New York, May 22, 2026, 12:04 EDT
- ITHA last traded at $9.97, unchanged from the last close. The stock moved in a $9.94 to $9.97 range.
- The company remains a pre-deal SPAC, with investors focused on its trust cash and progress on finding a merger target, not its operating earnings.
- SPAC activity is steady. Two more blank-check IPOs started trading Friday.
ITHAX Acquisition Corp III Class A shares barely moved Friday, steady near $10. That’s typical for SPACs before they announce a deal partner.
ITHA last traded at $9.97, flat on the day, with the session’s range between $9.94 and $9.97. Its market cap stood near $306 million. The stock is listed on Nasdaq.
ITHAX isn’t an operating company right now. It’s a SPAC, which means it’s a publicly traded shell with money raised for a future merger. The stock price is tied mostly to the cash on hand for redemptions, as well as whether management can land a solid deal.
Stocks were up. Reuters said Wall Street’s main indexes climbed Friday, and the Dow hit an intraday high as investors looked to the Iran talks. Peter Cardillo, chief market economist at Spartan Capital Securities, told Reuters that ongoing peace talks were a “supportive factor” for investors. Reuters
ITHAX stuck to a tight trading range last quarter as its new filing showed the company still hadn’t started operations by March 31. No operating revenue was on the books, with management saying revenue won’t come in until a business combination is done. Quarterly net income reached $1.78 million, mainly on $1.96 million in interest from trust account cash and securities, while general and administrative expenses stood at $175,512.
The trust account, which holds cash for public shareholders who want their money back, is still the main focus in the short term. ITHAX said it had 23 million Class A shares that could be redeemed for $10.10 each as of March 31. As of May 15, the company reported 23 million Class A shares and 7.67 million Class B shares were outstanding.
ITHAX Acquisition Corp. III says it’s after a business deal in artificial intelligence, robotics, digital assets, fintech, and tech tied to leisure, hospitality and travel. The company is targeting an enterprise value above $500 million. Enterprise value considers both equity and debt, minus cash.
ITHAX wrapped up its IPO Dec. 15, pulling in $230 million by selling 23 million units at $10 each, hitting the full over-allotment option for underwriters. Trading in the units kicked off under ITHAU on Dec. 12, while the ordinary shares and warrants started trading later as ITHA and ITHAW. Warrants let holders buy shares for a fixed price.
SPACs are moving again as firms hunt for deals and investors. Boardroom Alpha reported BurTech Acquisition Corp II and Peace Acquisition Corp. both priced SPAC IPOs on May 22, together raising $140 million. So far this month, 18 new SPAC IPOs have hit the market, pulling in $2.37 billion from 22 sessions.
U.S. equity markets will be closed Monday, May 25 for Memorial Day, Nasdaq said. SIFMA has suggested bond markets close early at 2 p.m. Eastern on Friday. Traders could see lighter volumes ahead of the long weekend.
The risk is straight and not minor. If ITHAX doesn’t close a deal in 24 months from its IPO, it has to buy back public shares for cash. A deal that’s weak or gets heavy redemptions could have the merged stock trade below the trust value. If short-term rates drop, that also cuts into the interest income seen last quarter.
Right now, the next big move won’t come from an earnings beat. Investors are watching for an 8-K or any filing that picks a target and puts a business on the table to value.
