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GSR III Acquisition Corp.

GSRT · Nasdaq

Trust settledTerra Innovatum s.r.l. · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).


In plain terms

What it is
A SPAC from GSR (Garcia/Silberman), listed on Nasdaq in November 2024.
What it's doing now
It agreed in May 2025 to buy Terra Innovatum s.r.l., an Italian limited liability company company. The deal valued that business at about $475M. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
What you should know
This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.

At a glance

Where it stands
Closed (deSPAC)
The business it bought
Terra Innovatum s.r.l.
Industry
Italian limited liability company (operating company in the SPAC business combination)
Deal value
$475M
announced 14 May 2025
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
8 November 2024
size not on file · 103.9% of each $10 unit into trust
Headquarters
5900 BALCONES DRIVE, SUITE 100, AUSTIN, TX, 78731
registered in the Cayman Islands
Lead underwriter
not extracted from the prospectus yet
Key officers
Kuan Man Wa (Director) · Garcia Gus (Co-Chief Executive Officer) · Silberman Lewis (Co-Chief Executive Officer)
Listed securities
GSRT common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.


What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

2 dated milestones

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 8 November 2024IPOpassed

    IPO size not on file

  2. 14 May 2025Deal announcedpassed

    Combination with Terra Innovatum s.r.l.


The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.


The score

deterministic, from filed fields

GSRT is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how


The company

from SEC filings
Read the full profile

GSR III Acquisition Corp. (GSRT) is a blank-check company listed on the Nasdaq Stock Market with SEC CIK 0002029023. The company priced its initial public offering on November 8, 2024, at a trust value of 10.39 per unit, as detailed in a 424B prospectus. It later completed a business combination and ceased filing, a status established by a DEFA14A filing on October 3, 2025. The common ticker GSRT is also printed on the cover page of an 8-K filed on September 29, 2025.


Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • The trust floor is roughly $10.27 a share on $236 million, and the deferred underwriting commission of $9.2 million is paid outside the redemption calculation, so redeeming holders take the full amount. The $25,000,000 minimum cash condition is the pressure point: heavy redemption could break it and kill the deal, which is why the proxy flags adjournment in that scenario. A fairness opinion from EntrepreneurShares dated April 7, 2025 supports the board's recommendation.

  • The registered ceiling is 80,241,571 ordinary shares plus 8,040 preferred shares — a preferred line small enough that it is almost certainly structural rather than economic, and it should not be added to the ordinary count as if comparable. The vote is framed as an ordinary resolution, a simple-majority threshold rather than a special resolution. No meeting date is fixed by this version, so no deadline can be taken from it. The two names given for the parent should be resolved against the operative agreement before either is treated as the issuer.

  • The registered ceiling of 80,241,571 ordinary shares is unchanged in substance from what the cover carries elsewhere in this series, and the 8,040 preferred shares are a separate, very small line that should not be aggregated with it. The approval threshold is an ordinary resolution — a simple majority. No meeting date is fixed, so no deadline follows from this filing. The parent entity is named as an Italian s.r.l. in one place and a Dutch N.V. in another; that should be resolved against the operative agreement before publication.

  • The registered ceiling is 80,241,571 ordinary shares plus a separate 8,040 preferred shares. The approval threshold is an ordinary resolution — a simple majority of votes cast — rather than a special resolution. Not a single date is filled in on this version, so it establishes no vote date, mailing date or redemption deadline. The inconsistency between the Italian s.r.l. named on the cover and the Dutch N.V. named in the text bears on which country's corporate law governs the surviving public company and should be resolved against the operative agreement before either is published.

  • The registered ceiling here is a single line of 80,241,571 ordinary shares with no preferred alongside it. The approval threshold is an ordinary resolution — a simple majority. No date of any kind is filled in, so this version establishes no vote date, mailing date or redemption deadline. The cover and text give two different corporate forms and jurisdictions for the parent entity, which bears on the governing law of the surviving public company and should be resolved against the operative agreement.

  • The 80,241,571 registered ordinary shares figure is already fixed at this early amendment and holds across later versions of this registration statement. The vote is an ordinary resolution — a simple majority. Every date on the document is blank, so nothing here fixes a vote date, a mailing date or a redemption deadline. The parent entity is named inconsistently between the cover and the text, which is a question about governing law that this document does not settle.

Show 1 more material filings
  • This is the baseline of the GSR III / Terra Innovatum registration and it sets the registered ceiling at 80,241,571 ordinary shares — a figure that holds unchanged across the later amendments in this series. Every date is blank, so nothing here fixes a vote date, mailing date or redemption deadline. The target is an Italian limited liability company, so the combination moves the listing's underlying operating entity outside U.S. corporate law.


Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPO$10.39

from 424B3 0001213900-25-095492

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Blank Checks (6770)
Registered inthe Cayman Islands
Exchange · CIKNasdaq · 0002029023

All filings on EDGARopens on sec.gov in a new tab

Directors & officers


Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

1 filer with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.


Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

38 full SEC filing texts archived — searchable, never lost.


In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.


Ask the brain

from its filings
Data provenance & audit trail7 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

GSRT — company record
UNIVERSE-HISTORY2026-08-16

admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001213900-24-095543 priced 2024-11-08; common ticker GSRT off 8-K 0001213900-25-093094 (2025-09-29); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per DEFA14A 0001213900-25-095729 (2025-10-03) — 00% of their respective quotas in the capital of Terra Innovatum to Terra Innovatum Global As a result of the Contribution, Terra Innovatum became a wholly owned subsidiary of Terra Innovatum Global. Following the Contribution, but prior to the effective time of the Closing, New TopCo will be cross -border converted from an Italian limited liability company into a Dutch public limited liability co. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SECURITY-TERMS-MINED2026-08-19

unitSeparationDays=52 from the definitive prospectus (0001213900-24-095543). NOT FILLED: warrantStrike — no stated candidate; warrantCallPrice — no stated candidate; rightShareRatio — no stated candidate

SPONSOR-ID2026-08-14

sponsor "GSR III Sponsor LLC" (SEC CIK 0002043969) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-24-095483.

WEBSITE-NONE2026-08-26

Deal — Terra Innovatum s.r.l.
DEAL-TARGET2025-09-16

AI-extracted target (z-ai/glm-5.2, conf 0.95)

BACKFILL2026-08-26

target recovered for a completed de-SPAC

PROFILE-STUB2026-08-26

entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read