Texas Ventures Acquisition III Corp. is a SPAC — a blank check company with no operations — that raised $225M in an IPO in April 2025 at $10.00 per unit. Those proceeds sit in a trust account invested in U.S. Treasuries while Texas Ventures searches for a private business to acquire and take public. Texas Ventures has 18 months from its IPO to complete an acquisition; if no deal closes, it returns trust funds to public shareholders at approximately $10.05 per share, and the sponsor's founder shares and warrants become worthless. The company generates no operating revenue — its only pre-deal income is interest on the trust account. About five months after the IPO, the original sponsor sold its founder shares and private placement warrants to Yorkville Acquisition Sponsor II for $7.4M, replacing the entire board and management team. The sponsor holds 7.5M founder shares originally acquired for $25,000, representing roughly 25% of the post-IPO share count — a standard SPAC promote that is valuable only if a deal closes above the IPO price. The sponsor also holds private placement warrants exercisable at $11.50 per share. Texas Ventures has announced early-stage discussions with Trump Media & Technology Group about a potential combination with a new entity to be spun off from Trump Media, which would include Truth Social, though no agreement has been signed.