The deal appears on track for the May 12 shareholder vote. Monitor for any redemptions or last-minute opposition. A successful vote would result in a Nasdaq listing, providing liquidity and potential re-rating for this profitable niche consumer company.
Price Chart
Executive Summary
AIR Holdings Ltd published a podcast transcript promoting its $1.7 billion SPAC merger with Cantor Equity Partners III, highlighting strong 2025 financials ($400M consolidated revenue, $139M adjusted EBITDA, $116M operating cash flow) and the company's profitable, cash-generative core business. The deal, which does not include a PIPE, is on track for a shareholder vote on May 12, 2026, for the Nasdaq listing under ticker AIIR.
Key Financial Metrics
Key Facts
- SPAC merger valued at $1.7 billion with Cantor Equity Partners III
- FY2025 consolidated revenue of $400M and adjusted EBITDA of $139M
- Operating cash flow of $116M in 2025
- No PIPE financing – company is profitable and cash-generative
- Shareholder vote scheduled for May 12, 2026
- Nasdaq listing expected under ticker AIIR
Financial Impact
Transaction value $1.7 billion; company generated $400M revenue and $139M adjusted EBITDA in 2025
Risk Factors
- Risk of shareholder vote failure or high redemptions
- Regulatory approvals required for the business combination
- Execution risk in scaling new product categories (OOKA, nicotine adjacencies)
- Category concentration in hookah/shisha, which faces regulatory scrutiny
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001193125-26-208758 |
| Document: 0001193125-26-208758-index-headers.html | 0001193125-26-208758 |
| Document: 0001193125-26-208758-index.html | 0001193125-26-208758 |
| Document: 0001193125-26-208758.txt | 0001193125-26-208758 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 6-K | $7.50 $7.58 | ▲ +1.00% | ▲ +2.01% | $7.38 (−1.60%) |
Oct 1, 2026 25d ago | 6-K | $7.39 $7.44 | ▲ +0.68% | ▼ −0.48% | $7.38 (−0.14%) |
Sep 23, 2026 4w ago | 6-K | $7.47 $7.69 | ▲ +2.95% | ▲ +3.36% | $7.38 (−1.20%) |
Sep 21, 2026 5w ago | 6-K | $7.53 $7.06 | ▼ −6.18% | ▼ −5.16% | $7.38 (−1.93%) |
Sep 11, 2026 6w ago | 6-K | $7.25 $7.44 | ▲ +2.62% | ▲ +2.84% | $7.38 (+1.79%) |
Aug 26, 2026 8w ago | 6-K | $6.81 $7.40 | ▲ +8.66% | ▲ +8.78% | $7.38 (+8.37%) |
Aug 20, 2026 9w ago | 6-K | $7.25 $7.98 | ▲ +10.06% | ▲ +8.95% | $7.38 (+1.79%) |
Aug 20, 2026 9w ago | Press Release | $7.25 $7.98 | ▼ −10.06% | ▼ −8.95% | $7.38 (−1.79%) |
May 18, 2026 23w ago | 6-K | $9.50 $7.11 | ▼ −25.16% | ▼ −27.40% | $7.38 (−22.32%) |
May 15, 2026 23w ago | 6-K | $10.44 $8.34 | ▼ −20.11% | ▼ −21.73% | $7.38 (−29.31%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers