ITHAX Acquisition Corp III
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ITHAX Acquisition Corp III AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity of -12.6M with liabilities (43.5M) exceeding assets (30.9M) - technically insolvent SPAC structure[Common Stockholders Equity]
- Zero revenue, zero cash, zero FCF - pure cash-burn vehicle with 37.6K operating loss TTM[Free Cash Flow]
- ROA of -121.8% vs industry median +2.0% - assets entirely non-current deferred (trust structure)[ROA]
Watch Triggers
- Total Assets: Declines below 25M or trust redemptions accelerate — Trust depletion signals shareholder exits and reduces deal capacity
- Current Liabilities: Increases above 50M without deal announcement — Rising liabilities without revenue indicates sponsor extensions diluting value
- Operating Expense: G&A exceeds 50K quarterly — Accelerating burn rate shortens runway and erodes trust value
Bull Case
Trust assets of 30.9M provide downside floor for shareholders if liquidation occurs - redemption value may exceed current trading
Successful acquisition could unlock value if target has real operations - optionality on deal announcement
Bear Case
Negative equity (-12.6M) and debt (11.3M) mean sponsor economics heavily dilute public shareholders in any deal
Zero cash position with 43.5M current liabilities - entirely dependent on deal completion or trust redemption
Bull vs Bear Balance
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Forward Thesis
SPAC will either complete acquisition or liquidate within 12-24 months
- SPAC structure has finite timeline for business combination
- 30.9M in non-current deferred assets (likely trust)
- 11.3M debt creates pressure to transact
Valuation Context
Caveats
ITHA Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$306.67M | — | ||
$306.01M | — | ||
0.00 | — | ||
$0 | — | ||
$0.00 | — | ||
0% | — | ||
0% | — | ||
$0 | — | ||
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
ITHA Dividend History
ITHA Stock Splits
ITHA SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/15/26 | 03/31/26 | 10-Q | |
12/31/25 | 12/31/25 | 10-K | |
01/27/26 | 09/30/25 | 10-Q | |
07/31/25 | 07/31/25 | 424B4 |