Chenghe Acquisition III Co. Announces the Pricing of $110 Million Initial Public Offering

Rhea-AI Summary

Chenghe Acquisition III Co., a newly formed special purpose acquisition company (SPAC), has announced the pricing of its $110 million initial public offering. The company is offering 11,000,000 units at $10.00 per unit, with each unit comprising one Class A ordinary share and one-half of one redeemable warrant.

The units will trade on the Nasdaq Global Market under the symbol "CHECU" starting September 16, 2025. Once separated, the Class A shares and warrants will trade under "CHEC" and "CHECW" respectively. BTIG, LLC is serving as the sole book-running manager, with a 45-day option to purchase up to 1,650,000 additional units to cover over-allotments.

Positive

• IPO provides $110 million in potential capital for future business combination
• Trading on major exchange (Nasdaq) provides strong visibility and liquidity
• 45-day over-allotment option could add $16.5 million to the offering size

Negative

• SPAC structure involves uncertainty as no target business has been identified yet
• Warrant dilution potential when exercised at $11.50 per share
• Limited time frame to complete business combination before potential liquidation

Insights

IPO Specialist

Chenghe Acquisition III's $110M SPAC IPO provides new merger vehicle targeting unspecified acquisition with standard unit structure and typical timeline.

Chenghe Acquisition III Co. has priced its $110 million SPAC IPO at $10.00 per unit, following the standard blank-check company structure. Each unit comprises one Class A ordinary share and half a warrant exercisable at $11.50. This represents the company's third SPAC vehicle, structured as a Cayman Islands entity likely targeting cross-border opportunities.

The offering features 11 million units with a 45-day overallotment option for an additional 1.65 million units, potentially bringing total proceeds to $126.5 million if fully exercised. BTIG serves as the sole bookrunner, suggesting a more streamlined banking arrangement than larger SPACs that typically employ multiple underwriters.

This SPAC follows the classic structure with warrants becoming exercisable 30 days post-business combination, giving investors additional upside potential beyond the common shares. The entity will trade under "CHECU" initially, with shares and warrants eventually splitting to trade separately as "CHEC" and "CHECW" respectively.

Notably absent from the announcement is any specific acquisition target or industry focus, maintaining maximum flexibility for potential deals. As with all SPACs, the company now enters the standard two-year window to identify and complete a business combination before facing potential liquidation and return of capital to investors.

SINGAPORE, Sept. 15, 2025 (GLOBE NEWSWIRE) -- Chenghe Acquisition III Co. (“the Company”), a newly organized special purpose acquisition company formed as a Cayman Islands exempted company, announced today the pricing of its initial public offering of 11,000,000 units at a price of $10.00 per unit. The units are expected to be listed for trading on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “CHECU” on September 16, 2025. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant, which becomes exercisable 30 days after the completion of the Company’s initial business combination, will entitle the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, the Company expects that its Class A ordinary shares and warrants will be listed on Nasdaq under the symbols “CHEC” and “CHECW,” respectively. 

BTIG, LLC is acting as sole book-running manager for the offering.

The Company has granted the underwriter a 45-day option to purchase up to an additional 1,650,000 units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on September 17, 2025, subject to customary closing conditions.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and became effective on September 15, 2025. The public offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from BTIG, LLC, 65 East 55th Street, New York, New York 10022, Attn: Syndicate Department, or by email at ProspectusDelivery@btig.com, or by accessing the SEC’s website, www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Chenghe Acquisition III Co.

The Company is a special purpose acquisition company incorporated under the laws of Cayman Islands for the purpose of effecting mergers, share exchanges, asset acquisitions, share purchases, reorganizations or similar business combinations with one or more businesses. While the Company may pursue an acquisition opportunity in any business, industry, sector or geographical location, it intends to focus its search on growing companies in Asian markets or global companies with a presence or focus in Asia.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering, the anticipated gross proceeds of the offering the closing of the offering, the Company’s search for an initial business combination and the anticipated use of the net proceeds from the offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the Company will ultimately complete a business combination transaction in the sector it is targeting or at all. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Registration Statement on Form S-1 and preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:
Chenghe Acquisition III Co.
38 Beach Road #29-11
South Beach Tower
Singapore 189767
Attn: Shibin Wang
Email: shibin.wang@chenghecap.com
Tel: (65) 9851 8611
                                                  

FAQ

What is the IPO price and size for Chenghe Acquisition III Co. (CHEC)?

Chenghe Acquisition III Co. priced its IPO at $10.00 per unit for a total of 11,000,000 units, raising $110 million.

When will CHEC stock begin trading on Nasdaq?

The units will begin trading on the Nasdaq Global Market under CHECU on September 16, 2025. The Class A shares and warrants will later trade separately under CHEC and CHECW.

What does each CHEC unit consist of?

Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant allows purchase of one Class A share at $11.50.

Who is the underwriter for the Chenghe Acquisition III Co. IPO?

BTIG, LLC is acting as the sole book-running manager for the offering, with a 45-day option to purchase up to 1,650,000 additional units.

What is the over-allotment option for CHEC's IPO?

The underwriter has a 45-day option to purchase up to 1,650,000 additional units at the IPO price to cover over-allotments.