ITHAX Acquisition Corp III Announces Closing of $230 Million Initial Public Offering

Rhea-AI Summary

ITHAX Acquisition Corp III (NYSE: ITHA) closed its initial public offering of 23,000,000 units at $10.00 per unit (including a full 3,000,000‑unit over‑allotment), generating gross proceeds of $230,000,000. Units began trading on the Nasdaq Global Market under the symbol ITHAU on December 12, 2025. Each unit contains one Class A ordinary share and one‑half of a redeemable warrant; whole warrants allow purchase of one Class A share at $11.50. The company placed $230,000,000 in a trust account and named Cantor Fitzgerald as sole book‑running manager. The sponsor and CEO/CFO/Chair is Orestes Fintiklis. The company intends to seek a business combination in specified consumer and asset‑management sectors.

Positive

• Gross proceeds of $230,000,000 from the IPO
• Full over‑allotment exercised: 3,000,000 units
• Proceeds $230,000,000 placed in trust account
• Nasdaq trading commenced on December 12, 2025 under ITHAU

Negative

• No operating history as a blank check company
• Sponsor holds combined CEO, CFO and Chair roles

Key Figures

IPO size $230,000,000 Gross proceeds from initial public offering

Units offered 23,000,000 units Total units sold in IPO

Over-allotment units 3,000,000 units Units from full exercise of over-allotment option

IPO price $10.00 per unit Initial public offering price

Trust account funds $230,000,000 Proceeds placed in trust account

Warrant exercise price $11.50 per share Exercise price for each whole redeemable warrant

Units trading date December 12, 2025 Units began trading on Nasdaq Global Market

Effective date December 11, 2025 Registration statement declared effective by SEC

Market Reality Check

Market Pulse Summary

This announcement confirms the closing of a SPAC initial public offering raising $230,000,000 at $10.00 per unit, with proceeds placed in a trust account pending a future business combination. Investors may focus on the sponsor’s track record, the stated sector focus around leisure and technology-driven assets, and the warrant structure with a strike of $11.50 per share. Key future milestones include the identification and terms of any proposed acquisition.

Key Terms

blank check company financial

"a newly incorporated blank check company, today announced the closing"

A blank check company is a publicly listed shell that raises money from investors before naming a specific business to buy or merge with, similar to handing a cashier a signed check and asking them to fill in the payee later. It matters to investors because it offers a faster, often cheaper path for private firms to become public, but carries extra risk since returns depend on the organizers’ ability to find a good deal and on limited information about the future business.

over-allotment option financial

"including 3,000,000 units issued pursuant to the full exercise by the underwriter of its over-allotment option"

An over-allotment option is a special agreement that allows underwriters to sell more shares than initially planned if demand is high. Think of it like a retailer offering extra units of a popular product to meet additional customer interest. This option helps ensure the full sale is completed and can also give investors extra shares if they want more.

redeemable warrant financial

"one-half of one redeemable warrant. Each whole warrant entitles the holder"

A redeemable warrant is a financial tool that gives its holder the right to buy shares of a company at a fixed price within a certain period. If the holder chooses to do so, the company can buy back or cancel the warrant before it expires, often to encourage investment or manage share issuance. For investors, it provides an option to potentially buy shares at a favorable price while offering some flexibility for the issuing company.

trust account financial

"$230,000,000 was placed in the Company’s trust account."

A trust account is a special bank or brokerage account where assets are held and managed by a designated person or firm (the trustee) for the benefit of another person or group (the beneficiary). It matters to investors because it separates assets from personal or corporate funds, can protect assets, control how and when money is used, and may affect tax or legal rights—think of it as a locked drawer opened only under agreed rules.

Form 8-K regulatory

"included as an exhibit to a Current Report on Form 8-K to be filed"

A Form 8-K is a report that companies file with the government to share important news quickly, such as changes in leadership, major business deals, or financial updates. It matters because it helps investors stay informed about significant events that could affect the company's value or stock price.

registration statement regulatory

"A registration statement relating to these securities was declared effective"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 15, 2025 (GLOBE NEWSWIRE) -- ITHAX Acquisition Corp III (the “Company”), a newly incorporated blank check company, today announced the closing of its initial public offering of 23,000,000 units at a price of $10.00 per unit, including 3,000,000 units issued pursuant to the full exercise by the underwriter of its over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $230,000,000.

The Company’s units commenced trading on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “ITHAU” on December 12, 2025.

The Company is sponsored by Orestes Fintiklis, founder of Ithaca Capital Partners, who is also acting as Chief Executive Officer, Chief Financial Officer and Chairman of the Company.

The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry, it currently intends to concentrate its search for a target business operating in the asset management, leisure, hospitality, catering, travel, entertainment, gaming, lifestyle and related services sectors, driven by next-generation technologies including AI and digital assets.

Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin trading separately, the Company expects that the Class A ordinary shares and redeemable warrants will be listed on the Nasdaq under the symbols “ITHA” and “ITHAW,” respectively.

Cantor Fitzgerald & Co. served as sole book-running manager.

Of the proceeds received from the consummation of the offering and a simultaneous private placement of warrants, $230,000,000 was placed in the Company’s trust account. An audited balance sheet of the Company as of December 15, 2025, reflecting receipt of the proceeds upon consummation of the offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the “SEC”).

The offering was made only by means of a prospectus, copies of which may be obtained by contacting Cantor Fitzgerald & Co., Attention Capital Markets, 499 Park Avenue, New York, NY 10022, or by e-mail at prospectus@cantor.com.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on December 11, 2025. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, 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.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds. 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 and prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, 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.

About ITHAX Acquisition Corp III

ITHAX Acquisition Corp III (www.ithaxacquisition.com) is a newly organized blank check company sponsored by Orestes Fintiklis, founder of Ithaca Capital Partners, a private equity manager. Orestes Fintiklis was also sponsor and Chief Executive Officer of ITHAX Acquisition Corp.

Media Contact

Orestes Fintiklis

info@ithaxacquisition.com

FAQ

What did ITHAX Acquisition Corp III (ITHA) raise in its December 2025 IPO?

The company raised gross proceeds of $230,000,000 from 23,000,000 units priced at $10.00 each.

When did ITHAX units and shares begin trading on Nasdaq?

Units began trading on the Nasdaq Global Market under ITHAU on December 12, 2025; shares and warrants are expected to trade as ITHA and ITHAW once separated.

What is included in each ITHAX unit and the warrant exercise price?

Each unit contains one Class A ordinary share and one‑half of a redeemable warrant; whole warrants permit purchase of one Class A share at $11.50.

How much of the IPO proceeds were placed in the trust account for ITHAX (ITHA)?

$230,000,000 of the proceeds were placed in the company's trust account following the offering.

Who is the sponsor and principal executive of ITHAX Acquisition Corp III (ITHA)?

The sponsor and founder is Orestes Fintiklis, who is also serving as CEO, CFO and Chair of the company.