Cartesian Growth Corp II to merge with InoBat at $1.265B enterprise value; PIPE of $77.5M

Cartesian Growth Corp II

InoBat valued at $1.265B: $575M upfront consideration plus up to $690M in earn-out shares tied to milestones.
PIPE financing of $77.5M: $50M from institutional investor for Series A convertible pref + warrants; $27.5M from others for Series B pref + warrants.
Closing expected in Q4 2026, subject to CGC shareholder approval, regulatory clearances, and Nasdaq listing.
Break fees: $10M payable by either party if they enter a competing transaction within 12 months after termination for breach.
Sponsor support: forfeiture of private warrants, transfer of 800k shares, conversion of $9.2M loans into preference shares.

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