This is a special purpose acquisition company (SPAC) incorporated in the Cayman Islands with no operating business. Its sole purpose is to identify and merge with a private company through an initial business combination (IBC), thereby taking that company public. The SPAC raised ~$219M in its December 2021 IPO and placed those funds in a trust account, which currently holds ~$11.64 per public share. The SPAC was originally sponsored by an affiliate of Target Global, a pan-European venture capital firm focused on tech-enabled companies, but in May 2024, sponsorship transferred to CIIG Management III. The sponsor acquired founder shares for ~$25,000 before the IPO, representing 20% of post-IPO shares outstanding — the primary mechanism through which sponsors profit if an IBC closes. Public shareholders can redeem shares at approximately trust value regardless of whether an IBC is approved. The SPAC has repeatedly extended its IBC deadline through shareholder-approved amendments funded by $90,000 monthly sponsor contributions, with the current deadline set for at least May 2025. In December 2024, the SPAC announced a merger agreement with VenHub Global, a private company, which would redomicile the entity to Delaware and rename it VenHub Global Holdings. However, the deal is in active litigation — in February 2025, the SPAC sued VenHub in the Delaware Court of Chancery, alleging VenHub was attempting to terminate the agreement in breach of its terms. A temporary restraining order was granted in March 2025, with trial scheduled for May 2025.