MMCAP and MM Asset Disclose 4.9% Position in Cartesian Growth (CGCTU)

Rhea-AI Filing Summary

Cartesian Growth Corporation III received an amended Schedule 13G filing showing that MMCAP International Inc. SPC and MM Asset Management Inc. together report beneficial ownership of 1,350,000 Class A ordinary shares, representing 4.9% of the class. The filing names both reporting persons and their places of organization and identifies the securities by CUSIP.

The filing states the holders report shared voting power and shared dispositive power over the 1,350,000 shares and discloses that the position is an ownership of 5 percent or less of a class. The statement includes a certification that the securities were not acquired to change or influence control of the issuer.

Positive

• Clear disclosure of 1,350,000 shares representing 4.9% of Class A ordinary shares
• Reporting of shared voting and shared dispositive power provides transparency on control rights

Negative

• None.

Insights

Financial Analyst

TL;DR: Reported 1.35M shares (4.9%) is a non-controlling, disclosed equity stake with shared voting and dispositive power.

The filing explicitly reports an aggregate holding of 1,350,000 Class A shares representing 4.9% of the class, and shows shared voting and dispositive power. From a market-impact perspective, this size is below the 5% threshold that typically triggers greater scrutiny for control intent. The certification states the securities were not acquired to change or influence control, which supports a passive or non-control characterization as reported. Materiality is limited given the sub-5% stake.

Corporate Governance Expert

TL;DR: Filing discloses governance rights are shared but does not allege control; information is procedural and non-disruptive.

The Schedule 13G/A identifies the reporting entities and confirms shared voting and disposition authority over the disclosed shares. It explicitly classifies the position as ownership of 5 percent or less, and includes the required certification that the holdings were not acquired to influence control. For governance considerations, the disclosure is standard and does not, on its face, indicate a purpose to effect management change or seek board representation.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Cartesian Growth Corporation III

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G19307100

(CUSIP Number)

06/30/2025

(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. G19307100

1

Names of Reporting Persons

MMCAP International Inc. SPC

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,350,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,350,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,350,000.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. G19307100

1

Names of Reporting Persons

MM Asset Management Inc.

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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,350,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,350,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,350,000.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Cartesian Growth Corporation III
(b)	Address of issuer's principal executive offices: 505 Fifth Avenue, 15th Floor, New York, NEW YORK 10017
Item 2.
(a)	Name of person filing: MMCAP International Inc. SPC MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: c/o Mourant Governance Services (Cayman) Limited 94 Solaris Avenue Camana Bay, P.O. Box 1348 Grand Cayman, KY1-1108, Cayman Islands 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, ON M5J 2S1 Canada
(c)	Citizenship: Cayman Islands Ontario, Canada
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: G19307100
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: 1,350,000
(b)	Percent of class: 4.9 %
(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: 1,350,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,350,000
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 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.

MMCAP International Inc. SPC

Signature:	/s/ Ulla Vestergaard
Name/Title:	Director
Date:	08/12/2025

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	President
Date:	08/12/2025

FAQ

What stake did MMCAP and MM Asset report in Cartesian Growth (CGCTU)?

They reported beneficial ownership of 1,350,000 Class A ordinary shares, equal to 4.9% of the class.

Do the filers claim voting or dispositive control over the shares?

The filing reports 0 sole voting power and 1,350,000 shared voting power, and similarly 1,350,000 shared dispositive power.

Does this Schedule 13G/A indicate an intent to influence control of Cartesian Growth (CGCTU)?

The certification in the filing states the securities were not acquired and are not held to change or influence control of the issuer.

Are these holdings classified as more than 5% of the class?

No. The filing explicitly notes this is an ownership of 5 percent or less of a class.

Who are the reporting persons named in the filing?

The reporting persons are MMCAP International Inc. SPC and MM Asset Management Inc. with places of organization listed as Cayman Islands and Ontario, Canada.