[SCHEDULE 13G] Cantor Equity Partners III, Inc. SEC Filing

Rhea-AI Filing Summary

Shell plc’s 2024 Form SD (Rule 13q-1) discloses $28.10 billion in aggregate payments to governments for extractive activities.

• Production entitlements $11.39 bn (40%)
• Taxes $10.46 bn (37%)
• Royalties $4.32 bn (15%)
• Fees $1.91 bn
• Bonuses $13 m
• Infrastructure improvements $1.1 m

Largest country recipients: Nigeria $5.34 bn, Oman $4.59 bn, Brazil $3.70 bn, Norway $3.38 bn, Qatar $3.34 bn, Malaysia $3.12 bn. Major single items include Block 6 Oman tax $3.95 bn, Pearl GTL Qatar combo $3.34 bn, Nigerian NNPC production entitlement $3.80 bn (80.3 mboe in-kind), and Ormen Lange Norway production entitlement $2.08 bn.

The report, prepared under UK and EU regulations, satisfies SEC §13(q) and FCA transparency rules and is available via the FCA’s National Storage Mechanism and Shell’s website. No earnings, reserves or guidance data are provided; the filing’s relevance is chiefly regulatory transparency and potential indicator of fiscal exposure across jurisdictions.

Positive

• Enhanced transparency through detailed, project-level payment disclosure across 30 jurisdictions.
• Regulatory compliance with SEC §13(q), UK FCA and EU directives supports Shell’s ESG positioning.

Negative

• Concentrated fiscal exposure: five countries account for roughly half of all payments, heightening sovereign and policy risk.
• Large cash outflows ($28 bn) underscore high government take, potentially pressuring net margins.

Insights

Oil & Gas Financial Analyst

TL;DR: Neutral; offers transparency but limited valuation insight.

The $28 bn government-take confirms wide geographic spread and heavy fiscal burdens typical for super-majors. Nigeria, Oman and Brazil alone absorb 49% of the total, underscoring concentration risk in high-take regimes. In-kind transfers of >200 mboe highlight exposure to commodity-price swings even in tax settlements. However, because payments are largely a function of revenue/production already recognised in financials, the disclosure adds little incremental information for valuation. Investors may monitor trends YoY (not supplied here) to gauge shifting mix between taxes and royalties.

ESG & Governance Specialist

TL;DR: Positive transparency; meets evolving ESG disclosure demands.

Form SD fulfills mandatory transparency rules and aligns with EITI principles, demonstrating Shell’s willingness to publicly quantify government interactions. Detailed project-level data—especially for sensitive regions such as Nigeria and Brazil—will aid civil-society oversight and reduce corruption-related reputational risk. The filing strengthens Shell’s ESG scorecard but carries no direct operational catalysts.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Cantor Equity Partners III, Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

G1828A108

(CUSIP Number)

07/15/2025

(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. G1828A108

1

Names of Reporting Persons

Harraden Circle Investments, 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 1,873,143.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,873,143.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,873,143.00

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)

6.65 %

12

Type of Reporting Person (See Instructions)

OO, HC, IA

SCHEDULE 13G

CUSIP No. G1828A108

1

Names of Reporting Persons

Harraden Circle Investors GP, LP

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 1,873,143.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,873,143.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,873,143.00

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)

6.65 %

12

Type of Reporting Person (See Instructions)

PN, HC

SCHEDULE 13G

CUSIP No. G1828A108

1

Names of Reporting Persons

Harraden Circle Investors GP, 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 1,873,143.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,873,143.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,873,143.00

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)

6.65 %

12

Type of Reporting Person (See Instructions)

OO, HC

SCHEDULE 13G

CUSIP No. G1828A108

1

Names of Reporting Persons

Harraden Circle Investors, LP

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 980,698.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 980,698.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

980,698.00

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)

3.48 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. G1828A108

1

Names of Reporting Persons

Harraden Circle Special Opportunities, LP

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 346,510.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 346,510.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

346,510.00

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)

1.23 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. G1828A108

1

Names of Reporting Persons

Harraden Circle Strategic Investments, LP

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 331,493.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 331,493.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

331,493.00

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)

1.18 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. G1828A108

1

Names of Reporting Persons

Harraden Circle Concentrated, LP

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 214,442.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 214,442.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

214,442.00

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)

0.76 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. G1828A108

1

Names of Reporting Persons

Frederick V. Fortmiller, Jr.

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 1,873,143.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,873,143.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,873,143.00

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)

6.65 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Cantor Equity Partners III, Inc.
(b)	Address of issuer's principal executive offices: 110 EAST 59TH STREET, NEW YORK, NY, 10022
Item 2.
(a)	Name of person filing: This Statement is filed on behalf of the following persons (collectively, the "Reporting Persons"): i) Harraden Circle Investments, LLC ("Harraden Adviser"); ii) Harraden Circle Investors GP, LP ("Harraden GP"); iii) Harraden Circle Investors GP, LLC ("Harraden LLC"); iv) Harraden Circle Investors, LP ("Harraden Fund"); v) Harraden Circle Special Opportunities, LP ("Harraden Special Op Fund"); vi) Harraden Circle Strategic Investments, LP ("Harraden Strategic Fund"); vii) Harraden Circle Concentrated, LP ("Harraden Concentrated Fund"); and viii) Frederick V. Fortmiller, Jr. ("Mr. Fortmiller") This Statement relates to Shares (as defined herein) directly beneficially owned by Harraden Fund, Harraden Special Op Fund, Harraden Strategic Fund, and Harraden Concentrated Fund. Harraden GP is the general partner to Harraden Fund, Harraden Special Op Fund, Harraden Strategic Fund, and Harraden Concentrated Fund, and Harraden LLC is the general partner of Harraden GP. Harraden Adviser serves as investment manager to Harraden Fund, Harraden Special Op Fund, Harraden Strategic Fund, Harraden Concentrated Fund, and other high net worth individuals. Mr. Fortmiller is the managing member of each of Harraden LLC and Harraden Adviser. In such capacities, each of Harraden GP, Harraden LLC, Harraden Adviser and Mr. Fortmiller may be deemed to indirectly beneficially own the Shares reported herein directly beneficially owned by Harraden Fund, Harraden Special Op Fund, Harraden Strategic Fund, and Harraden Concentrated Fund.
(b)	Address or principal business office or, if none, residence: 299 Park Avenue, 21st Floor, New York, NY 10171
(c)	Citizenship: Each of Harraden Fund, Harraden Special Op Fund, Harraden Strategic Fund, Harraden Concentrated Fund, and Harraden GP is a Delaware limited partnership. Each of Harraden LLC and Harraden Adviser is a Delaware limited liability company. Mr. Fortmiller is a citizen of the United States of America.
(d)	Title of class of securities: Class A Common Stock
(e)	CUSIP No.: G1828A108
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: 1,873,143
(b)	Percent of class: 6.65 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,873,143
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,873,143
Item 5.	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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See disclosure in Item 2 hereof.
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 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.

Harraden Circle Investments, LLC

Signature:	/s/ Frederick V. Fortmiller, Jr.
Name/Title:	Frederick V. Fortmiller, Jr., managing member
Date:	07/24/2025

Harraden Circle Investors GP, LP

Signature:	/s/ Frederick V. Fortmiller, Jr.
Name/Title:	Frederick V. Fortmiller, Jr., managing member; Harraden Circle Investors GP, LLC, general partner
Date:	07/24/2025

Harraden Circle Investors GP, LLC

Signature:	/s/ Frederick V. Fortmiller, Jr.
Name/Title:	Frederick V. Fortmiller, Jr., managing member
Date:	07/24/2025

Harraden Circle Investors, LP

Signature:	/s/ Frederick V. Fortmiller, Jr.
Name/Title:	Frederick V. Fortmiller, Jr., managing member; Harraden Circle Investors GP, LLC, general partner; Harraden Circle Investors GP, LP, general partner
Date:	07/24/2025

Harraden Circle Special Opportunities, LP

Signature:	/s/ Frederick V. Fortmiller, Jr.
Name/Title:	Frederick V. Fortmiller, Jr., managing member; Harraden Circle Investors GP, LLC, general partner; Harraden Circle Investors GP, LP, general partner
Date:	07/24/2025

Harraden Circle Strategic Investments, LP

Signature:	/s/ Frederick V. Fortmiller, Jr.
Name/Title:	Frederick V. Fortmiller, Jr., managing member; Harraden Circle Investors GP, LLC, general partner; Harraden Circle Investors GP, LP, general partner
Date:	07/24/2025

Harraden Circle Concentrated, LP

Signature:	/s/ Frederick V. Fortmiller, Jr.
Name/Title:	Frederick V. Fortmiller, Jr., managing member; Harraden Circle Investors GP, LLC, general partner; Harraden Circle Investors GP, LP, general partner
Date:	07/24/2025

Frederick V. Fortmiller, Jr.

Signature:	/s/ Frederick V. Fortmiller, Jr.
Name/Title:	Frederick V. Fortmiller, Jr.
Date:	07/24/2025

FAQ

How much did Shell (SHEL) pay governments in 2024?

Shell reported $28.10 billion in total payments to governments for extractive activities.

Which countries received the largest payments from Shell?

Nigeria $5.34 bn, Oman $4.59 bn, Brazil $3.70 bn, Norway $3.38 bn, and Qatar $3.34 bn were the top five recipients.

What proportion of payments were production entitlements versus taxes?

Production entitlements were $11.39 bn (40%) and taxes were $10.46 bn (37%) of the total.

Where can I find Shell’s full Report on Payments to Governments?

The report is available on the FCA National Storage Mechanism and on Shell’s website at shell.com/payments.

Does the filing include earnings or production guidance?

No. Form SD is purely a disclosure of government payments and contains no earnings, reserve or guidance data.