CAEP Overview

Merger Announcement: Dubai's AIR, owner of the Al Fakher hookah brand, plans to go public in the U.S. through a merger with Cantor Equity Partners III, valuing the combined company at $1.75 billion.

SPAC Popularity: The merger utilizes a special purpose acquisition company (SPAC) approach, which has seen a resurgence in the U.S. market after a period of low activity due to previous challenges.

Company Performance: AIR reported $375 million in revenue and $150 million in adjusted earnings for 2024, with a strong global presence supported by eight production facilities and distribution networks.

Market Trends: Hookah use is increasing in the U.S., particularly among younger consumers, despite health warnings about the harmful chemicals in hookah smoke, with the deal expected to close in the first half of 2026.

Business Overview: AIR, the owner of Al Fakher, the leading hookah brand with over 60% market share in the U.S., generated $375 million in net revenue and $150 million in adjusted EBITDA in 2024, reflecting strong growth and a significant global presence.

Proposed Business Combination: AIR has entered into a definitive agreement with Cantor Equity Partners for a business combination that will result in AIR Global Limited being publicly listed on Nasdaq under the ticker "AIIR," with a pro forma enterprise value of $1.749 billion expected to close in the first half of 2026.

Innovative Product Offerings: AIR has invested over $115 million in product innovations, including the OOKA, a charcoal-free electronic hookah device, and has partnered with Snoop Dogg to develop a new line of premium flavors, enhancing its market appeal.

Market Position and Strategy: With a strong cash flow generation and a diversified product portfolio, AIR is well-positioned to capitalize on the estimated $15-20 billion consumer market for flavored hookah molasses by 2025, leveraging its e-commerce platforms and global distribution networks.

Class Action Firm Recognition: Monteverde & Associates PC, led by attorney Juan Monteverde, is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report and has successfully recovered millions for shareholders.

Investigation of Cantor Equity Partners: The firm is currently investigating Cantor Equity Partners III, Inc. regarding its merger with AIR Limited, where shareholders will receive one share in the combined company for each share they own.

Free Consultation Offer: Monteverde & Associates offers free consultations for shareholders concerned about the merger, emphasizing that there is no cost or obligation involved.

Firm's Track Record: The firm, based in the Empire State Building, has a strong history of litigating and recovering funds for shareholders, including cases that have reached the U.S. Supreme Court.