Cartesian Growth Corporation II, a blank check company, was incorporated on October 13, 2021, for the purpose of effecting a business combination. The company consummated its Initial Public Offering (IPO) on May 10, 2022, raising $230,000,000 by selling 23,000,000 units at $10.00 per unit. Simultaneously with the IPO, the company sold 8,900,000 private placement warrants for $8,900,000 and received a $4,600,000 loan from its sponsor. A total of $236,900,000 was initially placed in the trust account, with transaction costs amounting to $16,804,728. The company was delisted from Nasdaq on May 13, 2025, due to its failure to complete an initial business combination within 36 months of its IPO registration statement's effectiveness, and its securities are now quoted on the OTC Pink Limited Market. Shareholders approved three extensions, moving the business combination deadline from November 10, 2023, to November 10, 2024 (First Extension), then to November 5, 2025 (Second Extension), and finally to August 5, 2026 (Third Extension). These extensions were accompanied by significant shareholder redemptions: approximately $77.4 million (November 2023), $99,613,642 (November 2024), and $51,219,981.36 (November 2025). As of December 31, 2025, the trust account held $37,914,438, a substantial reduction from its initial balance. The company reported a net loss of $1,512,540 for the year ended December 31, 2025, a decline from a net income of $8,205,527 in 2024. Management has determined that the company's liquidity condition and mandatory liquidation date raise substantial doubt about its ability to continue as a going concern. In October 2024, the company amended its trust agreement to hold funds in an interest-bearing bank demand deposit account instead of U.S. government treasury obligations to mitigate the risk of being deemed an investment company.