Monitor initial trading under new ticker (FAC) for price discovery and volume. Watch for milestones in solid-state battery development with PowerCo and Karma Automotive, as well as potential further capital raises given the pre-revenue stage. The removal of the de-SPAC risk is a positive catalyst, but the company's path to commercialization remains long.
Price Chart
Executive Summary
Factorial Energy Inc. (formerly Cartesian Growth Corp III, ticker CGCTU) completed its de-SPAC business combination with Factorial Inc. on June 5, 2026, transforming into a publicly traded solid-state battery company. The combined entity received gross proceeds of ~$112.1M, adopted a 2026 Equity Incentive Plan with 21M shares reserved, and reported improved Q1 2026 net loss of -$8.575M vs -$12.87M YoY, though remaining pre-revenue with a $228.6M stockholders' deficit.
Key Financial Metrics
Key Facts
- De-SPAC merger closed June 5, 2026; Factorial Energy Inc. now trades under new ticker (expected: FAC).
- Gross proceeds of approximately $112.1 million from de-SPAC and PIPE sale of Series A Common Stock.
- Implied Factorial equity value of approximately $1.1 billion.
- 2026 Equity Incentive Plan adopted with initial reserve of 21 million shares of Series A Common Stock.
- Q1 2026 net loss improved to -$8.575M (from -$12.87M in Q1 2025), R&D and SG&A decreased significantly.
- Cash and cash equivalents of $25.4M as of March 31, 2026; going concern doubt alleviated post-closing.
- Preferred stock and warrants converted into Series A Common Stock at a conversion ratio of ~3.67.
- Dr. Dieter Zetsche appointed to Board of Directors; partnership with PowerCo (Volkswagen) and Karma Automotive announced.
Financial Impact
Gross proceeds of ~$112.1M; implied equity value $1.1B; Q1 2026 revenue $0 (pre-revenue), net loss -$8.575M.
Risk Factors
- Pre-revenue with significant accumulated deficit ($264M) and ongoing operating losses.
- Dependence on successful commercialization of solid-state battery technology and OEM partnerships.
- Potential dilution from outstanding options and RSUs (5.5M options at weighted avg $4.03, 1.4M RSUs).
- Arbitration with a vendor seeking $4.9M in damages (ongoing).
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-072433 |
| Document: tm2617149d1_ex10-17.htm | 0001104659-26-072433 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 10, 2026 19w ago | 8-K | — | awaiting T+20 | — | — |
Jun 5, 2026 20w ago | 25-NSE | $12.96 | awaiting T+20 | — | — |
Jun 5, 2026 20w ago | 8-K | $12.96 | awaiting T+20 | — | — |
May 11, 2026 24w ago | 425 | $11.30 $12.01 | ▲ +6.28% | ▲ +6.59% | — |
May 11, 2026 24w ago | 8-K | $11.30 $12.01 | ▲ +6.28% | ▲ +6.59% | — |
May 7, 2026 24w ago | EFFECT | $11.30 $12.60 | ▲ +11.50% | ▲ +8.37% | — |
Apr 23, 2026 26w ago | 425 | $10.82 $10.83 | ▲ +0.09% | ▼ −4.54% | — |
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