A SPAC III (ASPC) reporting investors disclose 0% beneficial stake

Rhea-AI Filing Summary

A SPAC III Acquisition Corp’s major associated investors report no ownership of its Class A ordinary shares. ATW SPAC Management LLC, Kerry Propper and Antonio Ruiz-Gimenez each report beneficial ownership of 0 shares, or 0.0% of the class, as of 12/31/2025.

They also report no sole or shared voting or dispositive power over any shares and state they now own 5 percent or less of the class. The signatories certify the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the company.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

A SPAC III Acquisition Corp.

(Name of Issuer)

Class A ordinary shares, no par value

(Title of Class of Securities)

G0544A137

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G0544A137

1

Names of Reporting Persons

ATW SPAC MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

CUSIP No. G0544A137

1

Names of Reporting Persons

Kerry Propper

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

CUSIP No. G0544A137

1

Names of Reporting Persons

Antonio Ruiz-Gimenez

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SPAIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: A SPAC III Acquisition Corp.
(b)	Address of issuer's principal executive offices: 200 Gloucester Road, 29th Floor Wan Chai, Hong Kong 00000
Item 2.
(a)	Name of person filing: ATW SPAC Management LLC* Kerry Propper* Antonio Ruiz-Gimenez*
(b)	Address or principal business office or, if none, residence: 1 Pennsylvania Plaza, Suite 4810 New York, New York 10119
(c)	Citizenship: ATW SPAC Management LLC - Delaware Kerry Propper - United States Antonio Ruiz-Gimenez - Spain
(d)	Title of class of securities: Class A ordinary shares, no par value
(e)	CUSIP No.: G0544A137
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: ATW SPAC Management LLC - 0* Kerry Propper - 0* Antonio Ruiz-Gimenez - 0* *This report shall not be deemed an admission that any of the reporting persons or any other person is the beneficial owner of the securities reported herein, or on previous filings, for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the reporting persons disclaims beneficial ownership of the Shares reported herein (or previously reported herein) except to the extent of each of their pecuniary interest, if any, therein.
(b)	Percent of class: ATW SPAC Management LLC - 0.0% Kerry Propper - 0.0% Antonio Ruiz-Gimenez - 0.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: ATW SPAC Management LLC - 0 Kerry Propper - 0 Antonio Ruiz-Gimenez - 0
	(ii) Shared power to vote or to direct the vote: ATW SPAC Management LLC - 0* Kerry Propper - 0* Antonio Ruiz-Gimenez - 0*
	(iii) Sole power to dispose or to direct the disposition of: ATW SPAC Management LLC - 0 Kerry Propper - 0 Antonio Ruiz-Gimenez - 0
	(iv) Shared power to dispose or to direct the disposition of: ATW SPAC Management LLC - 0* Kerry Propper - 0* Antonio Ruiz-Gimenez - 0*
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

ATW SPAC MANAGEMENT LLC

Signature:	/s/ Kerry Propper
Name/Title:	Kerry Propper, Co-Managing Member
Date:	02/06/2026

Kerry Propper

Signature:	/s/ Kerry Propper
Name/Title:	Individually
Date:	02/06/2026

Antonio Ruiz-Gimenez

Signature:	/s/ Antonio Ruiz-Gimenez
Name/Title:	Individually
Date:	02/06/2026

Exhibit Information

Exhibit I - JOINT FILING STATEMENT

FAQ

What does the Schedule 13G/A filing for ASPC disclose about ownership?

The Schedule 13G/A Amendment No. 2 shows the reporting persons now hold 0 Class A ordinary shares of A SPAC III Acquisition Corp, representing 0.0% of the class, and have no voting or dispositive power over any shares as of December 31, 2025.

Who are the reporting persons in the A SPAC III (ASPC) Schedule 13G/A?

The filing lists ATW SPAC Management LLC, Kerry Propper and Antonio Ruiz-Gimenez as reporting persons. ATW SPAC Management LLC is organized in Delaware, while Kerry Propper is a United States citizen and Antonio Ruiz-Gimenez is a citizen of Spain, all with a New York business address.

What percentage of A SPAC III Class A shares do the filers report owning?

Each reporting person reports beneficial ownership of 0 Class A ordinary shares, equal to 0.0% of the outstanding class. The filing also confirms no sole or shared voting or dispositive power, indicating they no longer have a reportable equity stake under beneficial ownership rules.

What does “ownership of 5 percent or less of a class” mean in this ASPC filing?

Item 5 states the reporting persons now own 5 percent or less of A SPAC III’s Class A ordinary shares. Combined with the detailed tables, it confirms their beneficial ownership is 0 shares, or 0.0% of the class, removing them from large-holder status.

How do the ASPC reporting persons describe the purpose of holding these securities?

They certify the securities referred to were acquired and are held in the ordinary course of business. They further state the holdings were not acquired and are not held to change or influence control of A SPAC III, aside from activities tied to a nomination under Rule 14a-11.