Chenghe Acquisition III (CHEC) is a SPAC — a blank check company with no operations, revenue, or identified acquisition target. Its sole purpose is to identify and merge with a private company, taking it public on Nasdaq. Chenghe Acquisition III raised $126.5M in its IPO in September 2025 at $10.00 per unit, with proceeds held in a trust account invested in U.S. government securities or money market funds. The SPAC has 18 months from IPO closing to complete an acquisition; if it fails, it must liquidate and return trust funds to shareholders. Chenghe Acquisition III is the third SPAC affiliated with Chenghe Group, an investment holding company focused on Asia, and targets private companies in Greater China and Southeast Asia — particularly those in digital commerce and smart home technology — that would benefit from access to U.S. capital markets. The co-sponsors acquired founder shares at roughly $0.006 per share versus the $10.00 IPO price, giving sponsors significant upside on any completed deal. Public investors hold redemption rights at approximately $10.00 per share and can participate in upside through warrants exercisable at $11.50 per share. As of December 31, 2025, approximately $127.9M was held in the trust account.