CARTESIAN GROWTH II Stock Price, News & Analysis

RENEW is the Nasdaq trading symbol for the warrants of Cartesian Growth Corporation II, a blank check company formed to pursue a business combination. Cartesian Growth Corporation II is described in public disclosures as a company organized for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or engaging in a similar business combination with one or more businesses or entities. It is identified as an emerging growth company and a blank check company, and its jurisdiction of incorporation is the Cayman Islands.

According to its registration and news releases, Cartesian Growth Corporation II completed an initial public offering of units on the Nasdaq Global Market. Each unit was described as consisting of one Class A ordinary share and one-third of one redeemable warrant. Once the securities comprising the units began separate trading, the Class A ordinary shares were listed under the symbol RENE, the units under RENEU, and the warrants under the symbol RENEW on the Nasdaq Stock Market LLC. Each whole warrant trading under RENEW is exercisable for one Class A ordinary share at an exercise price disclosed as $11.50 per share in the offering materials.

Public filings state that Cartesian Growth Corporation II has a sponsor affiliated with Cartesian Capital Group, LLC, a global private equity firm and registered investment adviser headquartered in New York City, New York. The company’s stated acquisition and value-creation strategy is to identify and combine with an established high-growth company that it believes can benefit from a business combination and from the ongoing involvement of its management team. As a blank check company, it holds capital raised in its initial public offering in a trust account while it seeks a suitable target for an initial business combination.

SEC filings for Cartesian Growth Corporation II indicate that its securities, including the warrants represented by the RENEW symbol, were registered under Section 12(b) of the Securities Exchange Act of 1934 and listed on the Nasdaq Stock Market LLC. The filings also describe the company as an emerging growth company under applicable securities regulations. The company has disclosed that it may extend the time period during which it is permitted to consummate an initial business combination, and several Form 8-K filings describe one-month extensions of this business combination period and related funding arrangements through an unsecured promissory note from its sponsor.

A Form 25 filing submitted by Nasdaq Stock Market LLC identifies Cartesian Growth Corporation II and refers to the Class A Ordinary Shares, Units, and Warrants in connection with a notification of removal from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934. This Form 25 indicates that Nasdaq has taken action to strike the classes of securities from listing and/or withdraw their registration on the exchange in accordance with the applicable rule provisions. This means that the RENEW warrants, along with the related shares and units, have been the subject of a delisting process from Nasdaq as described in that filing.

Because RENEW represents the warrants of a blank check company rather than operating company equity, its characteristics and value are closely tied to the terms of the warrants and to whether Cartesian Growth Corporation II completes an initial business combination within the time period allowed under its governing documents. Public disclosures emphasize that the company’s purpose is to seek and complete such a combination, and that extensions of the business combination period have been approved and funded through promissory note draws deposited into the company’s trust account.

Business purpose and structure

Cartesian Growth Corporation II is described as a blank check company formed to pursue a merger or similar business combination with one or more businesses or entities. It is not described in the available sources as having its own standalone operating business; instead, its stated purpose is to identify a suitable target and complete a transaction. Its securities structure includes Class A ordinary shares, units composed of shares and fractional warrants, and warrants exercisable for Class A ordinary shares at a specified exercise price.

The company’s public communications explain that it is an emerging growth company under the Jumpstart Our Business Startups Act of 2012. Its filings also reference an amended and restated memorandum and articles of association that allow for a series of one-month extensions of the period during which it may complete an initial business combination, funded by deposits from its sponsor or its affiliates into a trust account established in connection with the initial public offering.

Trading symbols and listing history

According to SEC filings, Cartesian Growth Corporation II’s securities were listed on the Nasdaq Stock Market LLC with the following symbols:

• Units, each consisting of one Class A ordinary share and one-third of one warrant: RENEU
• Class A ordinary shares, par value $0.0001 per share: RENE
• Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50: RENEW

The Form 25 filing by Nasdaq Stock Market LLC shows that Nasdaq initiated the process to remove the Class A ordinary shares, units, and warrants of Cartesian Growth Corporation II from listing and/or registration under Section 12(b). This filing is an official step in the delisting process for these securities from Nasdaq.

Status as a blank check and emerging growth company

In its news releases and registration materials, Cartesian Growth Corporation II is consistently described as a blank check company and as an emerging growth company. The blank check designation indicates that the company was formed specifically to raise capital through an initial public offering and then seek a business combination with one or more target businesses. The emerging growth company designation reflects its status under U.S. securities laws, which can affect its reporting and disclosure obligations.

The company’s disclosures also describe its sponsor as an affiliate of Cartesian Capital Group, LLC, and refer to a strategy focused on identifying an established high-growth company that can benefit from a combination and from the management team’s involvement. However, the available information does not identify any specific target or completed business combination for Cartesian Growth Corporation II.

Implications for RENEW warrant holders

The RENEW symbol represents the publicly traded warrants of Cartesian Growth Corporation II. Each whole warrant is described as exercisable for one Class A ordinary share at a specified exercise price. The value and future of these warrants depend on the terms set out in the company’s governing documents and offering materials, and on whether an initial business combination is completed within the permitted timeframe. The Form 25 filing regarding removal from listing and/or registration on Nasdaq applies to the warrants along with the related shares and units, indicating that these securities have been subject to a delisting process from the Nasdaq Stock Market LLC.

Investors researching RENEW are therefore examining a security that is tied to the capital-raising and business-combination activities of Cartesian Growth Corporation II, rather than a direct equity interest in an operating company. The available filings and news provide information about the structure of the units and warrants, the listing and delisting actions on Nasdaq, and the company’s approach to extending the period for completing an initial business combination.