Cartesian Growth Corp III (CGCT) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: June 11, 2026

Risk Assessment Details

Potential Dilution: 94.2% of current shares
Recent Dilution: 380.0% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
28M
Potential Supply
26M
Additional shares possible
Splits
None
Past 2 years

Summary

CGCT currently has 27.6M outstanding shares. with significant dilution risk as 26M authorized shares could dilute existing holders by 94.2%. The company has significantly diluted shareholders by 380.0% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Jun 11, 2026

POS AM filing: This POS AM filing details the completion of the business combination, including the PIPE financing and various share conversions and transfers associated with the merger.

28M 26M
May 15, 2026

10-Q filing | 27.6M shares outstanding

28M 26M
Dec 18, 2025

8-K filing: Cartesian Growth Corporation III, Fenway MS, Inc., and Factorial Inc. entered into a Business Combination Agreement, which includes a merger and domestication of CGC to Delaware as Factorial Holdings, Inc. ($75.0M proceeds)

28M 26M
Nov 14, 2025

10-Q filing | 27.6M shares outstanding

28M 26M
Jun 17, 2025

10-Q filing | 27.6M shares outstanding

28M 26M
May 12, 2025

8-K filing: Cartesian Growth Corporation III completed its initial public offering of 27,600,000 units at $10.00 per unit, generating gross proceeds of $276,000,000, and consummated a private placement of warrants generating gross proceeds of $6,800,000. ($282.8M proceeds)

5.8M 26M
May 07, 2025

8-K filing: Cartesian Growth Corporation III consummated an initial public offering of 27,600,000 units at $10.00 per unit, generating gross proceeds of $276,000,000, and simultaneously consummated a private placement of 4,400,000 warrants to the Sponsor and 2,400,000 warrants to Cantor at $1.00 per warrant, generating gross proceeds of $6,800,000. ($282.8M proceeds)

5.8M 26M
Apr 14, 2025

S-1/A filing: Cartesian Growth Corporation III is offering 20,000,000 units at $10.00 per unit, with each unit consisting of one Class A ordinary share and one-half of one redeemable warrant, and is also offering 6,000,000 private placement warrants at $1.00 per warrant.

5.8M 26M
Apr 10, 2025

S-1/A filing: The filing relates to the private placement of warrants to purchase Class A ordinary shares by the sponsor and underwriter.

5.8M 6M
Apr 03, 2025

S-1/A filing: The company proposes to issue and sell 20,000,000 units at $10.00 per Firm Unit, each unit consisting of one Class A ordinary share and one-half of one redeemable warrant.

5.8M 20M
Mar 21, 2025

S-1/A filing: This S-1/A filing is for an initial public offering of 20,000,000 units of Cartesian Growth Corporation III, a blank check company, with each unit consisting of one Class A ordinary share and one-half of one redeemable warrant, at an offering price of $10.00 per unit, along with a simultaneous private placement of warrants.

5.8M 26M
Mar 05, 2025

S-1/A filing: This S-1/A filing pertains to the initial public offering of Cartesian Growth Corporation III, a blank check company, offering 20,000,000 units at $10.00 each, with each unit comprising one Class A ordinary share and one-half of one redeemable warrant, along with a private placement of warrants to the sponsor and underwriters.

5.8M 26M
Jan 29, 2025

S-1 filing: Cartesian Growth Corporation III is offering 20,000,000 units at $10.00 per unit, with each unit consisting of one Class A ordinary share and one-half of one redeemable warrant, along with a private placement of 6,000,000 warrants at $1.00 per warrant.

5.8M 26M
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