Chenghe Acquisition III Co. completes $126.5M IPO; auditor flags going concern

Chenghe Acquisition III Co.

IPO of 12,650,000 units at $10.00/unit for gross proceeds of $126.5M; full overallotment exercised.
Concurrent private placement of 408,000 units at $10.00/unit raised $4.08M from sponsors and underwriter.
$126.5M placed in trust account; post-IPO cash for operations is only $1.08M.
Auditor notes working capital deficit ($33K) and shareholders' deficit ($5.09M), with substantial doubt about ability to continue as going concern.
Company must complete a business combination within 18 months or liquidate.

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