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Deal announced · 24 Jul 2026RENEU · NasdaqCIK 1889112Sponsor at IPO: CGC II Sponsor LLC

Cartesian Growth Corp II

$237MTrust raised at IPO · 2% of public shares left after its last counted vote

  1. IPO5 May 2022
  2. Searching18 months
  3. Deal announced24 Jul 2026
  4. Closed—

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Larger than 73% of 2022’s SPAC IPOs.

    $230M raised, against a median of $115M for the 83 SPACs that priced in 2022.

  2. 02

    $10.30 in trust per unit, above the 2022 median.

    The median that year was $10.20. Above $10.00, the sponsor tops up the trust from its own private placement.

  3. 03

    98% of public shares redeemed across 4 votes.

    4 extension votes, counted from the SPAC’s 8-Ks. 2% of the public shares remained after the last one.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2022 SPAC IPOs →
IPO priced
5 May 2022
IPO closed
10 May 2022
Raised
$230M1
Units sold
23,000,0002
Trust raised
$237M3
Trust per unit
$10.304
Unit
1 sh + ⅓ warrant5
Months to complete
186
Deadline before extensions
10 Nov 2023
Over-allotment
Exercised in full

Each unit: “one Class A ordinary share and one-third of one warrant”

How it compares

Cartesian Growth Corp II against the 83 SPACs that priced in 2022.

Raised
$230M
73% of 2022 SPACs are below it
2022 median: $115M
Trust per unit
$10.30
90% of 2022 SPACs are below it
2022 median: $10.20
Months to complete
18
83% of 2022 SPACs are below it
2022 median: 15
Redeemed across its votes
98%
51% of 2022 SPACs are above it
2022 median: 98%

Trust and redemptions

  1. Extension vote · 6 Nov 20237,129,439 of 23,000,000 redeemed (31%)
  2. Extension vote · 6 Nov 20248,620,849 of 15,870,561 redeemed (54%)
  3. Extension vote · 3 Nov 20254,173,618 of 7,249,712 redeemed (58%)
  4. Extension vote · 30 Jul 20262,601,058 of 3,076,094 redeemed (85%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Company counsel

Underwriters’ counsel

Auditor

Other SPACs from Cartesian Growth

Cartesian Growth’s track record →

Cartesian Growth has brought 4 SPACs to market since 1 January 2019, $1.1B in all: 2 completed, 1 with a deal announced, 1 searching. 2 of the 2 that reached an end completed a merger.

SPACIPORaisedStatusOutcomeMonths
Cartesian Growth Corp IV24 Jun 2026$275MSearching——
Cartesian Growth Corp III1 May 2025$276MCompletedFactorial Energy Inc. (FAC)13
Cartesian Growth Corp II This SPAC5 May 2022$230MDeal announced——
Cartesian Growth Corp23 Feb 2021$345MCompletedAlvarium Tiedemann Holdings, Inc. (ALTI)22

Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.

Peers

Other 2022 SPAC IPOs with Cantor Fitzgerald & Co. as bookrunner.

SPACIPORaisedUnitStatus
HCM Acquisition Corp20 Jan 2022$288M1 sh + ½ warrantCompleted
Atlantic Coastal Acquisition Corp. II13 Jan 2022$300M1 sh + ½ warrantCompleted
Papaya Growth Opportunity Corp. I13 Jan 2022$288M1 sh + ½ warrantDeal announced
10X Capital Venture Acquisition Corp. III11 Jan 2022$300M1 sh + ½ warrantLiquidated
C5 Acquisition Corp6 Jan 2022$288M1 sh + ½ warrantLiquidated

Sources

  1. PFinal prospectus: 0001193125-22-145114
  2. 1Gross proceeds: 0001193125-22-147459The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $230,000,000.
  3. 2Units sold: 0001193125-22-147459On May 10, 2022, the Company consummated the Offering of 23,000,000 units (the “Units”), including the issuance of 3,000,000 Units as a result of the underwriters’ full exercise of their over-allotment option.
  4. 3Trust raised: 0001193125-22-151594A total of $236,900,000 ($10.30 per Unit) of the net proceeds from the Offering, the Private Placement and the Sponsor Loan, was placed in the Trust Account.
  5. 4Trust per unit: 0001193125-22-145114($10.30 per unit, regardless of whether or not the underwriters exercise any portion of their option to purchase additional units)
  6. 5Unit composition: 0001193125-22-14511420,000,000 units, at $10.00 per unit, each unit consisting of one Class A ordinary share and one-third of one warrant.
  7. 6Months to complete: 0001193125-22-145114If we are unable to consummate a business combination within 18 months from the closing of this offering, we will distribute the aggregate amount then on deposit in the trust account

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.