Account, and financing inflow of $231.1M from IPO proceeds and private placement. As a SPAC, the company focuses on acquiring a business in asset management, leisure, hospitality, and related sectors with enterprise value over $500M, using Trust Account funds for the combination. Forward-looking, it anticipates no revenues until post-combination and may seek additional financing if redemptions impact proceeds.

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