UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2024~~ 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

GSR III Acquisition Corp.

(Exact name of registrant as specified in its charter)

Cayman Islands		001-42399		N/A
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

5900 Balcones Drive, Suite 100 Austin, TX 78731		78731
(Address of Principal Executive Offices)		(Zip Code)

(914-369-4400)

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one Class A ordinary share and one seventh of one right	GSRTU	The Nasdaq Stock Market LLC
Class A ordinary share, par value $0.0001 per share	GSRT	The Nasdaq Stock Market LLC
Rights, each whole right entitling the holder to receive one Class A ordinary share	GSRTR	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐

Accelerated Filer ☐

Non-Accelerated Filer ☒

Smaller Reporting Company ☒

Emerging Growth Company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

There were 23,422,500 Class A ordinary shares, par value $0.0001 per share, and 5,750,000 Class B ordinary shares, par value $0.0001 per share, issued and outstanding as of ~~December~~May 2314, ~~2024~~ 2025.

GSR III ACQUISITION CORP.

Quarterly Report on Form 10-Q

For the Quarter Ended September 30, 2024

Table of Contents

		~~Page~~	Page
Part I.	~~Financial Information~~	Financial Information
Item 1.	~~Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited)~~	1Balance Sheets as of March 31, 2025 and December 31, 2024 (Unaudited)	1
	Statements of Operations for the Three Months ended September 30, 2024 and 2023, for the Nine Months ended September 30, 2024 and for the Period from May 10, 2023 (Inception) through September 30, 2023 (Unaudited)	2
		Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	2
	Statements of Changes in Stockholders’ Equity (Deficit) for the Nine Months ended September 30, 2024 and for the Period from May 10, 2023 (Inception) through September 30, 2023 (Unaudited)	3
		Statements of Changes in Shareholders’ (Deficit) Equity for the three months ended March 31, 2025 and 2024 (Unaudited)	3
	Statements of Cash Flow for the Nine Months ended September 30, 2024 and for the Period from May 10, 2023 (Inception) through September 30, 2023 (Unaudited)	5
		Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	5
	~~Notes to Financial Statements (Unaudited)~~	6Notes to Financial Statements (Unaudited)	6
Item 2.	~~Management’s Discussion and Analysis of Financial Condition and Results of Operations~~	13Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	~~Quantitative and Qualitative Disclosures About Market Risk~~	15Quantitative and Qualitative Disclosures About Market Risk	20
Item 4.	~~Controls and Procedures~~	15Controls and Procedures	20
PART II	~~Other Information~~	16Other Information	21
Item 1.	~~Legal Proceedings~~	16Legal Proceedings	21
Item 1A.	~~Risk Factors~~	16Risk Factors	21
Item 2.	~~Unregistered Sales of Equity Securities and Use of Proceeds~~	16Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3.	~~Defaults Upon Senior Securities~~	16Defaults Upon Senior Securities	21
Item 4.	~~Mine Safety Disclosures~~	16Mine Safety Disclosures	21
Item 5.	~~Other Information~~	16Other Information	21
Item 6.	~~Exhibits~~	17Exhibits	22

GSR III ACQUISITION CORP.
BALANCE SHEETS

(Unaudited)

	September 30, 2024			December 31, 2023
	March 31, 2025			December 31, 2024
ASSETS
Assets
Current Assets:
Current assets:
Prepaid expenses	$	-		$	8,502
Cash	$	1,327,852		$	1,787,033
Total Current Assets		-			8,502
Prepaid expenses		123,739			148,845
Non-Current Assets
Total current assets		1,451,591			1,935,878
Deferred offering costs		749,792			-
Cash and investments held in trust account		233,835,361			231,412,096
Total Assets	$	~~749~~235,~~792~~286,952		$	8233,~~502~~347,974
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
Current Liabilities
Current liabilities:
Accrued expenses	$	704,541		$	-
Accounts payable and accrued expenses	$	825,487		$	49,529
Promissory note – related party		39,756			-
Total current liabilities		825,487			49,529
Total Current Liabilities		744,297			-
Deferred underwriting commissions		9,200,000			9,200,000
Shareholders’ Equity (Deficit)
Total liabilities		10,025,487			9,249,529
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023		-			-
Commitments and Contingencies (Note 6)
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023		-			-
Class A ordinary shares, $0.0001 par value; 23,000,000 shares subject to possible redemption at $10.17 and $10.06 per share as of March 31, 2025 and December 31, 2024, respectively		233,835,361			231,412,096
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023		575			575
Shareholders’ Deficit
Additional paid in capital		137,653			24,425
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of March 31, 2025 and December 31, 2024		-			-
Accumulated deficit		(132,733	)		(16,498	)
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 422,500 shares issued and outstanding (excluding 23,000,000 shares subject to possible redemption) as of March 31, 2025 and December 31, 2024		42			42
Total Shareholders’ Equity		5,495			8,502
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024		575			575
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	749,792		$	8,502
Additional paid-in capital		-			-
Accumulated deficit		(8,574,513	)		(7,314,268	)
Total Shareholders’ Deficit		(8,573,896	)		(7,313,651	)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit	$	235,286,952		$	233,347,974

The accompanying notes are an integral part of these unaudited financial statements.

GSR III ACQUISITION CORP.
STATEMENTS OF OPERATIONS

(Unaudited)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,			For the Period from May 10, 2023 (Inception) through September 30,
	For the Three Months Ended March 31,
	2024			2023			2024			2023
	2025			2024
General and administrative expenses	$	851,~~810~~260,265		$	-		$	~~116,235~~		$	~~13,392~~
Net Loss	$	(85,810	)	$	-		$	(116,235	)	$	(13,392	)
Loss from operations		(1,260,265	)		-
Weighted average Class B ordinary shares outstanding, basic and diluted		5,750,000			5,750,000			5,750,000			5,750,000
Other income
Basic and diluted net loss per Class B ordinary share	$	(0.01	)	$	(0.00	)	$	(0.02	)	$	(0.00	)
Interest and dividends earned on investments held in trust account		2,423,265			-
Interest from the bank account		20			-
Net income	$	1,163,020		$	-
Basic and diluted weighted average ordinary shares outstanding, redeemable ordinary shares		23,000,000			-
Basic and diluted net income per share, redeemable ordinary shares	$	0.04		$	-
Basic and diluted weighted average ordinary shares outstanding, non-redeemable ordinary shares		6,172,500			5,750,000
Basic and diluted net income per share, non-redeemable ordinary shares	$	0.04		$	-

The accompanying notes are an integral part of these unaudited financial statements.

GSR III ACQUISITION CORP. STATEMENTS OF CHANGES IN SHAREHOLDERS’ ~~EQUITY~~ (DEFICIT) EQUITY

For the ~~Nine~~Three Months Ended ~~September~~March 3031, ~~2024~~2025

(Unaudited)

	Class A Ordinary Shares				Class B Ordinary Shares				Additional Paid in		Accumulated			Total Shareholders’ Equity
	Ordinary Shares								Additional					Total
	Shares		Amount		Shares		Amount		Capital		Deficit			(Deficit)
	Class A				Class B				Paid-in		Accumulated			Shareholders’
Balance - January 01, 2024		-	$	-		5,750,000	$	575	$	24,425	$	(16,498	)	$	8,502
	Shares		Amount		Shares		Amount		Capital		Deficit			Deficit
Net loss		-		-		-		-		-		-			-
Balance - December 31, 2024		422,500	$	42		5,750,000	$	575		-	$	(7,314,268	)	$	(7,313,651	)
Balance - March 31, 2024		-		-		5,750,000		575		24,425		(16,498	)		8,502
Subsequent measurement of ordinary shares subject to possible redemption		-		-		-		-		-		(2,423,265	)		(2,423,265	)
Net loss		-		-		-		-		-		(30,425	)		(30,425	)
Net income		-		-		-		-		-		1,163,020			1,163,020
Balance - June 30, 2024		-		-		5,750,000		575		24,425		(46,923	)		(21,923	)
Balance - March 31, 2025		422,500	$	42		5,750,000	$	575	$	-	$	(8,574,513	)	$	(8,573,896	)
Net loss		-		-		-		-		-		(85,810	)		(85,810	)
Risk capital funding to repay promissory note – related party and accrued expenses		-		-		-		-		113,228		-			113,228
Balance – September 30, 2024		-	$	-		5,750,000	$	575	$	137,653	$	(132,733	)	$	5,495

The accompanying notes are an integral part of these unaudited financial statements.

GSR III ACQUISITION CORP.

STATEMENTS OF CHANGES IN SHAREHOLDERS’ ~~EQUITY~~ (DEFICIT) EQUITY– (Continued)

For the ~~Period~~Three ~~from~~Months ~~May~~Ended ~~10,~~March ~~2023 (Inception) through September 30~~31, ~~2023~~2024

(Unaudited)

	Class A Ordinary Shares				Class B Ordinary Shares				Additional Paid in		Accumulated			Total Shareholders’
	Ordinary Shares								Additional					Total
	Class A				Class B				Paid-in		Accumulated			Shareholders’
	Shares		Amount		Shares		Amount		Capital		Deficit			Equity
Balance – May 10, 2023 (Inception)		-	$	-		-	$	-	$	-	$	-		$	-
Balance – December 31, 2023		-	$	-		5,750,000	$	575	$	24,425	$	(16,498	)	$	8,502
Founder shares issued to initial shareholder		-		-		5,750,000		575		24,425		-			25,000
Net income		-		-		-		-		-		-			-
Net loss		-		-		-		-		-		(13,392	)		(13,392	)
Balance - March 31, 2024		-	$	-		5,750,000	$	575	$	24,425	$	(16,498	)	$	8,502
Balance - June 30, 2023		-		-		5,750,000		575		24,425		(13,392	)	$	11,608
Net loss		-		-		-		-		-		-			-
Balance - September 30, 2023		-	$	-		5,750,000	$	575	$	24,425	$	(13,392	)	$	11,608

The accompanying notes are an integral part of these unaudited financial statements.

GSR III ACQUISITION CORP.
STATEMENTS OF CASH FLOWS

(Unaudited)

	For the Nine Months Ended September 30,			For the Period from May 10, 2023 (Inception) through September 30,
	For the Three Months Ended March 31,
	2024			2023
	2025			2024
Cash Flows from Operating Activities:
Net loss	$	(116,235	)	$	(13,392	)
Net income	$	1,163,020		$	-
Adjustments to reconcile net income to net cash used in operating activities:
Interest and dividends earned on investments held in trust account		(2,423,265	)		-
Changes in operating assets and liabilities:
Prepaid expenses		-25,106			~~13,392~~-
Accrued expenses		116,235			-
Accounts payable and accrued expenses		775,958			-
Net cash used in operating activities		-(459,181	)		-
Net increase in cash		-			-
Net decrease in cash		(459,181	)		-
Cash - beginning of the period		-1,787,033			-
Cash - ending of the period	$	-		$	-
Cash - end of the period	$	1,327,852		$	-
Supplemental disclosure of noncash investing and financing activities:
Prepaid expenses paid by Sponsor in exchange for issuance of Founder Shares	$	-		$	25,000
Deferred offering costs included in accrued expenses	$	-		$	3,767
Deferred offering costs included in accrued expenses	$	608,306		$	-
Subsequent measurement of ordinary shares subject to possible redemption	$	2,423,265		$	-
Repayment of promissory note – related party through risk capital funding	$	93,228		$	-
Repayment of accrued expenses through risk capital funding	$	20,000		$	-
Prepaid expenses included in deferred offering costs	$	8,502		$	-
Payment of deferred offering costs included in promissory note – related party	$	132,984		$	-

The accompanying notes are an integral part of these unaudited financial statements.

GSR III ACQUISITION CORP.
NOTES TO FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

GSR III Acquisition Corp. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on May 10, 2023. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities ~~that~~(“Business Combination”). See Note 10 for disclosure of a Business Combination Agreement the Company ~~has~~entered ~~not~~into ~~yet~~with ~~identified~~Terra Innovatum (~~“Business~~a ~~Combination”~~target company).

As of ~~September~~March 3031, ~~2024~~2025, the Company had not yet commenced operations. All activity for the period from May 10, 2023 (inception) through ~~September 30~~March 31, ~~2024~~2025 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), and since the Initial Public Offering, its search for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company ~~expects~~generates ~~to generate~~ non-operating income in the form of interest and dividend income from ~~the~~investments held in trust, which proceeds were derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.

Financing

The registration statement for the Company’s Initial Public Offering was declared effective on November 7, 2024. On November 8, 2024, the Company consummated the Initial Public Offering of 23,000,000 units including 3,000,000 additional public units as the underwriters’ ‘over-allotment option was exercised in full (the “Units” and, with respect to the shares of Class A ordinary shares included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $230,000,000 (see Note 3).

Simultaneously with the consummation of the Initial Public Offering and the sale of the Units, the Company consummated the private placement (“Private Placement”) of 422,500 units including 7,500 additional private placement units as the underwriters’ ‘over-allotment option was exercised in full (the “Private Placement Units”) to GSR III Sponsor LLC (the “Sponsor”), at a price of $10.00 per Private Placement Unit, generating total proceeds of $4,225,000., ~~Out~~which ofis ~~the~~described ~~aggregate~~in ~~amount~~Note ~~of $~~4~~,225,000,~~. ~~the~~This amount ~~of $4,040,000~~ from the sale of the Private ~~Placement~~ Placement Units are added to the net proceeds from the Initial Public Offering held in ~~a trust account (~~the “Trust Account~~”) and the balance of $185,000 is receivable from the Sponsors, which will be presented as a reduction to stockholders’ deficit~~. The proceeds received from the sale of the Private Placement Units held in the Trust Account was used partially to pay some general and administrative expenses.

Transaction costs amounted to $1011,~~951~~084,~~368~~352, consisting of $975,000 of cash underwriting fees, $9,200,000 of deferred underwriting fees which will be paid on the consummation of initial Business Combination, and $~~776~~909,~~368~~352 of other offering costs.

~~Business~~Upon the ~~Combination~~closing of the Initial Public Offering and the Private Placement, $230,000,000 ($10 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and invested only in

Ifin either ~~the~~(i) ~~Company~~U.S. isgovernment ~~unable~~treasury toobligations ~~complete~~with ~~an initial~~a ~~Business~~maturity ~~Combination~~of ~~within~~185 ~~the~~days 18 or ~~21-month~~less ~~period~~or ~~(the~~in ~~“Combination~~money ~~Period”),~~market itfunds ~~may~~meeting ~~seek~~certain anconditions under ~~amendment~~Rule to2a-7 ~~amended and~~under ~~restated~~the ~~memorandum~~Investment ~~and~~Company ~~articles~~Act ofwhich ~~association~~invest toonly ~~extend~~in ~~the~~direct ~~period~~U.S. ofgovernment ~~time~~treasury toobligations, ~~complete~~(ii) anas ~~initial~~uninvested cash, ~~Business~~or ~~Combination~~(iii) ~~beyond~~an ~~21 months.~~interest ~~The~~or ~~Company’s~~non-interest ~~amended~~bearing ~~and~~bank ~~restated~~demand ~~memorandum~~deposit ~~and~~account ~~articles~~or ofother ~~association~~accounts ~~requires~~ at ~~least~~ a ~~special~~bank. ~~resolution~~The oftrust ~~shareholders~~account is intended as a ~~matter~~holding ofplace ~~Cayman~~for ~~Islands~~funds ~~law,~~pending ~~meaning~~the ~~that~~earliest ~~such~~to anoccur ~~amendment~~of: be(i) ~~approved~~the bycompletion atof ~~least~~initial ~~two-thirds~~Business Combination; (ii) the redemption of ~~ordinary~~any public shares ~~who,~~properly ~~being~~submitted ~~entitled to~~in doconnection ~~so,~~with ~~attend~~a ~~and~~shareholder vote ~~(either~~to inamend ~~person~~amended orand byrestated ~~proxy)~~memorandum atand aarticles ~~general meeting~~ of association ~~the~~(A) ~~company.~~to Ifmodify the ~~Company~~substance ~~seeks~~or ~~shareholder~~timing ~~approval to~~of ~~extend~~obligation ~~beyond~~to ~~the~~offer ~~21-month~~redemption ~~period~~rights in ~~which~~connection towith ~~complete~~any anproposed initial Business Combination toor acertain ~~later~~amendments ~~date,~~to ~~The~~amended ~~Company~~and isrestated ~~required~~memorandum ~~to offer~~and ~~public~~articles ~~shareholders~~of ~~the~~association ~~right~~prior thereto or to ~~have~~redeem ~~their~~100% of our public ~~ordinary~~ shares ~~redeemed~~if ~~for~~initial aBusiness ~~pro~~Combination ~~rata~~is ~~share~~not ofcompleted ~~the~~within ~~aggregate amount then on deposit in~~ the ~~trust~~completion ~~account,~~window; ~~including~~or ~~interest~~ (~~less~~B) ~~permitted~~with ~~withdrawals~~respect ~~and up~~ to ~~$100,000~~any ofother ~~interest to pay dissolution expenses).~~material ~~There~~provision ~~are~~relating ~~no limitations~~ to ~~the~~shareholders’ ~~number~~rights ofor ~~times~~pre-initial ~~that~~Business ~~the~~Combination ~~Company~~activity; ~~may seek shareholder approval~~ or ~~that~~(iii) ~~shareholders~~absent ~~may~~an ~~approve~~initial toBusiness ~~extend~~Combination ~~beyond~~within the ~~21-month~~completion ~~period~~window, infrom ~~which~~the toclosing ~~complete~~of aInitial ~~Business~~Public ~~Combination~~Offering, atreturn aof ~~later~~the ~~date.~~funds Ifheld in the ~~initial~~trust ~~Business~~account ~~Combination~~to ispublic ~~not completed~~shareholders inas ~~the~~part ~~period~~of ~~provided,~~redemption ~~the membership interests~~ of the ~~Sponsor~~public ~~become worthless~~shares.

The Nasdaq listing rules require that initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the income earned on the trust account). Management may, however, structure an initial Business Combination such that the post-transaction company owns or acquires less than 100% of such interests or assets of the target business in order to meet certain objectives of the target management team or shareholders or for other reasons, but will only complete such Business Combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

The Company is required to provide its Class A ordinary shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer.

All of the Class A ordinary shares sold as part of the units in this offering contain a redemption feature which allows for the redemption of such public shares in connection with liquidation, if there is a shareholder vote or tender offer in connection with initial Business Combination and in connection with certain amendments to second amended and restated memorandum and articles of association. In accordance with SEC guidance on redeemable equity instruments, redemption provisions not solely within the control of a company require ordinary shares subject to redemption to be classified outside of permanent equity. Accordingly, all of the Public Shares were presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet. Given that the Class A ordinary shares sold as part of the units in the offering were issued with other freestanding instruments, the initial carrying value of Class A ordinary shares classified as temporary equity were the allocated proceeds determined in accordance with ASC 470-20. The accretion or remeasurement is recognized as a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

Each public shareholder may elect to redeem their public shares without voting and, if they do vote, irrespective of whether they vote for or against the proposed transaction. In addition, initial shareholders, directors and officers have entered into a letter agreement, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with the completion of a Business Combination.

Notwithstanding the foregoing, the Company’s Second Amended and Restated Memorandum and Articles of Association provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), is restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company.

Business Combination

If the Company is unable to complete an initial Business Combination within the 18 or 21-month period, it may seek an amendment to amended and restated memorandum and articles of association to extend the period of time to complete an initial Business Combination beyond 21 months. The Company’s amended and restated memorandum and articles of association requires at least a special resolution of shareholders as a matter of Cayman Islands law, meaning that such an amendment be approved by at least two-thirds of ordinary shares who, being entitled to do so, attend and vote (either in person or by proxy) at a general meeting of the company. If the Company seeks shareholder approval to extend beyond the 21-month period in which to complete an initial Business Combination to a later date, The Company is required to offer public shareholders the right to have their public ordinary shares redeemed for a pro rata share of the aggregate amount then on deposit in the trust account, including interest (less permitted withdrawals and up to $100,000 of interest to pay dissolution expenses). There are no limitations to the number of times that the Company may seek shareholder approval or that shareholders may approve to extend beyond the 21-month period in which to complete a Business Combination at a later date. If the initial Business Combination is not completed in the period provided, the membership interests of the Sponsor become worthless.

Going Concern Consideration

AsIn connection ofwith ~~September 30, 2024,~~ the Company’s ~~had~~assessment ~~a working capital deficit~~ of ~~$744,297.~~going Asconcern ofconsiderations ~~November~~in 8,accordance ~~2024~~with ~~(after~~Financial ~~completion~~Accounting ofStandard ~~the~~Board’s Accounting ~~Initial~~Standards ~~Public~~Update ~~Offering)~~2014-15, ~~the~~“Disclosures ~~Company had $1,974,498 in its operating bank account and a working capital surplus~~ of ~~$1,910,213.~~Uncertainties ~~The~~about ~~Company~~an ~~has~~Entity’s ~~incurred~~Ability ~~and expects~~ to ~~continue to~~Continue ~~incur significant costs to operate~~ as a ~~publicly~~Going ~~traded company~~Concern,” we tohave ~~evaluate~~determined ~~business~~that ~~opportunities~~mandatory liquidation, ~~and~~should towe ~~close~~not oncomplete a Business Combination~~. Such~~ ~~costs~~and ~~will~~an beextension ~~incurred~~of ~~prior~~our deadline to ~~generating~~do ~~any operating revenues. These factors, among others, raise substantial doubt about the~~so ~~Company’s~~not ~~ability~~be toapproved ~~continue~~by ~~as a going concern. However, based on management’s current cash flow forecast, management expects~~ the ~~Company~~shareholders ~~will~~of ~~have sufficient liquidity to fund~~ the Company’s, ~~operations~~and ~~for~~potential asubsequent ~~period~~dissolution ~~beyond~~and ~~twelve months from~~ the ~~date~~liquidity ~~the accompanying~~issue ~~financial~~raise ~~statements are issued. Consequently, management determined~~ substantial doubt about the Company’s ability to continue as a going concern ~~has~~if ~~been~~it ~~alleviated~~does not complete a Business Combination.

As of March 31, 2025, the Company had $1,327,852 in its operating bank account and working capital of $626,104. The Company has incurred and expects to incur significant costs to operate as a publicly traded company, to evaluate business opportunities, and to close on a Business Combination. Such costs will be incurred prior to generating any operating revenues. These factors also raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued.

Management plans to complete a Business Combination before the mandatory liquidation date and anticipates that the Company will have sufficient liquidity to fund its operations until then. However, there can be no assurance that we will be able to consummate a Business Combination (including the potential Business Combination described in Note 10) within the required timeframe or that liquidity will be sufficient to fund operations. The financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Risks and Uncertainties

Management continues to evaluate the impact of significant global events such as the Russia/Ukraine and Israel/Palestine conflicts, on the industry and has concluded that while it is reasonably possible that these could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).

Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. As such, the information included in these financial statements should be read in conjunction with the Company’s latest audited financial statements ~~and~~included ~~initial~~in ~~audited~~its ~~financial~~Annual Report ~~statements~~on Form 10-K for the year ended December 31, 2024, as filed with the SEC on ~~Form~~March ~~8-K~~27, ~~and Form S-1~~2025. In the opinion of the Company’s management, these financial statements include all adjustments, which are only of a normal and recurring nature, necessary for a fair statement of the Company’s financial position as of ~~September~~March 3031, ~~2024~~2025, and the Company’s results of operations and cash flows for the periods presented. The results of operations included in the financial statements are not necessarily indicative of the results to be expected for the full year ending December 31, ~~2024~~2025.

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

~~Further, Section~~8 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

7Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make a comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. As of March 31, 2025 and December 31, 2024, the Company had $1,327,852 and $1,787,033 in cash, respectively. The Company did not ~~have~~ have any cash ~~or cash~~ equivalents as of ~~September~~March 3031, ~~2024~~2025 or December 31, ~~2023~~2024.

Cash and Investments Held in Trust Account

As of March 31, 2025 and December 31, 2024, the Company had $233,835,361 and $231,412,096 in cash and investments held in the trust account, respectively, comprised of money market funds that invest in U.S. government securities. Investments in money market funds are presented on the balance sheets at fair value at the end of each reporting period. Earnings on investments held in the Trust Account are included in interest and dividends earned on investments held in the trust account in the statements of operations. The estimated fair value of cash and investments held in the Trust Account is determined using available market information.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. As of March 31, 2025 and December 31, 2024, the Company has not experienced losses on these accounts.

Fair Value Measurements

The Company follows the guidance in ASC 820, “Fair Value Measurement,” for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are-measured and reported at fair value at least annually.

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

●

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

~~Deferred~~ Offering Costs Associated with the Initial Public Offering

~~Deferred offering~~ Offering costs consist of legal, administrative, and other costs incurred through the ~~balance~~date ~~sheet~~of ~~date~~the Initial Public Offering that are directly related to the Initial Public Offering. The Company complies with the requirements of the ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering.” Offering costs ~~will~~were be allocated to Public and Private Rights issued in the Initial Public Offering on residual value basis, compared to total proceeds received. Offering costs associated with the Class A ordinary shares ~~will be~~ were charged against the carrying value of Class A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering. ~~As of September 30, 2024 and December 31, 2023, the Company had deferred offering costs of $749,792 and zero, respectively.~~

Net Loss Per Ordinary Share

The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. As of September 30, 2024 and December 31, 2023, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, the diluted loss per ordinary share is the same as the basic loss per ordinary share for the periods presented.

Income Taxes

The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which prescribes a recognition ~~threshold~~ threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. ~~The~~ The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of ~~September~~March 3031, ~~2024~~2025 or December 31, ~~2023~~2024. The Company is currently ~~not~~ not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position.

There is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman Islands federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Class A Redeemable Share Classification

The public shares contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, or if there is a shareholder vote or tender offer in connection with the Company’s initial Business Combination. In accordance with ASC 480-10-S99, the Company classifies public shares subject to redemption outside of permanent equity as the redemption provisions are not solely within the control of the Company. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company ~~will~~recognized ~~recognize~~ the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit. Accordingly, upon completion of the Initial Public Offering, Class A ordinary shares subject to possible redemption will be presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets.

Accordingly, as of March 31, 2025 and December 31, 2024, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of permanent shareholders’ deficit on the Company’s balance sheets, as summarized in the following table:

Public offering proceeds	$	230,000,000
Less:
Proceeds allocated to public rights		(4,107,143	)
Allocation of offering costs related to redeemable shares		(10,885,942	)
Plus:
Accretion of carrying value to redemption value		14,993,085
Ordinary shares subject to possible redemption, November 8, 2024	$	230,000,000
Plus:
Subsequent measurement of ordinary shares subject to possible redemption		1,412,096
Ordinary shares subject to possible redemption, December 31, 2024	$	231,412,096
Plus:
Subsequent measurement of ordinary shares subject to possible redemption		2,423,265
Ordinary shares subject to possible redemption, March 31, 2025	$	233,835,361

Net Income Per Ordinary Share

The Company complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Net income per ordinary share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the period. Accretion associated with the redeemable ordinary shares is excluded from net income per ordinary share as the redemption value approximates fair value.

The calculation of diluted income per ordinary share does not consider the effect of the rights issued in connection with the Initial Public Offering and the Private Units since the exercise of the units is contingent upon the occurrence of future events. As of March 31, 2025 and December 31, 2024, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares that then share in the earnings of the Company. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods presented.

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except share amounts):

	For the Three Months Ended March 31,						For the Three Months Ended March 31,
	2025						2024
	Redeemable			Non-Redeemable			Redeemable			Non-Redeemable
Particulars	Shares			Shares			Shares			Shares
Basic and diluted net income per share:
Weighted average shares outstanding		23,000,000			6,172,500			-			5,750,000
Ownership percentage		79	%		21	%		0	%		100	%
Numerators:
Allocation of net income	$	916,941		$	246,079		$	-		$	-

Denominators:
Weighted average shares outstanding		23,000,000			6,172,500			-			5,750,000
Basic and diluted net income per share	$	0.04		$	0.04		$	-		$	-

Stock-Based Compensation

The Company recognizes compensation costs resulting from the issuance of stock-based awards to directors as an expense in the financial statement over the requisite service period based on a measurement of fair value for each stock-based award. The fair value is amortized as compensation cost on a straight-line basis over the requisite service period of the awards. The Black-Scholes-Merton option-pricing model includes various assumptions, including the fair market value of the estimated stock price of the Company, expected life of shares, the expected volatility and the expected risk-free interest rate, among others. These assumptions reflect the Company’s best estimates, but they involve inherent uncertainties based on market conditions generally outside the control of the Company.

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

NOTE 3. INITIAL PUBLIC OFFERING

Pursuant to the Initial Public Offering, the Company sold 23,000,000 Units (including underwriters’ over-allotment exercise of 3,000,000 Units) at a purchase price of $10.00 per Unit, generating gross proceeds of $230,000,000 to the Company which was placed in the Trust Account. Each Unit ~~will~~consists ~~consist~~ of one Class A ordinary share and one-seventh of one public right (the “Public Right”). Each whole right entitles the holder thereof to purchase one Class A ordinary share at a price of $10.00 per share. No fractional rights will be issued upon separation of the Units and only whole rights will trade. The underwriters have exercised their over-allotment option on consummation of the Initial Public offering to purchase 3,000,000 additional units to cover over-allotments.

NOTE 4. PRIVATE PLACEMENT

Simultaneously with the consummation of the Initial Public Offering and the sale of the Units, the Company consummated the private placement (“Private Placement”) of 422,500 units (including underwriters’ over-allotment exercise of 7,500 Units at a price of $10.00 per Private Placement Unit), generating total proceeds of $4,225,000. Each Private Placement Unit entitles the holder thereof to one Class A ordinary share and one-seventh of one private right (“Private Placement Rights”) to purchase one Class A ordinary share at $10.00 per share.

The private placement units have terms and provisions that are identical to the units sold as part of the Initial Public Offering. The private placement units (including any private placement shares, any private placement rights and any Class A ordinary shares underlying the private placement rights) are not transferable, assignable or saleable until 30 days after the completion of an initial ~~business~~Business ~~combination~~ Combination except pursuant to limited exceptions.

NOTE 5. RELATED PARTY TRANSACTIONS

Founder Shares

On May 30, 2023, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration for 5,750,000 Class B ordinary shares of the Company (after giving effect to a share surrender effected on June 5, 2024). The initial shareholders have not forfeited Founder Shares as the over-allotment option was exercised in full by the underwriter. The Founder Shares represent 20.0% of the Company’s issued and outstanding shares after the Initial Public Offering.

On November 8, 2024, the Sponsor transferred 30,000 Founder Shares to its three independent directors (10,000 Founder Shares per director) of the Company, at a price of $0.004348 per share. Each buyer paid $43.48 for an aggregate purchase price of $130.44 in consideration of the assignment of shares. If the director ceases to be a director of the Company for any reason before the consummation of the Business Combination, at the Sponsor’s election, it will either repurchase the shares at the purchase price or forfeit the shares back to the Company for no consideration. The Founder Shares will automatically convert into shares of Class A ordinary shares at the time of the Business Combination on a one-for-one basis, subject to adjustment as described in the Company’s certificate of incorporation.

Additionally, on December 19, 2024, the Sponsor transferred another 225,000 Founder Shares to another member of the management team at a price of $0.004348 per share for an aggregate purchase price of $978.30.

The sale of the Founder Shares to the Company’s directors and director’s nominees by the Sponsor is in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The fair value of the 255,000 shares granted to the Company’s directors and management person was at the acquisition price per share of $0.004348.

The Founder Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the Founders Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. Stock-based compensation would be recognized at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founders Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founder Shares.

Administrative Services Agreement

~~The~~Commencing on November 8, 2024, the Company has entered into an agreement, ~~commencing on~~to pay the ~~effective~~Sponsor ~~date~~a total of ~~the~~up ~~Initial~~to ~~Public~~$55,556 ~~Offering~~per ~~through~~month ~~the~~for ~~earlier~~office ofspace and ~~the~~administrative ~~Company’s~~and ~~consummation~~support services. Upon completion of a Business Combination ~~and~~ or its liquidation, tothe ~~pay~~Company will cease paying these monthly fees. For the ~~Sponsor~~three amonths ~~total~~ended ofMarch up31, to2025, the Company incurred $55166,~~556~~668 ~~per~~in ~~month~~fees for ~~office~~these ~~space~~services, which are included within general and administrative ~~and~~expenses ~~support~~in ~~services.~~the As accompanying statements of ~~September~~operations ~~30,~~(none ~~2024~~for ~~and~~the ~~December~~three months ended March 31, ~~2023,~~2024). There $0were ~~had~~no ~~been~~related ~~incurred~~amounts ~~and~~payable ~~billed~~as ~~under~~of ~~the~~March ~~administrative~~31, ~~services~~2025 ~~agreement~~and December 31, 2024.

Promissory Note – Related Party

During June 2024, the Sponsor agreed to loan the Company up to $300,000 pursuant to a promissory note (the “Note”). The Note was non-interest bearing, unsecured and became due ~~upon the~~on ~~earlier~~November ~~of June 6~~8, ~~2025~~2024 ~~and~~upon the closing of the Initial Public Offering. During the ~~period~~year ended ~~September~~December 3031, 2024, the Company ~~borrowed~~ borrowed $132,984 under the Note to pay for offering costs, of which $9398,228 was settled through risk capital funding. Asand ~~of September 30~~$34,756 ~~2024,~~was repaid from the ~~Company~~proceeds ~~had~~of anthe ~~outstanding~~Initial ~~balance~~Public ofOffering ~~$39,756~~placed ~~under~~in the ~~Note,~~Trust ofAccount. ~~which~~The ~~$5,000~~risk ~~was~~capital ~~subsequently~~used ~~settled~~to ~~through~~settle ~~risk~~a ~~capital~~portion ~~funding~~of the ~~and~~Note ~~$34,756~~is ~~was~~part ~~repaid~~of ~~from~~ the ~~proceeds~~private ofplacement units issued contemporaneously with the Initial Public Offering ~~placed~~and hence included as part of additional paid-in capital in the ~~Trust~~accompanying ~~Account~~statements of changes in shareholders’ (deficit) equity. As of March 31, 2025 and December 31, 2024, the Company had no outstanding balance under the Note.

Working Capital Loans

In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of the Company’s founding team or any of their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company ~~will~~would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lenders’ discretion, up to $1,500,000 of such Working Capital Loans may be convertible into private placement units at a price of $10.00 per unit. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of ~~September~~March 3031, 2025 and December 31, 2024, the Company had no outstanding Working Capital Loans.

10NOTE 6. COMMITMENTS AND CONTINGENCIES

NOTE 6: COMMITMENTS AND CONTINGENCIES

Registration Rights

The holders of the (i) Founder Shares, which were issued in a private placement prior to the closing of the Initial Public Offering, (ii) Private Placement Units (including private placement unit and private placement rights), which were issued in a private placement simultaneously with the closing of the Initial Public Offering and the Class A ordinary shares underlying such Private Placement Units, and (iii) Private Placement Units and the Class A ordinary shares underlying such Private Placement Units that may be issued upon conversion of any Sponsor funded, have registration rights to require the Company to register a sale of any of securities held by holders of the securities pursuant to a registration rights agreement that was signed prior to the effective date of the Initial Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of initial ~~business~~Business ~~combination~~Combination and rights to require to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company is not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period.

NOTE 7:. SHAREHOLDERS’ ~~EQUITY~~DEFICIT

Preferred Shares — The Company is authorized to issue 1,000,000 preferred shares, $0.0001 par value, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, there were no preferred shares issued or outstanding.

Class A Ordinary Shares — The Company is authorized to issue 200,000,000 Class A ordinary shares with $0.0001 par value. As of ~~September 30~~March 31, ~~2024~~2025 and December 31, ~~2023~~2024, there were no422,500 Class A ordinary shares issued orand outstanding~~. As a result of Initial Public Offering on November 8~~, ~~2024,~~excluding ~~the Company issued~~ 23,000,000 Class A ordinary shares subject to possible redemption. ~~Simultaneously, the Company consummated the sale of 422,500 Private Placement Units, each of which entitles the holder thereof to one Class A ordinary share.~~

Class B Ordinary Shares — The Company is authorized to issue 20,000,000 Class B ordinary shares with $0.0001 par value. In May 2023, the Company issued an aggregate of 5,750,000 Founder Shares to the Sponsor for an aggregate purchase price of $25,000, or approximately $0.004 per share, of which an aggregate of up to 750,000 shares were subject to forfeiture for no consideration to the extent that the underwriter’s over-allotment option was not exercised in full or in part. As a result of ~~September~~the 30underwriters’ exercise of their over-allotment option in full on November 8, 2024, all 750,000 Class B ordinary shares were no longer subject to forfeiture. As of March 31, 2025 and December 31, ~~2023~~2024, there were 5,750,000 Class B ordinary shares issued and outstanding.

Holders of the Class B ordinary shares have the right to appoint all the Company’s directors prior to an initial Business Combination. On any other matter submitted to a vote of the Company’s shareholders, holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class, except as required by law or share exchange rule; provided, that the holders of Class B ordinary shares are be entitled to vote as a separate class to increase the authorized number of Class B ordinary shares. Each share of ordinary share has one vote on all such matters.

The Class B ordinary shares automatically convert into Class A ordinary shares at the time of the initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares, will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of shares issued in the Initial Public Offering, including shares issued in connection with the underwriter exercise of their option to purchase additional Units, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities (as defined herein) or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination and any private placement rights issued to the Sponsor, its affiliates or any member of the management team upon conversion of any Working Capital Loans funded by the Company’s Sponsor.14

11The Class B ordinary shares automatically convert into Class A ordinary shares at the time of the initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares, will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of shares issued in the Initial Public Offering, including shares issued in connection with the underwriter exercise of their option to purchase additional Units, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities (as defined herein) or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination and any private placement rights issued to the Sponsor, its affiliates or any member of the management team upon conversion of any funded by the Company’s Sponsor.

Rights

AsOn November of8, ~~September~~2024, 303,285,714 ~~2024~~public rights and ~~December 31~~60,357 ~~2023, there~~private rights were noissued ~~rights~~as ~~issued~~part orof ~~outstanding~~the Initial Public Offering and Private Placement, respectively.

The gross proceeds of the Initial Public Offering were allocated to the public rights based on relative value., ~~Approximately~~with $4,~~225~~107,~~000~~143 ~~was~~ recorded in shareholders’ ~~equity~~ deficit related to the rights aton November 8, 2024. The rights are not remeasured to fair value on a recurring basis.

As of ~~November~~March 831, 2025 and December 31, 2024, there were 3,285,714 public rights and 60,357 private rights included in the ~~Private~~ Placement Units outstanding. Each holder of one right will receive one Class A ordinary share upon consummation of the initial ~~business~~Business ~~combination~~Combination, whether or not the Company will be the surviving entity, even if the holder of a public right converted all Class A ordinary shares held by them or it in connection with the initial ~~business~~Business ~~combination~~ Combination or an amendment to the Company’s memorandum and articles of association with respect to Company’s pre-~~business~~Business ~~combination~~ Combination activities. In the event the Company will not be the survivor upon completion of the initial ~~business~~Business ~~combination~~Combination, each holder of rights will be required to affirmatively convert their rights in order to receive the Class A ordinary shares underlying the rights (without paying any additional consideration) upon consummation of the ~~business~~Business ~~combination~~Combination. The Company will not issue fractional Class A ordinary shares in connection with an exchange of rights. No fractional shares will be issued upon exchange of rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a ~~business~~Business ~~combination~~Combination. If the Company is unable to complete an initial Business Combination within the required time period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of an initial Business Combination. Accordingly, the rights may expire worthless.

NOTE 8:. ~~SUBSEQUENT~~FAIR ~~EVENTS~~VALUE MEASUREMENTS

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following tables present information about the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Quoted

Significant

Prices in

Other

As of

Active

Observable

Unobservable

March 31,

Markets

Inputs

2025

(Level 1)

(Level 2)

(Level 3)

Assets:

Cash and investments held in trust account

233,835,361

—

Quoted

Significant

Prices in

Other

As of

Active

Observable

Unobservable

December 31,

Markets

Inputs

2024

(Level 1)

(Level 2)

(Level 3)

Assets:

Cash and investments held in trust account

231,412,096

—

NOTE 9. SEGMENT INFORMATION

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

The Company’s chief operating decision maker (“CODM”) has been identified as the Co-Chief Executive Officers, who collectively review the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment.

When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews formation and operational costs and interest and dividends earned on cash and investments held in Trust Account, which are included in the accompanying statements of operations.

The key measures of segment profit or loss reviewed by our CODM are interest and dividends earned on cash and investments held in Trust Account and formation and operational costs. The CODM reviews interest and dividends earned on cash and investments held in Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. Formation and operational costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a Business Combination within the required completion window. The CODM also reviews formation and operational costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and the budget.

NOTE 10. SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements other than those described below.

~~Initial~~Business Combination ~~Public Offering~~Agreement

~~The~~On April ~~registration~~21, ~~statement~~2025, ~~for~~ the Company~~’s Initial~~ ~~Public~~entered ~~Offering~~into ~~was~~a ~~declared~~business ~~effective~~combination onagreement ~~November~~(the 7“Business Combination Agreement”) with Terra Innovatum s.r.l., ~~2024~~an Italian limited liability company (“Terra Innovatum”). OnPursuant ~~November~~to 8,the ~~2024~~terms of the Business Combination Agreement, the Company, ~~consummated~~Terra ~~the~~Innovatum ~~Initial~~and ~~Public~~their ~~Offering~~ related parties will undertake a series of 23reorganizations,~~000~~ equity issuances,~~000~~ ~~Units~~and ~~(including~~purchases, resulting in the ~~exercise~~Company ofbecoming ~~the~~a ~~underwriters’~~wholly ~~over-allotment~~owned ~~option~~subsidiary inof ~~full),~~a atDutch ~~$10.00~~public ~~per~~limited ~~Unit~~liability company (“Pubco”), ~~generating~~which ~~gross~~will ~~proceeds~~be formed as part of ~~$230,000,000~~the transaction.

Simultaneously with the consummation of the Initial Public Offering, the Company consummated the private sale of 422,500 Private Placement Units (including the exercise of the underwriters’ over-allotment option in full), at a price of $10.00 per Private Placement Unit, generating total proceeds of $4,225,000.16

~~See~~Item 2. ~~Notes~~Management’s 1,Discussion 3 and 4Analysis ~~for~~of ~~additional~~Financial ~~information~~Condition and Results of Operations.

References to the “Company,” “our,” “us” or “we” refer to GSR III Acquisition Corp. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company incorporated on May 10, 2023 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (“Business Combination”). See below for disclosure of a Business Combination Agreement the Company entered into with Terra Innovatum (a target company).

As of March 31, 2025, we had not yet commenced operations. All activity through March 31, 2025 relates to our formation and our Initial Public Offering which is described below, and since the Initial Public Offering, our search for a Business Combination. We will not generate any operating revenues until after the completion of our initial Business Combination, at the earliest. We generate non-operating income from the proceeds held in the Trust Account (as defined below). We have selected December 31 as our fiscal year end.

Initial Public Offering and Private Placement

The registration statement for the Company’s Initial Public Offering was declared effective on November 7, 2024. On November 8, 2024, the Company consummated the Initial Public Offering of 23,000,000 Units including 3,000,000 additional public units as the underwriters’ over-allotment option was exercised in full at $10.00 per Unit, generating gross proceeds of $230,000,000.

Simultaneously with the consummation of the Initial Public Offering and the sale of the Units, the Company consummated the Private Placement of 422,500 Private Placement Units including 7,500 additional Private Placement Units as the underwriters’ over-allotment option was exercised in full to the Sponsor, at a price of $10.00 per Private Placement Unit, generating total proceeds of $4,225,000. This amount from the sale of the Private Placement Units are added to the net proceeds from the Initial Public Offering held in the Trust Account. The proceeds received from the sale of the Private Placement Units held in the Trust Account was used partially to pay some general and administrative expenses.

If the Company is unable to complete an initial Business Combination within the Combination Period, it may seek an amendment to amended and restated memorandum and articles of association to extend the period of time to complete an initial Business Combination beyond 21 months. The Company’s amended and restated memorandum and articles of association requires at least a special resolution of shareholders as a matter of Cayman Islands law, meaning that such an amendment be approved by at least two-thirds of ordinary shares who, being entitled to do so, attend and vote (either in person or by proxy) at a general meeting of the company. If the Company seeks shareholder approval to extend beyond the 21-month period in which to complete an initial Business Combination to a later date, The Company is required to offer public shareholders the right to have their public ordinary shares redeemed for a pro rata share of the aggregate amount then on deposit in the trust account, including interest (less permitted withdrawals and up to $100,000 of interest to pay dissolution expenses). There are no limitations to the number of times that the Company may seek shareholder approval or that shareholders may approve to extend beyond the 21-month period in which to complete a Business Combination at a later date. If the initial Business Combination is not completed in the period provided, the membership interests of the Sponsor become worthless.

Business Combination Agreement

On April 21, 2025, the Company entered into a business combination agreement (the “Business Combination Agreement”) with Terra Innovatum s.r.l., an Italian limited liability company (“Terra Innovatum”). Pursuant to the terms of the Business Combination Agreement, the Company, Terra Innovatum and their related parties will undertake a series of reorganizations, equity issuances, and purchases, resulting in the Company becoming a wholly owned subsidiary of a Dutch public limited liability company (“Pubco”), which will be formed as part of the transaction.

Liquidity and Capital Resources

As of March 31, 2025 and December 31, 2024, we had $1,327,852 and $1,787,033, respectively, of cash held outside of the Trust Account, after payment of costs related to the Initial Public Offering, and available for working capital purposes.

For the three months ended March 31, 2025 and 2024, cash used in operating activities was $459,181 and zero, respectively.

We intend to use substantially all of the net proceeds of the Initial Public Offering, including the funds held in the Trust Account, to acquire a target business or businesses and to pay our expenses relating thereto. To the extent that our share capital is used in whole or in part as consideration to effect our initial Business Combination, the remaining proceeds held in the Trust Account as well as any other net proceeds not expended will be used as working capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways including continuing or expanding the target business’ operations, for strategic acquisitions and for marketing, research and development of existing or new products. Such funds could also be used to repay any operating expenses or finders’ fees which we had incurred prior to the completion of our initial Business Combination if the funds available to us outside of the Trust Account were insufficient to cover such expenses.

Over the next 12 months (assuming a Business Combination is not consummated prior thereto), we will be using the funds held outside of the Trust Account for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the Business Combination.

If our estimates of the costs of undertaking in-depth due diligence and negotiating our initial Business Combination is less than the actual amount necessary to do so, or the amount of interest available to us from the Trust Account is less than we expect as a result of the current interest rate environment, we may have insufficient funds available to operate our business prior to our initial Business Combination. Moreover, we may need to obtain additional financing either to consummate our initial Business Combination or because we become obligated to redeem a significant number of our public shares upon consummation of our initial Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination. Subject to compliance with applicable securities laws, we would only consummate such financing simultaneously with the consummation of our initial Business Combination. Following our initial Business Combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

Going Concern Consideration

In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” we have determined that mandatory liquidation, should we not complete a Business Combination and an extension of our deadline to do so not be approved by the shareholders of the Company, and potential subsequent dissolution and the liquidity issue raise substantial doubt about the Company’s ability to continue as a going concern if it does not complete a Business Combination.

Management plans to complete a Business Combination before the mandatory liquidation date and anticipates that the Company will have sufficient liquidity to fund its operations until then. However, there can be no assurance that we will be able to consummate a Business Combination (including the potential Business Combination described above) within the required timeframe or that liquidity will be sufficient to fund operations. The financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Results of Operations

Our entire activity since inception up to March 31, 2025 relates to our formation and the Initial Public Offering, and since the Initial Public Offering, our search for a Business Combination. We will not generate any operating revenues until the closing and completion of our initial Business Combination, at the earliest. We generate non-operating income from the proceeds held in the Trust Account.

For the three months ended March 31, 2025, we had a net income of $1,163,020, which consisted of non-operating income earned on the Trust Account and operating account of $2,423,285, partially offset by loss from operations of $1,260,265 consisting of general and administrative expenses.

For the three months ended March 31, 2024, we did not have any transactions and had a net income of $0.

Contractual Obligations

Administrative Services Agreement

Commencing on November 8, 2024, the Company has entered into an agreement to pay the Sponsor a total of up to $55,556 per month for office space and administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three months ended March 31, 2025, the Company incurred $166,668 in fees for these services, which are included within general and administrative expenses in the statements of operations (none for the three months ended March 31, 2024). There were no related amounts payable as of March 31, 2025 and December 31, 2024.

Promissory Note – Related Party

AsDuring ofJune ~~September 30,~~ 2024, the Sponsor agreed to loan the Company ~~had~~up anto ~~outstanding~~$300,000 pursuant to a promissory note (the “Note”). The Note was non-interest bearing, ~~balance~~unsecured and became due on November 8, 2024 upon the closing of the Initial Public Offering. During the year ended December 31, 2024, the Company borrowed $39132,~~756~~984 under the Note to pay for offering costs, of which $598,~~000~~228 was ~~subsequently~~ settled through risk capital funding and $34,756 was repaid from the proceeds of the Initial Public Offering placed in the Trust Account. The risk capital used to settle a portion of the Note is part of the private placement units issued contemporaneously with the Initial Public Offering and hence included as part of additional paid-in capital in the statements of changes in shareholders’ (deficit) equity. As of March 31, 2025 and December 31, 2024, the Company had no outstanding balance under the Note.

1219

~~Item~~Working Capital ~~2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.~~Loans

~~References~~In addition, in order to ~~the~~finance ~~“Company~~transaction costs in connection with a Business Combination,” ~~“our~~the Sponsor,” members of the Company’s ~~“us”~~founding team or ~~“we”~~any ~~refer~~of their affiliates may, but are not obligated to, ~~GSR~~loan ~~III~~the ~~Acquisition~~Company ~~Corp~~funds as may be required (“Working Capital Loans”). ~~The~~If ~~following~~the ~~discussion~~Company ~~and~~completes ~~analysis~~a ofBusiness Combination, the Company’s ~~financial condition~~would ~~and~~repay ~~results~~the Working Capital Loans out of ~~operations~~the ~~should~~proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be ~~read~~repaid inonly ~~conjunction~~out ~~with~~of funds held outside the Trust ~~unaudited~~Account. ~~financial~~In ~~statements~~the ~~and~~event that a Business Combination does not close, the ~~notes~~Company ~~thereto~~may ~~contained~~use a portion of proceeds held outside the Trust ~~elsewhere~~Account to repay the Working Capital Loans but no proceeds held in ~~this~~the ~~report~~Trust Account would be used to repay the Working Capital Loans. The ~~Certain~~Working ~~information~~Capital ~~contained~~Loans inwould either be repaid upon consummation of a Business Combination, without interest, or, at the ~~discussion~~lenders’ discretion, ~~and~~up ~~analysis~~to ~~set~~$1,500,000 ~~forth~~of ~~below~~such ~~includes~~Working ~~forward-looking~~Capital ~~statements~~Loans may be convertible into private placement units at a price of $10.00 per unit. ~~that~~Except ~~involve~~for ~~risks~~the foregoing, the terms of such Working Capital Loans, if any, have not been determined and ~~uncertainties~~no written agreements exist with respect to such loans. As of March 31, 2025 and December 31, 2024, the Company had no outstanding Working Capital Loans.

~~Cautionary~~Critical Accounting ~~Note Regarding Forward-Looking Statements~~Estimates

This ~~Quarterly Report on Form 10-Q includes forward-looking statements~~ ~~within~~management’s ~~the~~discussion ~~meaning~~and ofanalysis ~~Section 27A~~ of ~~the~~our ~~Securities~~financial ~~Act~~condition ~~of 1933, as amended,~~ and ~~Section~~results ~~21E~~ of ~~the~~operations ~~Securities~~is ~~Exchange~~based ~~Act~~on ofour ~~1934.~~financial Westatements, which have ~~based~~been ~~these~~prepared ~~forward-looking~~in ~~statements~~accordance onwith ~~our~~U.S. ~~current~~GAAP. ~~expectations~~The ~~and~~preparation ~~projections~~of ~~about~~these ~~future~~financial ~~events. These forward-looking~~ statements ~~are~~ ~~subject~~requires us to ~~known~~make ~~and~~estimates ~~unknown risks, uncertainties~~ and judgments ~~assumptions about us~~ that ~~may~~affect ~~cause~~the ~~our~~reported ~~actual~~amounts ~~results, levels~~ of ~~activity~~assets, ~~performance~~ orliabilities, ~~achievements~~revenues toand beexpenses ~~materially~~and ~~different~~the ~~from~~disclosure ~~any future results, levels~~ of ~~activity,~~contingent ~~performance~~assets ~~or achievements expressed~~and orliabilities ~~implied~~in byour ~~such~~financial ~~forward-looking~~ statements. InOn ~~some~~an ~~cases~~ongoing basis, ~~you~~we ~~can~~evaluate ~~identify~~our ~~forward-looking~~estimates ~~statements~~and byjudgments, ~~terminology~~including ~~such~~those asrelated ~~“may,”~~to fair ~~“should,”~~value ~~“could,”~~of ~~“would,”~~financial ~~“expect,”~~instruments ~~“plan,”~~and ~~“anticipate,”~~accrued ~~“believe,” “estimate,”~~expenses. ~~“continue,”~~We orbase ~~the~~our ~~negative~~estimates ofon ~~such~~historical ~~terms~~experience, orknown ~~other~~trends ~~similar~~and ~~expressions.~~events ~~For~~and ~~information identifying~~various ~~important~~other factors that ~~could~~we ~~cause~~believe ~~actual results~~ to ~~differ~~be ~~materially~~reasonable ~~from~~under ~~those anticipated in~~ the ~~forward-looking statements~~circumstances, ~~please refer to~~ the ~~Risk~~results ~~Factors~~of ~~section~~which ofform the ~~Company’s~~basis ~~final prospectus~~ for ~~its~~making ~~Initial~~judgments ~~Public Offering filed with the U.S. Securities~~about ~~and Exchange Commission (~~the ~~“SEC”).~~carrying ~~The~~values ~~Company’s~~of ~~securities~~assets ~~filings~~and ~~can~~liabilities bethat ~~accessed~~are onnot ~~the~~readily ~~EDGAR~~apparent ~~section~~from ofother ~~the SEC’s website at www~~sources.~~sec.gov.~~ ~~Except~~Actual asresults ~~expressly~~may ~~required~~differ byfrom ~~applicable~~these estimates ~~securities~~under ~~law,~~different ~~the~~assumptions ~~Company disclaims any intention~~ or ~~obligation~~conditions. ~~to update~~We orhave ~~revise~~not identified any ~~forward-looking~~critical ~~statements~~accounting ~~whether as a result of new information, future events or otherwise~~estimates.

~~Overview~~Recent Accounting Standards

WeManagement does ~~are~~not abelieve ~~blank~~that ~~check~~any ~~company~~recently ~~incorporated on May 10~~issued, ~~2023~~but asnot ayet ~~Cayman Islands exempted company for the purpose of effecting a merger~~effective, ~~share~~accounting ~~exchange~~standards, ~~asset~~if ~~acquisition~~currently adopted, ~~share~~would ~~purchase,~~have ~~reorganization~~a ormaterial ~~similar~~effect ~~business~~on ~~combination~~the ~~with~~Company’s ~~one~~financial ~~or more businesses~~statements.

As of September 30, 2024, we had not yet commenced operations. All activity through September 30, 2024 relates to our formation and our Initial Public Offering which is described below, and since the Initial Public Offering, our search for a Business Combination. We will not generate any operating revenues until after the completion of our initial Business Combination, at the earliest. We generate nonOff-~~operating income from the proceeds held in the Trust Account (as defined~~Balance ~~below).~~Sheet WeFinancing ~~have selected December 31 as our fiscal year end.~~Arrangements

~~The registration statement for the Company’s~~As ~~Initial~~of ~~Public~~March ~~Offering was declared effective on November 7~~31, ~~2024. On November 8~~2025, ~~2024,~~we ~~the~~did ~~Company~~not ~~consummated~~have ~~the~~any ~~Initial~~off-balance ~~Public~~sheet ~~Offering of~~arrangements ~~23,000,000 Units including 3,000,000 additional public units~~ as ~~the~~defined ~~underwriters’ over-allotment option was exercised~~ in ~~full at~~Item ~~$10.00~~303(a)(4)(ii) ~~per Unit, generating gross proceeds~~ of ~~$230,000,000~~Regulation S-K.

~~Simultaneously with the consummation of the Initial~~Item Public Offering and the sale of the Units, the Company consummated the Private Placement of 422,500 Private Placement Units including 7,500 additional Private Placement Units as the underwriters’ over-allotment option was exercised in full to the Sponsor, at a price of $103.00 ~~per~~Quantitative Private Placement Unit, generating total proceeds of $4,225,000. Out of the aggregate amount of $4,225,000, the amount of $4,040,000 from the sale of the Private Placement Units are added to the net proceeds from the Initial Public Offering held in the Trust Account and ~~the~~Qualitative ~~balance~~Disclosures ofAbout ~~$185,000~~Market is receivable from the Sponsor, which will be presented as a reduction to stockholders’ deficit. The proceeds received from the sale of the Private Placement Units held in the Trust Account was used partially to pay some general and administrative expenses.Risk

13We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.

~~If the Company is unable to complete an initial~~Item Business Combination within the Combination Period, it may seek an amendment to amended and restated memorandum and articles of association to extend the period of time to complete an initial Business Combination beyond 21 months4. ~~The~~Controls ~~Company’s amended~~ and restated memorandum and articles of association requires at least a special resolution of shareholders as a matter of Cayman Islands law, meaning that such an amendment be approved by at least two-thirds of ordinary shares who, being entitled to do so, attend and vote (either in person or by proxy) at a general meeting of the company. If the Company seeks shareholder approval to extend beyond the 21-month period in which to complete an initial Business Combination to a later date, The Company is required to offer public shareholders the right to have their public ordinary shares redeemed for a pro rata share of the aggregate amount then on deposit in the trust account, including interest (less permitted withdrawals and up to $100,000 of interest to pay dissolution expenses). There are no limitations to the number of times that the Company may seek shareholder approval or that shareholders may approve to extend beyond the 21-month period in which to complete a Business Combination at a later date. If the initial Business Combination is not completed in the period provided, the membership interests of the Sponsor become worthless.Procedures

~~Going~~Evaluation of ~~Concern~~Disclosure ~~Consideration~~Controls and Procedures

~~As of September 30, 2024,~~Under the ~~Company~~supervision ~~had~~and awith ~~working~~the ~~capital~~participation ~~deficit~~ of ~~$744,297.~~our ~~As of November 8~~management, ~~2024~~including ~~(after~~our ~~completion~~Co-Chief ofExecutive ~~the~~Officers, ~~Initial~~we ~~Public~~conducted ~~Offering),~~an ~~the~~evaluation ~~Company~~of ~~had~~the $1effectiveness,~~974,498~~ inof ~~its~~our ~~operating~~disclosure ~~bank~~controls ~~account~~ and aprocedures ~~working~~as ~~capital~~of ~~surplus~~March of31, $12025,~~910,213.~~ ~~The~~as ~~Company~~such ~~has~~term ~~incurred~~is ~~and~~defined ~~expects~~in toRules ~~continue to~~13a-15(e) ~~incur~~and ~~significant~~15d-15(e) under ~~costs~~the toExchange ~~operate~~Act. asBased aon ~~publicly~~this ~~traded company~~evaluation, toour ~~evaluate~~principal ~~business~~executive ~~opportunities,~~officers and toprincipal ~~close~~financial onand aaccounting ~~Business~~officer ~~Combination.~~have ~~Such~~concluded ~~costs~~that ~~will~~due ~~be incurred prior~~ to ~~generating~~inadequate ~~any~~segregation ~~operating~~of ~~revenues.~~duties ~~These~~within ~~factors,~~account ~~among~~processes ~~others,~~and ~~raise~~insufficient ~~substantial~~written ~~doubt~~policies ~~about~~and ~~the~~procedures for ~~Company’s~~accounting, ~~ability~~IT toand ~~continue~~financial asreporting aand ~~going~~record ~~concern~~keeping, ~~within~~during ~~one~~the ~~year~~period ~~after~~covered ~~the~~by ~~date~~this ~~that~~report, ~~the~~our ~~financial~~disclosure ~~statements~~controls ~~are~~and ~~issued. However,~~procedures ~~based~~were onnot ~~management’s~~effective ~~current~~at ~~cash~~a ~~flow~~reasonable ~~forecast~~assurance level and, ~~management~~accordingly, ~~expects~~provided ~~the~~reasonable ~~Company~~assurance ~~will~~that ~~have~~the ~~sufficient~~information ~~liquidity~~required to ~~fund the Company’s~~be ~~operations~~disclosed ~~for~~by aus ~~period~~in ~~beyond~~reports ~~twelve~~filed ~~months~~under ~~from~~ the ~~date~~Exchange ~~the~~Act ~~accompanying~~is ~~financial~~recorded, ~~statements~~processed, ~~are~~summarized ~~issued.~~and ~~Consequently,~~reported ~~management determined~~within ~~substantial~~the ~~doubt~~time ~~about~~periods specified in the ~~Company~~SEC’s ~~ability~~rules toand ~~continue as a going concern has been alleviated~~forms.

~~Results~~Disclosure controls ofand ~~Operations~~procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Co-Chief Executive Officers or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

~~Our entire activity since inception up to September 30, 2024 relates~~Changes toin ~~our~~Internal ~~formation~~Control ~~and~~over ~~the~~Financial Initial Public Offering, and since the Initial Public Offering, our search for a Business Combination. We will not generate any operating revenues until the closing and completion of our initial Business Combination, at the earliest. We generate non-operating income from the proceeds held in the Trust Account.Reporting

~~For~~There was no change in our internal control over financial reporting that occurred during the ~~three~~fiscal ~~months~~quarter ended ~~September~~March 3031, ~~2024, we~~2025 ~~had~~covered aby this ~~net~~Quarterly ~~loss~~Report ofon ~~$85,810,~~Form ~~which~~10-Q ~~consisted~~that ofhas ~~operating~~materially ~~costs~~affected, ~~compared~~or tois areasonably ~~net~~likely ~~loss~~to ofmaterially ~~zero~~affect, ~~for~~our ~~the~~internal ~~three~~control ~~months ended September~~over ~~30,~~financial ~~2023~~reporting.

~~For the nine months ended September 30, 2024, we had a net loss of $116,235, which consisted of operating costs, compared to a net loss of $13,392 for the nine months ended September 30, 2023.~~20

~~Contractual~~PART II-OTHER ~~Obligations~~INFORMATION

~~Administrative~~Item 1. ~~Services~~Legal ~~Agreement~~Proceedings

The Company has entered into an agreement, commencing on the effective date of the Initial Public Offering through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay the Sponsor a total of up to $55,556 per month for office space and administrative and support servicesNone. ~~As of September 30, 2024 and December 31, 2023, $0 had been incurred and billed under the administrative services agreement.~~

~~Promissory~~Item 1A. ~~Note~~Risk ~~– Related Party~~Factors

~~During~~Factors ~~June~~that ~~2024,~~could ~~the~~cause ~~Sponsor~~our ~~agreed~~actual results to differ ~~loan~~materially ~~the Company~~from upthose toin ~~$300,000~~this ~~pursuant~~Quarterly toReport ~~the~~are ~~Note.~~any ~~The~~of ~~Note~~the ~~was~~risks ~~non-interest~~described ~~bearing,~~in ~~unsecured~~our ~~and~~Form ~~due~~10-K ~~upon~~for the ~~earlier~~year ofended ~~June~~December 631, ~~2025 and~~ ~~the~~2024. ~~closing~~Any of ~~the~~these ~~Initial~~factors ~~Public~~could ~~Offering.~~result ~~During~~in ~~the~~a ~~period~~significant ~~ended~~or ~~September~~material ~~30,~~adverse ~~2024,~~effect ~~the~~on ~~Company~~our ~~borrowed~~results ~~$132,984~~of ~~under~~operations ~~the~~or ~~Note~~financial tocondition. ~~pay~~Additional ~~for~~risk ~~offering~~factors ~~costs,~~not ofpresently ~~which~~known ~~$93,228~~to ~~was~~us ~~settled~~or ~~through~~that ~~risk~~we ~~capital~~currently ~~funding.~~deem Asimmaterial ofmay ~~September~~also ~~30,~~impair ~~2024,~~our ~~the~~business ~~Company~~or ~~had~~results anof ~~outstanding~~operations. ~~balance~~As of ~~$39,756 under~~ the ~~Note,~~date of ~~which~~this $5Quarterly Report,~~000~~ ~~was~~there ~~subsequently~~have ~~settled~~been ~~through~~no material changes to the risk ~~capital~~factors ~~funding~~disclosed ~~and~~in ~~$34,756~~our ~~was~~10-K ~~repaid~~filed ~~from~~with the ~~proceeds~~SEC, ofexcept ~~the~~we ~~Initial~~may ~~Public~~disclose ~~Offering~~changes ~~placed~~to such factors or disclose additional factors from time to time in ~~the~~our ~~Trust~~future ~~Account~~filings with the SEC.

14Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

~~Working~~On November ~~Capital~~8, ~~Loans~~2024, we consummated our Initial Public Offering of 23,000,000 Units, which includes the exercise in full of the underwriters’ option to purchase an additional 3,000,000 Units at $10.00 per Unit, generating gross proceeds of $230,000,000.

~~In addition, in order to finance transaction costs~~Simultaneously ~~in connection~~ with ~~a Business Combination,~~ the ~~Sponsor,~~consummation ~~members~~ of the ~~Company’s~~Initial ~~founding~~Public ~~team~~Offering orand ~~any of their affiliates may, but are not obligated to, loan~~ the ~~Company~~sale ~~Working~~of ~~Capital Loans. If~~ the ~~Company completes a Business Combination~~Units, the Company ~~will~~consummated ~~repay~~ the ~~Working~~Private ~~Capital~~Placement ~~Loans out~~ of ~~the proceeds of the Trust Account released to the Company. Otherwise~~422, ~~the Working Capital Loans would~~500 bePrivate ~~repaid~~Placement ~~only~~Units ~~out~~including ~~of funds held outside the Trust Account. In the event that a Business Combination does not close~~7,500 ~~the~~additional ~~Company~~Private ~~may~~Placement ~~use a~~Units ~~portion~~as ~~of proceeds held outside~~ the ~~Trust~~underwriters’ ~~Account~~over-allotment tooption ~~repay~~was ~~the Working Capital Loans, but no proceeds held~~ exercised in ~~the~~full ~~Trust Account would be used~~ to ~~repay~~ the ~~Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination~~Sponsor, ~~without~~ ~~interest, or,~~ at ~~the lenders’ discretion, up to $1,500,000 of such Working Capital Loans may be convertible into private placement units at~~ a price of $10.00 per ~~unit.~~Private ~~Except~~Placement ~~for the foregoing~~Unit, ~~the~~generating ~~terms~~total ofproceeds ~~such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As~~ of ~~September 30~~$4, ~~2024~~225, ~~the Company had no outstanding Working Capital Loans~~000.

~~Critical~~Transaction costs ~~Accounting~~amounted ~~Policies~~to $10,951,368, consisting of $975,000 of cash underwriting fees, $9,200,000 of deferred underwriting fees which will be paid on the consummation of initial Business Combination, and $776,368 of other offering costs.

~~This~~On November ~~management’s~~8, ~~discussion~~2024, ~~and~~a ~~analysis~~total of ~~our financial condition and results of operations is based on our financial statements~~$234,040,000 ~~which have been prepared in accordance with U.S. GAAP. The preparation~~ of ~~these~~the ~~financial~~net ~~statements~~proceeds ~~requires~~from ~~us to make estimates and judgments that affect~~ the ~~reported~~sale ~~amounts~~ of ~~assets, liabilities, revenues and expenses and~~ the ~~disclosure~~Units ~~of contingent assets and liabilities~~ in ~~our~~the ~~financial~~IPO ~~statements. On an ongoing basis, we evaluate our estimates~~ and ~~judgments,~~the ~~including~~Private ~~those~~Placement ~~related~~were ~~to fair value of financial instruments and accrued expenses. We base our estimates on~~deposited ~~historical~~in ~~experience,~~a ~~known~~trust ~~trends~~account ~~and~~established ~~events~~for ~~and various other factors that we believe to be reasonable under~~ the ~~circumstances,~~benefit ~~the results~~ of ~~which form~~ the ~~basis~~Company’s ~~for~~public ~~making~~shareholders ~~judgments~~at ~~about~~JPMorgan ~~the~~Chase ~~carrying~~Bank, ~~values~~N.A. ofmaintained ~~assets and liabilities that are not readily apparent~~by ~~from~~Continental ~~other~~Stock ~~sources.~~Transfer ~~Actual~~& ~~results~~Trust ~~may~~Company, ~~differ~~acting ~~from~~as ~~these estimates under different assumptions or conditions~~trustee. ~~We have not identified any critical accounting policies.~~

~~Recent~~For a ~~Accounting~~description ~~Pronouncements~~of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Quarterly Report on Form 10-Q.

~~Management does not believe that any recently issued, but not yet effective,~~Item ~~accounting~~3. ~~standards,~~Defaults ifUpon ~~currently~~Senior ~~adopted, would have a material effect on the Company’s financial statements.~~Securities

~~Off-Balance Sheet Arrangements~~None.

~~As of September 30, 2024, we did not have any off-balance sheet arrangements as defined in~~ Item ~~303(a)(~~ 4~~)(ii)~~. ofMine ~~Regulation~~Safety ~~S-K.~~Disclosures

~~Item 3~~None. ~~Quantitative and Qualitative Disclosures About Market Risk~~

~~We are a smaller reporting company as defined by Rule 12b-2 of the~~Item ~~Exchange~~5. ~~Act~~Other ~~and are not required to provide the information otherwise required under this item.~~Information

~~Item 4~~None. ~~Controls and Procedures~~

~~Evaluation of Disclosure Controls and Procedures~~21

~~Under the supervision and with the participation of our management,~~Item including our Co-Chief Executive Officers, we conducted an evaluation of the effectiveness, of our disclosure controls and procedures as of September 30, 2024, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act6. Based on this evaluation, our principal executive officers and principal financial and accounting officer have concluded that due to inadequate segregation of duties within account processes and insufficient written policies and procedures for accounting, IT and financial reporting and record keeping, during the period covered by this report, our disclosure controls and procedures were not effective at a reasonable assurance level and, accordingly, provided reasonable assurance that the information required to be disclosed by us in reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and formsExhibits.

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Co-Chief Executive Officers or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Exhibit Number		Description
2.1		Business Combination Agreement, dated as of April 21, 2025, by and among GSR III Acquisition Corp., Terra Innovatum s.r.l and such other parties that will sign joinders to the Agreement (incorporated by reference to Exhibit 2.1 on the Current Report on Form 8-K filed April 25, 2025 (file no. 001-42399)).

10.1		Sponsor Support Agreement, dated as of April 21, 2025, by and among GSR III Acquisition Corp., Terra Innovatum s.r.l, and GSR III Sponsor LLC (incorporated by reference to Exhibit 10.1 on the Current Report on Form 8-K filed April 25, 2025 (file no. 001-42399)).

31.1		Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.

31.2		Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.

32.1*		Certification of Principal Executive Officers pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.

32.2*		Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

~~Changes~~* These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in ~~Internal~~any ~~Control~~filing ~~over~~under ~~Financial~~the ~~Reporting~~Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

~~There~~** ~~was~~Certain noschedules ~~change~~and inexhibits ~~our~~have ~~internal~~been ~~control~~omitted ~~over~~pursuant ~~financial~~to ~~reporting that~~Item ~~occurred~~601(b)(2) ~~during~~of ~~the~~Regulation ~~fiscal~~S-K. ~~quarter~~A ~~ended~~copy ~~September~~of ~~30,~~any ~~2024~~omitted ~~covered~~schedule byor ~~this~~exhibit ~~Quarterly~~will ~~Report~~be onfurnished ~~Form~~supplementally ~~10-Q that has materially affected, or is reasonably likely~~ to ~~materially~~the ~~affect,~~SEC ~~our~~upon ~~internal control over financial reporting~~request.

1522

~~PART~~Pursuant to ~~II-OTHER~~the ~~INFORMATION~~requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on this 15th day of May 2025.

~~Item~~GSR 1III ACQUISITION CORP. ~~Legal~~By: ~~Proceedings~~/s/ Gus Garcia Name: Gus Garcia Title: Co-Chief Executive Officer

~~None.~~23

~~Item 1A. Risk Factors~~ 00-0000000 0002029023 false Q1 --12-31 0002029023 2025-01-01 2025-03-31 0002029023 gsrt:UnitsEachConsistingOfOneClassAOrdinaryShareAndOneSeventhOfOneRightMember 2025-01-01 2025-03-31 0002029023 gsrt:ClassAOrdinaryShareParValue00001PerShareMember 2025-01-01 2025-03-31 0002029023 gsrt:RightsEachWholeRightEntitlingTheHolderToReceiveOneClassAOrdinaryShareMember 2025-01-01 2025-03-31 0002029023 us-gaap:CommonClassAMember 2025-05-14 0002029023 us-gaap:CommonClassBMember 2025-05-14 0002029023 2025-03-31 0002029023 2024-12-31 0002029023 us-gaap:CommonClassAMember 2025-03-31 0002029023 us-gaap:CommonClassAMember 2024-12-31 0002029023 us-gaap:CommonClassBMember 2025-03-31 0002029023 us-gaap:CommonClassBMember 2024-12-31 0002029023 2024-01-01 2024-03-31 0002029023 gsrt:RedeemableOrdinarySharesMember 2025-01-01 2025-03-31 0002029023 gsrt:RedeemableOrdinarySharesMember 2024-01-01 2024-03-31 0002029023 gsrt:NonRedeemableOrdinarySharesMember 2025-01-01 2025-03-31 0002029023 gsrt:NonRedeemableOrdinarySharesMember 2024-01-01 2024-03-31 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2024-12-31 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-12-31 0002029023 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0002029023 us-gaap:RetainedEarningsMember 2024-12-31 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2025-01-01 2025-03-31 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2025-01-01 2025-03-31 0002029023 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0002029023 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2025-03-31 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2025-03-31 0002029023 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0002029023 us-gaap:RetainedEarningsMember 2025-03-31 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-12-31 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-12-31 0002029023 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0002029023 us-gaap:RetainedEarningsMember 2023-12-31 0002029023 2023-12-31 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2024-01-01 2024-03-31 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-01-01 2024-03-31 0002029023 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-03-31 0002029023 us-gaap:RetainedEarningsMember 2024-01-01 2024-03-31 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2024-03-31 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-03-31 0002029023 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0002029023 us-gaap:RetainedEarningsMember 2024-03-31 0002029023 2024-03-31 0002029023 us-gaap:IPOMember 2024-11-08 2024-11-08 0002029023 us-gaap:OverAllotmentOptionMember 2024-11-08 2024-11-08 0002029023 us-gaap:CommonClassAMember us-gaap:IPOMember 2024-11-08 0002029023 us-gaap:CommonClassAMember us-gaap:IPOMember 2024-11-08 2024-11-08 0002029023 us-gaap:PrivatePlacementMember 2025-01-01 2025-03-31 0002029023 us-gaap:OverAllotmentOptionMember 2025-01-01 2025-03-31 0002029023 gsrt:GSRIIISponsorLLCMember us-gaap:PrivatePlacementMember 2025-03-31 0002029023 gsrt:GSRIIISponsorLLCMember us-gaap:PrivatePlacementMember 2025-01-01 2025-03-31 0002029023 us-gaap:IPOMember 2025-01-01 2025-03-31 0002029023 us-gaap:IPOMember 2025-03-31 0002029023 2024-01-01 2024-12-31 0002029023 2024-11-08 2024-11-08 0002029023 gsrt:RedeemableSharesMember 2025-01-01 2025-03-31 0002029023 gsrt:NonRedeemableSharesMember 2025-01-01 2025-03-31 0002029023 gsrt:RedeemableSharesMember 2024-01-01 2024-03-31 0002029023 gsrt:NonRedeemableSharesMember 2024-01-01 2024-03-31 0002029023 us-gaap:CommonClassAMember us-gaap:IPOMember 2025-03-31 0002029023 us-gaap:CommonClassAMember us-gaap:IPOMember 2025-01-01 2025-03-31 0002029023 us-gaap:OverAllotmentOptionMember 2025-03-31 0002029023 us-gaap:PrivatePlacementMember 2025-03-31 0002029023 gsrt:SponsorMember us-gaap:PrivatePlacementMember 2025-01-01 2025-03-31 0002029023 us-gaap:CommonClassAMember us-gaap:PrivatePlacementMember 2025-03-31 0002029023 us-gaap:CommonClassBMember gsrt:SponsorMember 2023-05-30 2023-05-30 0002029023 us-gaap:IPOMember 2023-05-30 2023-05-30 0002029023 gsrt:FounderSharesMember 2024-11-08 2024-11-08 0002029023 gsrt:SponsorMember 2024-11-08 0002029023 gsrt:SponsorMember 2024-11-08 2024-11-08 0002029023 gsrt:FounderSharesMember 2024-12-19 2024-12-19 0002029023 gsrt:SponsorMember 2024-12-19 0002029023 2024-12-19 2024-12-19 0002029023 gsrt:DirectorsAndManagementMember 2025-03-31 0002029023 gsrt:PromissoryNoteMember gsrt:SponsorMember 2024-06-30 0002029023 gsrt:SponsorMember 2024-01-01 2024-12-31 0002029023 gsrt:PromissoryNoteMember us-gaap:IPOMember 2024-01-01 2024-12-31 0002029023 gsrt:SponsorMember 2025-03-31 0002029023 gsrt:WorkingCapitalLoansMember us-gaap:PrivatePlacementMember 2025-03-31 0002029023 us-gaap:CommonClassBMember 2023-12-31 0002029023 gsrt:SponsorMember 2023-05-31 0002029023 gsrt:SponsorMember 2023-05-31 2023-05-31 0002029023 us-gaap:CommonClassAMember us-gaap:PrivatePlacementMember 2024-11-08 2024-11-08 0002029023 gsrt:PublicRightsMember 2024-11-08 0002029023 us-gaap:PrivatePlacementMember 2024-11-08 0002029023 gsrt:PublicRightsMember 2024-12-31 0002029023 us-gaap:PrivatePlacementMember 2024-12-31 0002029023 us-gaap:FairValueMeasurementsRecurringMember 2025-03-31 0002029023 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-03-31 0002029023 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-03-31 0002029023 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-03-31 0002029023 us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0002029023 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0002029023 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0002029023 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our final prospectus for the Initial Public Offering filed with the SEC on November 7, 2024. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our final prospectus for the Initial Public Offering filed with the SEC, except we may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On November 8, 2024, we consummated our Initial Public Offering of 23,000,000 Units, which includes the exercise in full of the underwriters’ option to purchase an additional 3,000,000 Units at $10.00 per Unit, generating gross proceeds of $230,000,000.

Transaction costs amounted to $10,951,368, consisting of $975,000 of cash underwriting fees, $9,200,000 of deferred underwriting fees which will be paid on the consummation of initial Business Combination, and $776,368 of other offering costs.

On November 8, 2024, a total of $234,040,000 of the net proceeds from the sale of the Units in the IPO and the Private Placement were deposited in a trust account established for the benefit of the Company’s public shareholders at JPMorgan Chase Bank, N.A. maintained by Continental Stock Transfer & Trust Company, acting as trustee.

For a description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Quarterly Report on Form 10-Q.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits.

Exhibit Number		Description
31.1		Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.
31.2		Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.
32.1*		Certification of Principal Executive Officers pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
32.2*		Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

** Certain schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule or exhibit will be furnished supplementally to the SEC upon request.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on this 23rd day of December 2024.

GSR III ACQUISITION CORP. By: /s/ Gus Garcia Name: Gus Garcia Title: Co-Chief Executive Officer

00-0000000 false --12-31 Q3 0002029023 0002029023 2024-01-01 2024-09-30 0002029023 gsrt:UnitsEachConsistingOfOneClassAOrdinaryShareAndOneSeventhOfOneRightMember 2024-01-01 2024-09-30 0002029023 gsrt:ClassAOrdinaryShareParValue00001PerShareMember 2024-01-01 2024-09-30 0002029023 gsrt:RightsEachWholeRightEntitlingTheHolderToReceiveOneClassAOrdinaryShareMember 2024-01-01 2024-09-30 0002029023 us-gaap:CommonClassAMember 2024-12-23 0002029023 us-gaap:CommonClassBMember 2024-12-23 0002029023 2024-09-30 0002029023 2023-12-31 0002029023 us-gaap:RelatedPartyMember 2024-09-30 0002029023 us-gaap:RelatedPartyMember 2023-12-31 0002029023 us-gaap:CommonClassAMember 2024-09-30 0002029023 us-gaap:CommonClassAMember 2023-12-31 0002029023 us-gaap:CommonClassBMember 2024-09-30 0002029023 us-gaap:CommonClassBMember 2023-12-31 0002029023 2024-07-01 2024-09-30 0002029023 2023-07-01 2023-09-30 0002029023 2023-05-10 2023-09-30 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-12-31 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-12-31 0002029023 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0002029023 us-gaap:RetainedEarningsMember 2023-12-31 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2024-01-01 2024-03-31 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-01-01 2024-03-31 0002029023 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-03-31 0002029023 us-gaap:RetainedEarningsMember 2024-01-01 2024-03-31 0002029023 2024-01-01 2024-03-31 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2024-03-31 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-03-31 0002029023 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0002029023 us-gaap:RetainedEarningsMember 2024-03-31 0002029023 2024-03-31 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2024-04-01 2024-06-30 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-04-01 2024-06-30 0002029023 us-gaap:AdditionalPaidInCapitalMember 2024-04-01 2024-06-30 0002029023 us-gaap:RetainedEarningsMember 2024-04-01 2024-06-30 0002029023 2024-04-01 2024-06-30 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2024-06-30 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-06-30 0002029023 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0002029023 us-gaap:RetainedEarningsMember 2024-06-30 0002029023 2024-06-30 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2024-07-01 2024-09-30 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-07-01 2024-09-30 0002029023 us-gaap:AdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0002029023 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2024-09-30 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-09-30 0002029023 us-gaap:AdditionalPaidInCapitalMember 2024-09-30 0002029023 us-gaap:RetainedEarningsMember 2024-09-30 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-05-09 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-05-09 0002029023 us-gaap:AdditionalPaidInCapitalMember 2023-05-09 0002029023 us-gaap:RetainedEarningsMember 2023-05-09 0002029023 2023-05-09 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-05-10 2023-06-30 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-05-10 2023-06-30 0002029023 us-gaap:AdditionalPaidInCapitalMember 2023-05-10 2023-06-30 0002029023 us-gaap:RetainedEarningsMember 2023-05-10 2023-06-30 0002029023 2023-05-10 2023-06-30 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-06-30 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-06-30 0002029023 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0002029023 us-gaap:RetainedEarningsMember 2023-06-30 0002029023 2023-06-30 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-07-01 2023-09-30 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-07-01 2023-09-30 0002029023 us-gaap:AdditionalPaidInCapitalMember 2023-07-01 2023-09-30 0002029023 us-gaap:RetainedEarningsMember 2023-07-01 2023-09-30 0002029023 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-09-30 0002029023 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-09-30 0002029023 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0002029023 us-gaap:RetainedEarningsMember 2023-09-30 0002029023 2023-09-30 0002029023 us-gaap:SubsequentEventMember us-gaap:IPOMember 2024-11-08 2024-11-08 0002029023 us-gaap:SubsequentEventMember us-gaap:OverAllotmentOptionMember 2024-11-08 2024-11-08 0002029023 us-gaap:CommonClassAMember us-gaap:SubsequentEventMember 2024-11-08 0002029023 us-gaap:SubsequentEventMember 2024-11-08 2024-11-08 0002029023 us-gaap:PrivatePlacementMember 2024-01-01 2024-09-30 0002029023 gsrt:GSRIIISponsorLLCMember us-gaap:PrivatePlacementMember 2024-09-30 0002029023 gsrt:GSRIIISponsorLLCMember us-gaap:PrivatePlacementMember 2024-01-01 2024-09-30 0002029023 gsrt:GSRIIISponsorLLCMember 2024-01-01 2024-09-30 0002029023 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2024-01-01 2024-09-30 0002029023 us-gaap:SubsequentEventMember 2024-11-08 0002029023 us-gaap:IPOMember 2024-01-01 2024-09-30 0002029023 us-gaap:OverAllotmentOptionMember 2024-01-01 2024-09-30 0002029023 us-gaap:IPOMember 2024-09-30 0002029023 us-gaap:OverAllotmentOptionMember 2024-09-30 0002029023 us-gaap:PrivatePlacementMember 2024-09-30 0002029023 us-gaap:CommonClassBMember gsrt:SponsorMember 2023-05-30 2023-05-30 0002029023 gsrt:SponsorMember 2024-01-01 2024-09-30 0002029023 gsrt:AdministrativeServicesAgreementMember 2024-09-30 0002029023 gsrt:AdministrativeServicesAgreementMember 2023-12-31 0002029023 gsrt:PromissoryNoteMember gsrt:SponsorMember 2024-06-30 0002029023 us-gaap:RelatedPartyMember 2024-09-30 0002029023 gsrt:SponsorMember 2024-09-30 0002029023 us-gaap:CommonClassAMember us-gaap:SubsequentEventMember us-gaap:PrivatePlacementMember 2024-11-08 2024-11-08 0002029023 us-gaap:SubsequentEventMember gsrt:PublicRightsMember 2024-11-08 0002029023 us-gaap:SubsequentEventMember us-gaap:PrivatePlacementMember 2024-11-08 0002029023 us-gaap:SubsequentEventMember us-gaap:IPOMember 2024-11-08 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure

Filing Compare · GSR III Acquisition Corp.