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S-K 1604(b)(4) De-SPAC Prospectus Summary, Compensation

Mar. 27, 2026

De-SPAC, Compensation, Prospectus Summary [Line Items]

De-SPAC, Compensation, Prospectus Summary, Terms [Text Block]

Consideration to be Received by, and Securities to be Issued to, the Sponsor and its Affiliates

Set forth below is a summary of the terms and amount of the consideration received or to be received by the Sponsor and its Affiliates in connection with the Business Combination, the amount of securities issued or to be issued by Pubco to the Sponsor and the price paid or to be paid or consideration provided for such securities or any related financing transaction.


Entity	Interest in Securities/Other Consideration to be Received	Price Paid or to be Paid or Consideration Provided
Sponsor	The Sponsor will receive 3,500,000 Pubco Ordinary Shares in exchange for its 3,500,000 CAEP Founder Shares (after accounting for the surrender by the Sponsor and cancellation of 3,400,000 of the 6,900,000 CAEP Founder Shares it holds today immediately prior to, and subject to the consummation of, the Cayman Merger); provided that 1,500,000 of such Pubco Ordinary Shares will be subject to the Sponsor Earnout Conditions	$25,000 paid to purchase the 6,900,000 CAEP Founder Shares
	The Sponsor will receive 580,000 Pubco Ordinary Shares in exchange for its 580,000 CAEP Private Placement Shares	$5,800,000 paid to purchase the 580,000 CAEP Private Placement Shares
	Additional Pubco Ordinary Shares in exchange for CAEP Class A Ordinary Shares and/or cash	Amounts outstanding at Closing under (a) the Sponsor Loan will be repaid by the issuance of CAEP Class A Ordinary Shares at $10.00 per share and (b) all other loans (other than the Sponsor Loan) will be repaid in cash
CF&Co.	$10,380,000 in cash Approximately $24.235 million in cash, being equal to 1.5% of the enterprise value of AIR less $2 million, which fee will be reduced by an amount equal to the lesser of (i) $1.98 million and (ii) the product of: (x) 5.5%, (y) $10.00 and (z) the number of Public Shares redeemed in connection with the Transactions	Services pursuant to the Business Combination Marketing Agreement Services pursuant to the CF&Co. M&A Engagement Letter

Because the Sponsor acquired the 3,500,000 CAEP Founder Shares (after accounting for the surrender by the Sponsor and cancellation of 3,400,000 CAEP Founder Shares immediately prior to the Cayman Merger) at a nominal price, Public Shareholders will incur substantial and immediate dilution upon the Closing of the Business Combination. See the sections titled “Summary of the Proxy Statement/Prospectus — The Business Combination Agreement — Ownership of Pubco Following the Business Combination,” “Risk Factors — Risks Related to the Business Combination — The value of the CAEP Founder Shares following completion of the Business Combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of Pubco Ordinary Shares at such time is substantially less than the negotiated price of $10.00 per share, which may create an economic incentive for the CAEP management team to pursue and consummate the Business Combination which differs from Public Shareholders” and “Risk Factors — Risks Related to the Business Combination — Public Shareholders who do not redeem their Public Shares will experience substantial and immediate dilution upon Closing of the Business Combination as a result of the CAEP Class B Ordinary Shares held by the Sponsor, since the value of the CAEP Class B Ordinary Shares is likely to be substantially higher than the nominal price paid for them, as well as a result of the issuance of Pubco Ordinary Shares in the Business Combination.”

Related Party Transactions (Details) - USD ($)						1 Months Ended	12 Months Ended
Related Party Transactions (Details) - USD ($)	Nov. 07, 2025	Oct. 23, 2025	Jun. 27, 2025	Jun. 25, 2025	Jun. 06, 2024	Nov. 30, 2020	Dec. 31, 2025	Dec. 31, 2024	Jun. 15, 2025
Related Party Transactions [Line Items]
Stock purchase price							$ 5,800,000
Stock issued during period shares private placement							5,800,000	$ 0
Services fee							10,380,000
Percentage of cash fee		1.50%
Enterprise value of AIR		$ 2,000,000
Reduced fee amount		$ 1,980,000
Redemption shares percentage		5.50%
Loan amount							$ 311,783	70,540
Initial public offering days							60 days
Loan due to related parties							$ 0	0
Administrative fees expense							61,667	0
Related Party Loans [Member]
Related Party Transactions [Line Items]
Maximum loan agreed by sponsor				$ 4,140,000
Administrative Services Agreement [Member]
Related Party Transactions [Line Items]
Administrative fees expense							$ 61,000	0
AIR Business Combination [Member]
Related Party Transactions [Line Items]
Price per share (in Dollars per share)	$ 10	$ 10
Sponsor [Member]
Related Party Transactions [Line Items]
Price per share (in Dollars per share)							$ 10.15
Initial public offering days							60 days
Redeemed share price (in Dollars per share)							$ 0.15
Related Party [Member]
Related Party Transactions [Line Items]
Office space							$ 10,000
Founders Shares [Member]
Related Party Transactions [Line Items]
Number of shares surrendered (in Shares)	3,400,000
Related Party Loans [Member] \| Pre-IPO Note [Member]
Related Party Transactions [Line Items]
Loan amount							$ 0	$ 71,000
Maximum [Member] \| Sponsor Loan [Member]
Related Party Transactions [Line Items]
Maximum loan agreed by sponsor				$ 1,750,000
Class B Ordinary Shares [Member]
Related Party Transactions [Line Items]
Number of shares surrendered (in Shares)					9,375,000
Ordinary shares outstanding (in Shares)							6,900,000	6,900,000
Ordinary shares issued (in Shares)				1,150,000			6,900,000	6,900,000	750,000
Class B Ordinary Shares [Member] \| Sponsor [Member]
Related Party Transactions [Line Items]
Number of shares sponsor purchased (in Shares)				1,150,000
Number of shares surrendered (in Shares)					9,375,000
Ordinary shares issued (in Shares)						14,375,000			750,000
Class B Ordinary Shares [Member] \| Founders Shares [Member]
Related Party Transactions [Line Items]
Number of shares sponsor purchased (in Shares)			900,000			14,375,000
Stock purchase price						$ 25,000
Ordinary shares issued (in Shares)				1,150,000					750,000
Class B Ordinary Shares [Member] \| Maximum [Member]
Related Party Transactions [Line Items]
Ordinary shares outstanding (in Shares)				6,900,000	14,375,000
Class B Ordinary Shares [Member] \| Maximum [Member] \| Sponsor [Member]
Related Party Transactions [Line Items]
Ordinary shares outstanding (in Shares)					14,375,000
Class B Ordinary Shares [Member] \| Maximum [Member] \| Founders Shares [Member]
Related Party Transactions [Line Items]
Ordinary shares outstanding (in Shares)				6,900,000					5,750,000
Class B Ordinary Shares [Member] \| Minimum [Member]
Related Party Transactions [Line Items]
Ordinary shares outstanding (in Shares)					5,000,000
Ordinary shares issued (in Shares)									5,000,000
Class B Ordinary Shares [Member] \| Minimum [Member] \| Sponsor [Member]
Related Party Transactions [Line Items]
Ordinary shares outstanding (in Shares)					5,000,000				5,000,000
Class B Ordinary Shares [Member] \| Minimum [Member] \| Founders Shares [Member]
Related Party Transactions [Line Items]
Ordinary shares outstanding (in Shares)				5,750,000
Class A Ordinary Shares [Member]
Related Party Transactions [Line Items]
Ordinary shares outstanding (in Shares)							580,000	0
Ordinary shares issued (in Shares)							580,000	0
Price per share (in Dollars per share)							$ 12
Trading days							150 days
Conversion price per share (in Dollars per share)							$ 10
Class A Ordinary Shares [Member] \| Maximum [Member]
Related Party Transactions [Line Items]
Trading days							30 days
Class A Ordinary Shares [Member] \| Minimum [Member]
Related Party Transactions [Line Items]
Trading days							20 days
IPO [Member] \| Sponsor [Member]
Related Party Transactions [Line Items]
Maximum loan agreed by sponsor				$ 1,750,000	$ 300,000
IPO [Member] \| Related Party [Member]
Related Party Transactions [Line Items]
Loan amount							$ 312,000	$ 0
IPO [Member] \| Founders Shares [Member]
Related Party Transactions [Line Items]
Number of shares sponsor purchased (in Shares)			900,000
IPO [Member] \| Class A Ordinary Shares [Member]
Related Party Transactions [Line Items]
Ordinary shares issued (in Shares)			3,600,000
Price per share (in Dollars per share)			$ 10
Private Placement [Member]
Related Party Transactions [Line Items]
Number of shares sponsor purchased (in Shares)			580,000
Price per share (in Dollars per share)			$ 10
Trading days			30 days
Stock issued during period shares private placement			$ 5,800,000

1607(b, c) Reports, Opinions, Appraisals, and Negotiations	Mar. 27, 2026
Preparer and Summary [Line Items]
Report, Opinion, or Appraisal, the SPAC or SPAC Sponsor Determined Consideration Amount to Target Company or its Security Holders or Target Company Valuation [Flag]	false
Report, Opinion, or Appraisal, Outside Party or Unaffiliated Representative Determined Consideration Amount to Target Company or its Security Holders or Target Company Valuation [Flag]	false

S-K 1606, De-SPAC Board Determination	Mar. 27, 2026
De-SPAC, Board Determination Disclosure [Line Items]
De-SPAC, Board Determination Disclosure [Text Block]	The CAEP Board’s Reasons for the Approval of the Business Combination The CAEP Board considered a variety of factors in connection with its evaluation of the Business Combination. In light of the complexity of those factors, the CAEP Board, as a whole, did not consider it practicable to, nor did it attempt to, quantify or otherwise assign relative weights to the specific factors it took into account in reaching its decision. Individual members of the CAEP Board may have given different weight to different factors. Certain information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed under “Cautionary Note Regarding Forward-Looking Statements.” Neither the CAEP Board nor any committee thereof obtained a fairness opinion (or any similar report or appraisal) in determining whether to pursue the terms of the Business Combination (including the consideration to be received by CAEP Shareholders and AIR Shareholders). The independent directors of the CAEP Board did not retain an unaffiliated representative to act solely on behalf of the unaffiliated CAEP Shareholders to negotiate the terms of the Business Combination and/or prepare a report concerning the approval of the Business Combination. Before reaching its decision, the CAEP Board was provided information regarding the findings from the due diligence conducted by its advisors, reviewed the analyses conducted by its management, representatives of the Sponsor and CAEP’s legal and financial advisors, and discussed the diligence findings at the November 5, 2025 special meeting. The due diligence conducted by CAEP’s management, CAEP’s legal and financial advisors and representatives of the Sponsor included: • financial and valuation analyses of AIR and the Business Combination utilizing information provided by AIR and publicly available information presented by CF&Co. to the CAEP Board in CF&Co.’s capacity as financial advisor to CAEP; • review of historical financial performance of AIR; • financial, tax, legal, intellectual property, manufacturing, regulatory, insurance, accounting, operational, business, management, employment and other due diligence, including a review of material contracts and other material matters; • meetings and calls with the management team and employees of AIR regarding, among other things, operations, plans, customers, targeted products and services; and • consultation with CAEP management and its legal and financial advisors. The CAEP Board determined that pursuing a potential business combination with AIR would be an attractive opportunity for CAEP and CAEP Shareholders, which determination was based on a number of factors including, but not limited to, the following material factors: • AIR’s Market Position. AIR is a leading manufacturer and marketer of flavored molasses and related products sold for use in HoReCa and in the home. • AIR’s Financial Performance. AIR’s Core Business has consistently generated significant EBITDA and cash flow. See “Comparable Company Analysis.” • AIR’s Established and Evolving Brands. AIR’s Al Fakher brand is recognized as a leader in branded flavored molasses. Based on internal estimates for the year ended December 31, 2024, three of the five best-selling flavors globally belong to the Al Fakher brand. AIR’s Shisha Kartel brand is also growing in certain Focus Markets with a focus on targeting non-traditional hookah customers. • AIR’s Partnerships. AIR is pursuing partnerships with third-party brands, celebrities and HoReCa associated with hookah. In 2025, AIR partnered with Snoop Dogg to launch a premium collection of exclusive, co-branded hookah flavors, available for purchase in the United States and Germany. • AIR’s Manufacturing Capacity. AIR manufactures its products directly at three facilities in the UAE and European Union and utilizes third-party manufacturers at five facilities. • OOKA Product Development. AIR launched OOKA in 2023, which is an innovative, charcoal-free, electrically heated hookah designed to eliminate the need for extensive set-up and cleaning requirements and has already been launched in three key markets: the UAE, Germany and the United States. • AIR’s Proprietary Technology and Intellectual Property. AIR has prioritized control over its proprietary technology and trade secrets, including approximately 150 registered and pending patents as of June 2025. AIR’s flavor mixing recipes are also maintained in centralized quality control databases and production teams have limited access to the inputs of the recipes. • Continued Ownership by AIR Shareholders. The CAEP Board considered that (a) AIR is, and Pubco initially will be, majority owned by the Kingsway Holders, (b) AIR Shareholders are converting all of their equity into Pubco Ordinary Shares, (c) AIR Shareholders will be significant shareholders of Pubco after Closing, and (d) all of Pubco Ordinary Shares received by AIR Shareholders will be subject to a lock-up. • Pubco Management. Following completion of the Business Combination, Pubco will be led by the same management team that led AIR prior to the Business Combination. AIR’s management team has years of experience in consumer products. • AIR Being an Attractive Target. The CAEP Board considered the fact that AIR (i) provides products that currently have an attractive base of customers, (ii) is focused on new product development that is intended to expand its markets, (iii) has strong Adjusted EBITDA and cash flow generation in its Core Business and (iv) might benefit from the consummation of the Business Combination by becoming a public company. • Terms and Conditions of the Business Combination Agreement. The terms and conditions of the Business Combination Agreement and the Business Combination were, in the opinion of the CAEP Board, the product of arm’s-length negotiations between the parties. • No Minimum Cash Condition. The Business Combination Agreement does not include any closing conditions relating to a minimum amount of cash, which provides more certainty for Closing. • Redemption Option. The right of CAEP Shareholders to redeem their Public Shares in connection with the Closing as further described herein. In the course of its deliberations, in addition to the various other risks associated with the business of AIR, as described in the section entitled “Risk Factors” appearing elsewhere in this proxy statement/prospectus, the CAEP Board also considered a variety of uncertainties, risks and other potentially negative factors relevant to the Business Combination, including the following: • Macroeconomic Risks Generally. Macroeconomic uncertainty, including the potential impact of the potential tariffs to be instituted by the United States government, and the effects that could have on Pubco’s revenue and financial performance. • Competition. AIR has multiple local or regional competitors that market flavored molasses in one or more of the markets in which AIR operates. Additionally, the tobacco business has numerous multi-national companies that produce numerous tobacco products (cigarettes, vapes, smokeless tobacco, cigars) that also compete with AIR’s products. • Customer Preferences. Pubco’s success will depend on its ability to anticipate and respond to changes in customer preferences. For example, there is a growing demand for products perceived as healthier or more natural. Rapid shifts in customer preferences may require Pubco to quickly adapt its product mix, designs and manufacturing schedules. • AIR’s Recent Performance. Recent revenue performance declined (-1.0% CAGR) between 2022 and 2024 as AIR’s management focused on repositioning key markets in the business and integrating recent acquisitions. While revenue has increased since then, there is no guarantee that such growth will extend in future periods. • Restructuring Charges. Partially as a result of the integration of various acquisitions, restructuring charges have averaged over $5.5 million per year from 2021 to 2024. To the extent AIR continues to pursue acquisitions and/or reengineer its business, restructuring charges may continue to impact financial performance. • AIR’s New Product Introduction. AIR has significantly invested in developing OOKA, its newly developed product that has a limited sales history. Future adoption of OOKA by HoReCa and individuals is uncertain, and there is no guarantee AIR will recoup that investment and significantly enhance its revenues as a result of OOKA. • AIR’s Related Party Transactions. Entities controlled by Khaleel Mamoori, a current director of AIR who was the beneficial owner of approximately 10% of AIR’s outstanding share capital for the years ended December 31, 2024 and December 31, 2023, are third-party manufacturers and distributors of AIR products. Sales to entities controlled by Mr. Mamoori, including royalties, constituted $83.0 million of AIR’s revenue for the year ended December 31, 2024 (or 22.1% of total revenue for the same period). Any disputes with this shareholder could have a negative impact on AIR’s business. • AIR’s Lack of Projections. AIR declined to provide CAEP with forecasts for Q4 2025, 2026 or any subsequent years, and therefore, CAEP was unable to analyze such projections as part of its due diligence. • Product Liability. Most of AIR’s products contain nicotine. Additionally, AIR’s traditional flavored molasses products involve by-products produced while heating shisha with charcoal, such as carbon monoxide, which have been identified as harmful to human health. Currently, there is no way of knowing whether these products are safe for their intended use. While AIR has not yet encountered claims related to the health consequences of its products, Pubco may face such claims in the future, similar to other manufacturers of tobacco-inclusive products, which could impact the demand for shisha and the value of Pubco. • Global Operations and Compliance Considerations. Due to the global nature of AIR’s business, Pubco will be exposed to the risk of non-compliance with U.S., EU and U.K. sanctions and of the other economic, financial and trade sanctions laws and regulations of the various jurisdictions in which AIR operates (collectively, “Sanctions”). While AIR believes that it has complied with applicable Sanctions and has expressed its intent to continue to do so, at the time of the CAEP Board’s approval of the Business Combination, AIR had in the past operated in several jurisdictions that were then (or had been previously) the subject of comprehensive or targeted Sanctions and had since exited those jurisdictions, including Iran, Russia, Sudan and Syria. At the time of the CAEP Board’s approval of the Business Combination, AIR operated in Afghanistan, the Democratic Republic of Congo, Iraq, Lebanon, Libya, Mali, Sudan, Venezuela and Yemen, all of which are subject to certain targeted Sanctions. Subsequent to the CAEP Board’s approval of the Business Combination, AIR recommenced operations in Syria, which remains subject to certain targeted Sanctions. • Regulatory Risks With Respect to Tobacco- or Nicotine-Inclusive Inhalation Products. Governmental actions, combined with the diminishing social acceptance of smoking tobacco-inclusive products, have resulted in reduced tobacco industry sales volumes. It is anticipated that significant regulatory developments will continue to take place over the next few years in most of the markets Pubco will be operating in and AIR’s products will continue to be regulated globally by regulators with jurisdictions over countries, states and local areas. Additional regulation could impact the demand for flavored molasses and the value of Pubco. • Employee Equity. Pubco will have available a significant number of shares that can be issued to employees of Pubco and its subsidiaries, which could significantly dilute Public Shareholders. • Absence of Fairness Opinion. CAEP did not obtain a fairness opinion (or any similar report or appraisal) in connection with the Business Combination. • Shares Available for Sale/Lock-Ups. The Pubco Ordinary Shares to be issued to AIR Shareholders in exchange for their AIR Ordinary Shares and the Sponsor in exchange for its CAEP Ordinary Shares are subject to a six-month lock-up, subject to the exceptions described in this proxy statement/prospectus. Pubco is required to file a resale shelf registration statement within 90 days after Closing in order for such shares to be registered and will also provide additional demand and piggyback registration rights with respect to such shares. Upon the registration of such Pubco Ordinary Shares and upon the expiration of any applicable lock-up, a substantial number of Pubco Ordinary Shares will become available for sale, which could have a negative impact on Pubco’s share price. • Liquidation. The risks and costs to CAEP if the Business Combination is not completed, including the risk of diverting management focus and resources from other businesses combination opportunities, which could result in CAEP being unable to effect a business combination prior to the Combination Deadline, which would require CAEP to liquidate. • Closing Conditions. Completion of the Business Combination is conditioned on the satisfaction of certain closing conditions that are not within CAEP’s control. • CAEP Shareholders Holding a Minority Position in Pubco. CAEP Shareholders will hold a minority ownership position in Pubco following completion of the Business Combination, with existing Public Shareholders owning up to approximately 15.1% of the Pubco Ordinary Shares to be issued and outstanding after Closing, assuming, among other things, that no AIR Earnout Shares are released in accordance with their terms, that no Public Shareholders exercise redemption rights with respect to their Public Shares upon completion of the Business Combination and that no Pubco Ordinary Shares are issued pursuant to the Incentive Plan. • Control of Pubco by the Kingsway Holders. Upon completion of the Business Combination, the Kingsway Holders will beneficially own at least approximately 53.3% of the Pubco Ordinary Shares to be issued and outstanding after Closing and will exercise majority voting control over Pubco, assuming, among other things, that no AIR Earnout Shares are released in accordance with their terms, that no Public Shareholders exercise redemption rights with respect to their Public Shares upon completion of the Business Combination and that no Pubco Ordinary Shares are issued upon exercise or settlement of the Assumed Conditional Awards or pursuant to the Incentive Plan. As a result, Pubco will be a “controlled company” within the meaning of the rules of Nasdaq after Closing, with many significant decisions of Pubco being controlled or requiring approval by the Kingsway Holders. Accordingly, Public Shareholders will have a limited right to participate in the decision making of Pubco after Closing and will be subject to the decisions of Pubco’s controlling shareholders. If Public Shareholders are unhappy with any decisions made, they may only be able to sell their Pubco Ordinary Shares, potentially at a loss. • Sponsor Incentives. The Sponsor and its affiliates may be incentivized to complete the Business Combination, or an alternative initial business combination with a less favorable company or on terms less favorable to CAEP Shareholders, rather than to liquidate (in which case the Sponsor would lose its entire investment in CAEP). In addition, as described elsewhere in this proxy statement/prospectus, CF&Co. is entitled to fees that will only be received if the Business Combination is completed. As a result, the Sponsor and directors on the CAEP Board affiliated with the Sponsor may have a conflict of interest in determining whether the Business Combination is an appropriate transaction to be consummated by CAEP and/or in evaluating the terms of the Business Combination. • Litigation/CAEP Shareholder Actions. The possibility of litigation challenging the Business Combination or that an adverse judgment granting permanent injunctive relief could indefinitely enjoin consummation of the Business Combination, including that CAEP Shareholders may object to and challenge the Business Combination and take action that may prevent or delay the Closing. • Fees and Expenses. The fees and expenses associated with completing the Business Combination. • Redemptions. The risk that a significant number of holders of Public Shares would exercise their redemption rights, thereby depleting the amount of cash available in the Trust Account to fund Pubco’s business after the Business Combination and reducing Pubco’s public “float” and the liquidity of the trading market for Pubco Ordinary Shares upon and after Closing. • Exchange Listing. The potential inability to maintain the listing of Pubco Ordinary Shares on Nasdaq or another national securities exchange immediately following the Closing including, as an example, the ability to maintain a sufficient number of round lot holders in the event of excessive redemptions by the holders of Public Shares. • Valuation. The risk that the CAEP Board may not have properly valued AIR’s business. • Distraction to Operations. The risk that the potential diversion of AIR’s management and employee attention as a result of the Business Combination may adversely affect AIR’s operations. In addition to considering the factors described above, the CAEP Board also considered that: • Interests of Certain Persons. The Sponsor, its affiliates and certain executive officers and directors of CAEP, as individuals, may have interests in the Business Combination that are in addition to, and that may be different from and may conflict with, the interests of CAEP Shareholders (see the section entitled “The Business Combination Proposal — Interests of the Sponsor and CAEP’s Directors and Executive Officers in the Business Combination”). CAEP’s independent directors on the CAEP Audit Committee reviewed and considered these interests during the negotiation of the Business Combination and in evaluating and unanimously approving, as members of the CAEP Audit Committee, the Business Combination Agreement and the Transactions. • Differing Returns. The Sponsor paid $25,000, or approximately $0.004 per share, for the CAEP Founder Shares (of which it currently holds 6,900,000, 3,400,000 of which the Sponsor has agreed to surrender, for no consideration, immediately prior to, and subject to the consummation of, the Cayman Merger), which such CAEP Founder Shares (after accounting for the share surrender and assuming the vesting of all Sponsor Earnout Shares), if unrestricted and freely tradeable, would be valued at approximately $35.8 million, based on the closing price of CAEP Class A Ordinary Shares of $10.23 on November 7, 2025, the date CAEP announced the Business Combination. As a result, the Sponsor may be able to recover its investment in CAEP and realize a profit even if the value of Pubco Ordinary Shares declines following Closing. After considering the foregoing, the CAEP Board concluded, in its business judgment, that the potential benefits to CAEP and the CAEP Shareholders relating to the Business Combination outweighed the potentially negative factors and risks relating to the Business Combination.
De-SPAC, Board Determination, Factors Considered [Line Items]
De-SPAC, Board Determination, Target Company Valuation Considered [Text Block]	Before reaching its decision, the CAEP Board was provided information regarding the findings from the due diligence conducted by its advisors, reviewed the analyses conducted by its management, representatives of the Sponsor and CAEP’s legal and financial advisors, and discussed the diligence findings at the November 5, 2025 special meeting. The due diligence conducted by CAEP’s management, CAEP’s legal and financial advisors and representatives of the Sponsor included: • financial and valuation analyses of AIR and the Business Combination utilizing information provided by AIR and publicly available information presented by CF&Co. to the CAEP Board in CF&Co.’s capacity as financial advisor to CAEP; • review of historical financial performance of AIR; • financial, tax, legal, intellectual property, manufacturing, regulatory, insurance, accounting, operational, business, management, employment and other due diligence, including a review of material contracts and other material matters; • meetings and calls with the management team and employees of AIR regarding, among other things, operations, plans, customers, targeted products and services; and • consultation with CAEP management and its legal and financial advisors.
De-SPAC, Board Determination, Financial Projections Relied Upon [Text Block]	• AIR’s Financial Performance. AIR’s Core Business has consistently generated significant EBITDA and cash flow. See “Comparable Company Analysis.”

Summary of Significant Accounting Policies - Schedule of Shares Subject to Possible Redemption (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Shares Subject to Possible Redemption [Line Item]
Gross proceeds	$ 276,000,000	$ 0
Class A Ordinary Shares Subject to Possible Redemption [Member]
Schedule of Shares Subject to Possible Redemption [Line Item]
Class A ordinary shares subject to possible redemption, December 31, 2024	0
Gross proceeds	276,000,000
Issuance costs allocated to Class A ordinary shares subject to possible redemption	(5,294,763)
Accretion of carrying value to redemption value	15,319,026
Class A ordinary shares subject to possible redemption, December 31, 2025	$ 286,024,263	$ 0

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Change in the value of each type or class of stock classified as temporary equity during the period. The redemption requirement does not constitute an unconditional obligation that will be settled in a variable number of shares constituting a monetary value predominantly indexed to (a) a fixed monetary amount known at inception, (b) an amount inversely correlated with the residual value of the entity, or (c) an amount determined by reference to something other than the fair value of issuer's stock. Does not include mandatorily redeemable stock. The exception is if redemption is required upon liquidation or termination of the reporting entity.

+ References + Details

Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
Statements of Comprehensive Income (Loss) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 3,604,562	$ (61,126)
Other comprehensive income:
Change in unrealized appreciation of available-for-sale debt securities	15,394	0
Total other comprehensive income	15,394	0
Comprehensive income (loss)	$ 3,619,956	$ (61,126)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

S-K 1603(a)(7) Sponsor Controlling Persons	Mar. 27, 2026
Brandon G. Lutnick [Member]
SPAC Sponsor Controlling Person [Line Items]
SPAC Sponsor Controlling Person Name	Brandon G. Lutnick

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2—Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Such estimates may be subject to change as more current information becomes available, and accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments (if any) with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents in its operating account or the Trust Account as of both December 31, 2025 and 2024.

Available-for-Sale Debt Securities

The Company’s investments held in the Trust Account as of December 31, 2025 comprised of a direct investment in U.S. government treasury bills.

The Company accounts for its investment in debt securities in accordance with the guidance in ASC 320, Investments—Debt and Equity Securities. When the Company has the ability and positive intent to hold debt securities until maturity, such securities are classified as held-to-maturity and carried at amortized cost. None of the Company’s debt securities met the criteria for held-to-maturity classification as of December 31, 2025. As the Company does not have the ability or positive intent to hold its debt securities until maturity, the securities are classified as available-for-sale. Unrealized gains and losses from available-for-sale debt securities carried at fair value are reported as a separate component of Accumulated other comprehensive income in shareholders’ deficit. Interest income recognized on the statements of operations reflects accretion of discount. Investments in debt securities are recorded on a trade-date basis.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in financial institutions which, at times, may exceed the Federal Deposit Insurance Corporation maximum coverage limit of $250,000, and investments in the U.S. government debt securities held in the Trust Account. For both the years ended December 31, 2025 and 2024, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Fair Value of Financial Instruments

Under ASC 820, Fair Value Measurement (“ASC 820”), “fair value” is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820 approximates the carrying amounts presented in the balance sheets, primarily due to their short-term nature, with the exception of the available-for-sale debt securities.

Offering Costs Associated with the Initial Public Offering

Offering costs consisted of legal and other fees incurred in connection with the preparation for the Initial Public Offering. These costs amounted to approximately $5,300,000 and were charged against the carrying value of the Public Shares upon the completion of the Initial Public Offering. Deferred offering costs of approximately $106,000 incurred through the December 31, 2024 balance sheet date consisted of legal fees and other costs that were directly related to the Initial Public Offering.

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. All of the Public Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of December 31, 2025 and 2024, 27,600,000 and 0 Class A ordinary shares subject to possible redemption, respectively, are presented as temporary equity outside of the shareholders’ deficit section of the Company’s balance sheets. The Company recognizes any subsequent changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A ordinary shares to the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value of redeemable Class A ordinary shares. This method would view the end of the reporting period as if it were also the redemption date for the security. The change in the carrying value of redeemable Class A ordinary shares also resulted in charges against Additional paid-in capital and Accumulated deficit.

As of December 31, 2025 and 2024, the Class A ordinary shares subject to possible redemption, as presented in the accompanying balance sheets, are reconciled in the following table:


Class A ordinary shares subject to possible redemption, December 31, 2024	$	—
Gross proceeds		276,000,000
Less:
Issuance costs allocated to Class A ordinary shares subject to possible redemption		(5,294,763	)
Plus:
Accretion of carrying value to redemption value		15,319,026
Class A ordinary shares subject to possible redemption, December 31, 2025	$	286,024,263

Net Income (Loss) Per Ordinary Share

The Company complies with the accounting and disclosure requirements of ASC 260, Earnings Per Share. Net income (loss) per ordinary share is computed by dividing net income (loss) applicable to shareholders by the weighted average number of ordinary shares outstanding for the applicable periods. The Company applies the two-class method in calculating earnings per share and allocates net income (loss) pro rata to Class A ordinary shares subject to possible redemption, nonredeemable Class A ordinary shares and Class B ordinary shares. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

The following table reflects the calculation of basic and diluted net income (loss) per ordinary share:


	For the Year Ended December 31, 2025						For the Year Ended December 31, 2024
	Class A – Public shares		Class A – Private placement shares		Class B – Ordinary shares		Class A – Public shares		Class A – Private placement shares		Class B – Ordinary shares
Basic and diluted net income (loss) per ordinary share
Numerator:
Allocation of net income (loss)	$	2,442,635	$	51,331	$	1,110,596	$	—	$	—	$	(61,126	)
Denominator:
Basic and diluted weighted average number of ordinary shares outstanding		14,215,890		298,740		6,463,562		—		—		6,000,000
Basic and diluted net income (loss) per ordinary share	$	0.17	$	0.17	$	0.17	$	—	$	—	$	(0.01	)

Income Taxes

Income taxes are accounted for using the asset and liability method as prescribed under ASC 740, Income Taxes (“ASC 740”). Deferred tax assets and liabilities are recognized for the future tax consequences attributable to basis differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis.

ASC 740 prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Company provides for uncertain tax positions, based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. Management is required to determine whether a tax position is more likely than not to be sustained upon examination by tax authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Because significant assumptions are used in determining whether a tax benefit is more likely than not to be sustained upon examination by tax authorities, actual results may differ from management’s estimates under different assumptions or conditions. The Company recognizes interest and penalties related to unrecognized tax benefits as provision for income taxes on the statements of operations.

No amounts were accrued for the payment of interest and penalties as of both December 31, 2025 and 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. As of both December 31, 2025 and 2024, the Company has not recorded any amounts related to uncertain tax positions.

The Company is considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company recorded no income tax provision for the periods presented.

Segment Reporting

The Company has one reportable segment. See Note 9—Segment Information for additional information.

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance was issued in response to requests from investors for companies to disclose more information about their financial performance at the segment level. The ASU does not change how a public entity identifies its operating segments, aggregates them or applies the quantitative thresholds to determine its reportable segments. The standard requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis, and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that were previously required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures previously required under ASC 280. The Company adopted the standard on the required effective date for the financial statements issued for the annual reporting periods beginning on January 1, 2024 and applies the guidance for the interim periods beginning on January 1, 2025. The adoption of the new guidance did not have an impact on the Company’s financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The Company adopted the standard on the required effective date for the Company’s financial statements issued for annual reporting periods beginning on January 1, 2025. The adoption of this guidance did not have a material impact on the footnotes to the Company’s financial statements and had no impact on the Company’s financial statements.

In March 2024, the FASB issued ASU No. 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements. The Conceptual Framework establishes concepts that the FASB considers in developing standards. The ASU was issued to remove references to the Conceptual Framework in the Codification. The FASB noted that references to the Concepts Statements in the Codification could have implied that the Concepts Statements are authoritative. Also, some of the references removed were to Concepts Statements that are superseded. The Company adopted the standard on the required effective date beginning on January 1, 2025 using a prospective transition method for all new transactions recognized on or after the effective date. The adoption of this guidance did not have a material impact on the Company’s financial statements.

New Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard improves financial reporting and responds to investor input that additional expense detail is fundamental to understanding the performance of an entity, assessing its prospects for future cash flows, and comparing its performance over time and with that of other entities. The new guidance requires public business entities to disclose in the notes to financial statements specified information about certain costs and expenses at each interim and annual reporting period. Specified expenses, gains or losses that are already disclosed under existing U.S. GAAP will be required by the ASU to be included in the disaggregated income statement expense line item disclosures, and any remaining amounts will need to be described qualitatively. The new guidance will become effective for the Company’s financial statements issued for annual reporting periods beginning on January 1, 2027 and interim reporting periods beginning on January 1, 2028, will require either prospective or retrospective presentation, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s financial statements.

In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The standard revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity (“VIE”) that meets the definition of a business. The amendments differ from current U.S. GAAP because, for certain transactions, they replace the requirement that the primary beneficiary of a VIE is always the acquirer with an assessment that requires an entity to consider the factors to determine which entity is the accounting acquirer. Under the amendments, acquisition transactions in which the legal acquiree is a VIE will, in more instances, result in the same accounting outcomes as economically similar transactions in which the legal acquiree is a voting interest entity. The ASU does not change the accounting for a transaction determined to be a reverse acquisition or a transaction in which the legal acquirer is not a business and is determined to be the accounting acquiree. The new guidance will become effective for interim and annual reporting periods beginning on January 1, 2027, will require a prospective transition method for business combinations that occur after the initial adoption date, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s financial statements.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The guidance clarifies the current interim disclosure requirements and their applicability. The ASU is intended to address feedback from stakeholders that the current guidance is difficult to navigate. The amendments do not change the fundamental nature or expand or reduce the disclosure requirements of interim reporting. The ASU creates a comprehensive list of interim disclosures required under U.S. GAAP and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the previous year end. The new guidance will become effective for the Company beginning on January 1, 2028, can be adopted using either a prospective or retrospective method, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s financial statements.

In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements. The guidance clarifies, corrects errors in or makes other improvements to a variety of topics in the Codification that are intended to make it easier to understand and apply. The amendments apply to all reporting entities in the scope of the affected accounting guidance. The new guidance will become effective for the Company beginning on January 1, 2027, can be adopted using either a prospective or retrospective method, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s financial statements.

SEC Rule on Climate-Related Disclosures

In March 2024, the SEC adopted final rules relating to The Enhancement and Standardization of Climate-Related Disclosures for Investors, that would require registrants to provide climate-related disclosures in a note to their audited financial statements. The disclosures under the final rules would include certain effects of severe weather events and other natural conditions, including the aggregate amounts and where in the financial statements they are presented. If carbon offsets or renewable energy credits or certificates (“RECs”) are deemed a material component of the registrant’s plans to achieve its disclosed climate-related targets, registrants would be required to disclose information about the offsets and RECs. Registrants would also be required to disclose whether and how (1) exposures to risks and uncertainties associated with, or known impacts from, severe weather events and other natural conditions and (2) any disclosed climate-related targets or transition plans materially impacted the estimates and assumptions used in preparing the financial statements. Finally, registrants would be required to disclose additional contextual information about the above disclosures, including how each financial statement effect was derived and the accounting policy decisions made to calculate the effects, for the most recently completed fiscal year and, if previously disclosed or required to be disclosed, for the historical fiscal year for which audited financial statements are included in the filing. In April 2024, the SEC released an order staying the rules pending judicial review of all of the petitions challenging the rules and in March 2025, the SEC voted to end its defense of the rules. Absent these developments, the rules would have been effective for the Company upon its registration under the Exchange Act on June 25, 2025 and phased in starting in 2027. Management is continuing to monitor the developments pertaining to the rules and any resulting potential impacts on the Company’s financial statements.

The Company’s management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

S-K 1604(a)(3) De-SPAC Forepart, Compensation	Mar. 27, 2026 USD ($) $ / shares shares
Cantor EP Holdings III, LLC [Member] \| Founder Shares [Member]
De-SPAC Forepart, Sponsor Compensation [Line Items]
De-SPAC Forepart, Securities Issued or To Be Issued, Shares \| shares	6,900,000
De-SPAC Forepart, Price Paid or to be Paid for Securities, Per Share \| $ / shares	$ 10
De-SPAC Forepart, Price Paid or to be Paid for Securities, Total Amount	$ 25,000
Cantor EP Holdings III, LLC [Member] \| CAEP Private Placement Shares [Member]
De-SPAC Forepart, Sponsor Compensation [Line Items]
De-SPAC Forepart, Securities Issued or To Be Issued, Shares \| shares	580,000
De-SPAC Forepart, Price Paid or to be Paid for Securities, Total Amount	$ 5,800,000
CF&Co. [Member]
De-SPAC Forepart, Sponsor Compensation [Line Items]
De-SPAC Forepart, Price Paid or to be Paid for Securities, Total Amount	$ 10,380,000

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 5—Commitments and Contingencies

Registration Rights Agreement

Pursuant to a registration rights agreement entered into on June 25, 2025, the holders of Founder Shares (only after conversion of such shares to Class A ordinary shares), the Private Placement Shares and any Class A ordinary shares issued upon conversion of up to $1,750,000 pursuant to the Sponsor Loan, any borrowings under the Working Capital Loans, up to $4,140,000 pursuant to the Sponsor Note and any additional loans are entitled to registration rights. These holders are entitled to certain demand and “piggyback” registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted CF&Co., the underwriter and an affiliate of the Sponsor, a 45-day option to purchase up to 3,600,000 additional Class A ordinary shares to cover over-allotments at the Initial Public Offering price less the underwriting discounts and commissions. On June 27, 2025, simultaneously with the completion of the Initial Public Offering, CF&Co. exercised the over-allotment option in full.

Upon the completion of the Initial Public Offering, the Company paid CF&Co. an underwriting discount of $4,800,000. No underwriting discount was paid on the exercise of the over-allotment option. The Company also engaged a qualified independent underwriter to participate in the preparation of the registration statement and exercise the usual standards of “due diligence” in respect thereto. The Company paid the independent underwriter a fee of $100,000 upon the completion of the Initial Public Offering in consideration for its services and expenses as the qualified independent underwriter. The qualified independent underwriter received no other compensation.

Business Combination Marketing Agreement

The Company has engaged CF&Co. as an advisor in connection with the Business Combination (see Note 4).

M&A Engagement Letter

The Company has engaged CF&Co. as its exclusive financial advisor for the AIR Business Combination (see Note 4).

Independent Directors Compensation

Commencing on June 25, 2025, the Company compensates its independent directors through cash payments for their services on the Company’s board of directors. As a result, during the years ended December 31, 2025 and 2024, the Company recognized approximately $26,000 and $0, respectively, of compensation expense on its statements of operations. The corresponding accrued compensation payable recognized on the Company’s balance sheets was approximately $13,000 and $0 as of December 31, 2025 and 2024, respectively.

Risks and Uncertainties

The Company’s results of operations and its ability to complete the Business Combination may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond the Company’s control. The Company’s results of operations and its ability to consummate the Business Combination could be impacted by, among other things, downturns in the financial markets or in economic conditions, fluctuations in interest rates, and geopolitical instability, such as the military conflicts in Ukraine and the Middle East. Management continues to evaluate the impact of these factors and has concluded that while it is reasonably possible that these factors could have an effect on the Company’s financial position, results of its operations and completion of the Business Combination, the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Information [Abstract]

Segment Information

Note 9—Segment Information

The Company has not yet commenced operations, thus all activity for the years ended December 31, 2025 and 2024 relates to the Company’s formation, the Initial Public Offering, and the Company’s efforts toward locating and completing a suitable Business Combination. The Company has identified its Chairman and Chief Executive Officer as the chief operating decision maker (the “CODM”). The Company consists of one reportable segment, because the resource allocation and assessment of performance of the entity’s business activities by the CODM are performed using the entity-wide operating results. The net income (loss) is the measure of segment profit (loss) most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess financial performance. When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM also reviews interest income and general and administrative expenses included in the net income (loss). The CODM reviews interest income on investments held in the Trust Account to measure and monitor shareholder value and determine the most effective strategy for investing the Trust Account funds while maintaining compliance with the terms of the trust agreement. In addition, the CODM reviews and monitors general and administrative expenses to manage and forecast cash to ensure enough capital is available to complete a Business Combination within the Combination Period and to ensure expenses are aligned with the underlying contractual agreements.

The Company does not have operating income and therefore, it does not have any operating revenues. The Company will not generate any operating revenues until after the completion of the Business Combination, at the earliest. During the years ended December 31, 2025 and 2024, the Company earned approximately $5,869,000 and $0, respectively, of interest income on investments held in the Trust Account. The Company’s significant segment expenses were general and administrative expenses, which were approximately $2,203,000 and approximately $61,000 for the years ended December 31, 2025 and 2024, respectively. The other segment expenses were administrative expenses incurred pursuant to the administrative services agreement with the Sponsor, which amounted to approximately $61,000 and $0 for the years ended December 31, 2025 and 2024, respectively. Refer to the Company’s statements of operations for additional information.

As of December 31, 2025 and 2024, the Company had total assets of approximately $282,125,000 and approximately $106,000, respectively. See the Company’s balance sheets for additional information.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Statements of Changes in Shareholders' Equity (Deficit) (Parentheticals) - Class B Ordinary Shares - shares	Jun. 06, 2024	Dec. 31, 2025	Jun. 25, 2025	Jun. 15, 2025	Dec. 31, 2024
Ordinary shares issued		6,900,000	1,150,000	750,000	6,900,000
Number of shares surrendered	9,375,000

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies [Abstract]

Use of Estimates

Cash and Cash Equivalents

Available-for-Sale Debt Securities

The Company’s investments held in the Trust Account as of December 31, 2025 comprised of a direct investment in U.S. government treasury bills.

Concentration of Credit Risk

Fair Value of Financial Instruments

Offering Costs Associated with the Initial Public Offering [Policy Text Block]

Offering Costs Associated with the Initial Public Offering

Class A Ordinary Shares Subject to Possible Redemption

As of December 31, 2025 and 2024, the Class A ordinary shares subject to possible redemption, as presented in the accompanying balance sheets, are reconciled in the following table:


Class A ordinary shares subject to possible redemption, December 31, 2024	$	—
Gross proceeds		276,000,000
Less:
Issuance costs allocated to Class A ordinary shares subject to possible redemption		(5,294,763	)
Plus:
Accretion of carrying value to redemption value		15,319,026
Class A ordinary shares subject to possible redemption, December 31, 2025	$	286,024,263

Net Income (Loss) Per Ordinary Share

The following table reflects the calculation of basic and diluted net income (loss) per ordinary share:


	For the Year Ended December 31, 2025						For the Year Ended December 31, 2024
	Class A – Public shares		Class A – Private placement shares		Class B – Ordinary shares		Class A – Public shares		Class A – Private placement shares		Class B – Ordinary shares
Basic and diluted net income (loss) per ordinary share
Numerator:
Allocation of net income (loss)	$	2,442,635	$	51,331	$	1,110,596	$	—	$	—	$	(61,126	)
Denominator:
Basic and diluted weighted average number of ordinary shares outstanding		14,215,890		298,740		6,463,562		—		—		6,000,000
Basic and diluted net income (loss) per ordinary share	$	0.17	$	0.17	$	0.17	$	—	$	—	$	(0.01	)

Income Taxes

Segment Reporting

The Company has one reportable segment. See Note 9—Segment Information for additional information.

Recently Adopted Accounting Pronouncements

New Accounting Pronouncements

SEC Rule on Climate-Related Disclosures

Available-for-Sale Debt Securities

12 Months Ended

Dec. 31, 2025

Available-for-Sale Debt Securities [Abstract]

Available-for-Sale Debt Securities

Note 6—Available-for-Sale Debt Securities

The following table presents the amortized cost, gross unrealized gains (losses), fair value and other information for the available-for-sale debt securities held in the Trust Account:


December 31, 2025		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. government debt securities(1) (2)	$	281,868,801	$	15,394	$	—	$	281,884,195

(1)

Contractual maturities are one year or less.

(2)

No debt securities were in an unrealized loss position.

The Company did not have any sales of its available-for-sale debt securities during the year ended December 31, 2025.

The Company did not hold any available-for-sale debt securities as of December 31, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

S-K 1603, SPAC Sponsor; Conflicts of Interest

Mar. 27, 2026

SPAC Sponsor, its Affiliates and Promoters [Line Items]

SPAC Sponsor [Table Text Block]

“Sponsor” means Cantor EP Holdings III, LLC, a Delaware limited liability company and a wholly owned subsidiary of Cantor.

SPAC Sponsor, Agreement Arrangement or Understanding on Determining Whether to Proceed with de-SPAC Transaction [Text Block]

Concurrently with the execution of the Business Combination Agreement, CAEP, AIR and the Sponsor entered into a sponsor support agreement (the “Sponsor Support Agreement”), pursuant to which, among other things, the Sponsor agreed (i) to vote its CAEP Ordinary Shares at the Meeting in favor of the Business Combination Agreement, the Transactions and related matters, (ii) to vote its CAEP Ordinary Shares against any Alternative Transactions

SPAC Sponsor, Direct and Indirect Material Interest Holders [Table Text Block]


	CAEP Class A Ordinary Shares			CAEP Class B Ordinary Shares			Approximate Percentage of Outstanding CAEP Ordinary Shares
Name and Address of Beneficial Owner	Number of Shares Beneficially Owned	Approximate Percentage of Class		Number of Shares Beneficially Owned	Approximate Percentage of Class		Approximate Percentage of Outstanding CAEP Ordinary Shares
Directors and Officers(1)
Brandon G. Lutnick(2)	580,000	2.1	%	6,900,000	100	%	21.3	%
Jane Novak	—	—		—	—		—
Danny Salinas	—	—		—	—		—
Robert Hochberg	—	—		—	—		—
Eric Stone	—	—		—	—		—
All officers and directors as a group (4 individuals)	580,000	2.1	%	6,900,000	100	%	21.3	%
Other 5% Shareholders
Cantor EP Holdings III, LLC(2)	580,000	2.1	%	6,900,000	100	%	21.3	%
TD Securities Parties(3)	2,014,227	7.1	%	—	—		5.7	%
Meteora Capital, LLC(4)	2,783,768	9.9	%	—	—		7.9	%

(1)

Unless otherwise noted, the business address of each of the following entities or individuals is c/o Cantor Equity Partners III, Inc., 110 East 59th Street, New York, NY 10022.

(2)

Cantor is the sole member of the Sponsor; CFGM is the managing general partner of Cantor; and Brandon G. Lutnick is the controlling trustee of the trusts owning all of the voting shares of CFGM and the Chairman and Chief Executive Officer of CFGM and Cantor. As such, each of Cantor, CFGM and Brandon G. Lutnick may be deemed to have beneficial ownership of the CAEP Ordinary Shares held directly by the Sponsor. Each such entity or person disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly. The principal business address of the Sponsor is 110 East 59th Street, New York, NY 10022.

(3)

According to a Schedule 13G filed on February 13, 2026 by TD Securities (USA) LLC (“TDS”), Toronto Dominion Holdings USA Inc. (“TDH”), TD Group US Holdings LLC (“TD GUS”) and Toronto Dominion Bank (“TD Bank”). TDS has the sole power to vote or direct the vote and the sole power to dispose or direct the disposition of 1,875,000 of these shares and TD Bank has the sole power to vote or direct the vote and the sole power to dispose or direct the disposition of 139,227 of these shares. TDH is the sole owner of TDS. TD GUS is the sole owner of TDH. TD Bank is the sole owner of TD GUS. TDH, TD GUS and TD Bank may be deemed to hold an indirect interest in the shares reported herein by TDS by virtue of their ownership of TDS. The address of the principal office of TDS and TDH is One Vanderbilt Avenue, New York, New York 10017. The address of the principal office of TD GUS is 251 Little Falls Drive, Wellington, Delaware 19808. The address of the principal office of TD Bank is Toronto-Dominion Centre, 66 Wellington Street West, 12th Floor, TD Tower, Toronto, Ontario, Canada M5K 1A2.

(4)

According to a Schedule 13G/A filed on February 13, 2026, by Meteora Capital, LLC. The business address of the reporting person is 1200 N Federal Hwy, #200, Boca Raton FL 33432.

SPAC Sponsor, Agreement Arrangement or Understanding on the Redemption of Outstanding Securities [Text Block]

The Sponsor and CAEP’s executive officers and directors have agreed to waive their redemption rights with respect to any CAEP Ordinary Shares they may hold in connection with the consummation of the Business Combination, and such shares will be excluded from the pro rata calculation used to determine the per-share redemption price.

SPAC Sponsor and Affiliates Information, Restrictions on Sale of SPAC Securities [Table Text Block]


Subject Securities	Persons Subject to Restrictions	Expiration Date	Exceptions to Transfer Restrictions
CAEP Founder Shares (and the Pubco Ordinary Shares received by the Sponsor in exchange therefore in the Cayman Merger)	Sponsor	The earlier of (a) six (6) months after the Cayman Closing Date; and (b) the date on which (i) Pubco consummates a liquidation, merger, share exchange, reorganization or other similar transaction after the Closing which results in all of Pubco’s shareholders having the right to exchange their Pubco Ordinary Shares for cash, securities or other property, (ii) Pubco sells, leases, assigns, transfers, licenses or otherwise disposes of substantially all of its assets, (iii) a Schedule 13D or Schedule 13G report is filed disclosing that any person or group has become the beneficial owner of the outstanding Public Shares representing 50% or more of the voting power of Pubco, (iv) Pubco engages in a “going private” transaction, or (v) Pubco Ordinary Shares are no longer listed on a national securities exchange (each, a “Sponsor Early Release Event”).	Transfers permitted (a) to CAEP’s officers or directors, any current or future affiliates or family members of any of such officers or directors, any current or future affiliate of the Sponsor or to any member(s), officers, directors or employees of the Sponsor of any of its current or future affiliates, or as a gift to a charitable organization, (b) in the case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, any current or future affiliate of such individual; (c) to a charitable organization; (d) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with the consummation of an initial Business Combination at prices no greater than the price at which the shares were originally purchased; (f) in the event of CAEP’s liquidation prior to the completion of an initial Business Combination; or (g) by virtue of the laws of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; provided, however, that these permitted transferees must enter into a written agreement agreeing to be bound by these same transfer restrictions (each of (a) through (g) is a “Permitted Transferee”). In addition, the Sponsor, its Affiliates and their Permitted Transferees are permitted to grant liens over such Pubco Ordinary Shares to secure obligations arising under or in connection with bona fide financial facilities entered into by Sponsor, its Affiliates or any Permitted Transferee.
Sponsor Earnout Shares	Sponsor	Same as clause (a) above, but also subject to the earlier of the date on which (i) the Sponsor Earnout Conditions are satisfied and (ii) a Sponsor Early Release Event occurs.	Same as above.
CAEP Private Placement Shares (and the Pubco Ordinary Shares received in exchange therefore in the Cayman Merger)	Sponsor	None.	Not applicable.


AIR Ordinary Shares (and the Pubco Ordinary Shares received in exchange therefore in the Jersey Merger)	AIR Shareholders	The earlier of (a) six (6) months from the date of the Jersey Closing and (b) the date on which Pubco consummates a merger, consolidation or reorganization with or into another person which results in the holders of Pubco Ordinary Shares having the right to receive cash or registered publicly listed securities with a per Pubco Ordinary Share consideration equal to or exceeding $12.50 per share (each, an "AIR Early Release Event").	Transfers permitted (a) to Pubco’s officers or directors; (b) to any Affiliate or family member of the relevant AIR Shareholder; (c) in the case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, any current or future affiliate of such individual; (d) in the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (e) in the case of an individual, pursuant to a qualified domestic relations order; or (f) in the event of Pubco’s liquidation; provided, however, that these permitted transferees must enter into a written agreement agreeing to be bound by these same transfer restrictions. In addition, Transfers are permitted to grant liens over such Pubco Ordinary Shares to secure obligations arising under or in connection with financial facilities entered into by the relevant AIR Shareholder, its Affiliates or any transferee permitted in (a) through (f) above.
AIR Earnout Shares	AIR Shareholders	Same as clause (a) above, but also subject to the earlier of the date on which (i) the AIR Earnout Conditions are satisfied and (ii) an AIR Early Release Event occurs.	Same as above.

SPAC Sponsor, Conflicts of Interest [Table Text Block]

What interests do the Sponsor, CAEP’s directors and executive officers and their Affiliates have in the Business Combination?

A: When Public Shareholders consider the recommendation of the CAEP Board in favor of approval of the Business Combination and other Proposals, Public Shareholders should keep in mind that the Sponsor and CAEP’s directors and officers have interests in the Proposals that are different from or in addition to (and which may conflict with), the interests of a Public Shareholder as a CAEP Shareholder. These interests include, among other things:

•

As of the date hereof, the Sponsor is the record holder of 6,900,000 CAEP Founder Shares and 580,000 CAEP Private Placement Shares. The following persons have material interests in the Sponsor: Cantor is the sole member of the Sponsor; CFGM is the managing general partner of Cantor; and Brandon G. Lutnick is the controlling trustee of the trusts owning all of the voting shares of CFGM and the Chairman and Chief Executive Officer of CFGM and Cantor. As of the date hereof, each of Cantor, CFGM and Brandon G. Lutnick may be deemed to have beneficial ownership of the CAEP Ordinary Shares held directly by the Sponsor. Each such entity or person disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly. As of the date hereof, other than Brandon G. Lutnick (as described above) and Danny Salinas (who has a minority limited partnership interest in Cantor), none of CAEP’s other directors or executive officers has a direct or indirect ownership interest in the Sponsor and none of CAEP’s directors or executive officers has beneficial ownership of the CAEP Ordinary Shares held directly by the Sponsor;

•

The Sponsor paid $25,000, or approximately $0.004 per share, for the 6,900,000 CAEP Founder Shares, and $5,800,000, or $10.00 per share, for the 580,000 CAEP Private Placement Shares. Pursuant to the Sponsor Support Agreement, the Sponsor has agreed to surrender, for no consideration, which CAEP will cancel, 3,400,000 CAEP Founder Shares immediately prior to, and subject to the consummation of, the Cayman Merger, resulting in the Sponsor owning 3,500,000 CAEP Founder Shares immediately after such surrender. As of December 31, 2025, the aggregate value of shares held by the Sponsor is estimated to be approximately $41.6 million, assuming the per share value of the shares is the same as the $10.20 closing price of the CAEP Class A Ordinary Shares on Nasdaq on December 31, 2025. As a result, the Sponsor may be able to recover its investment in CAEP and realize a profit even if the value of Pubco Ordinary Shares declines following Closing;

•

The 6,900,000 CAEP Founder Shares and 580,000 CAEP Private Placement Shares held by the Sponsor and purchased by the Sponsor for $5,825,000 will be worthless if a business combination is not consummated by CAEP by the end of the Combination Period;

•

Pursuant to the Insider Letter, the Sponsor agreed that, subject to limited exceptions, the 580,000 CAEP Private Placement Shares it holds will not be sold or transferred until 30 days after CAEP has completed a business combination and that the 6,900,000 CAEP Founder Shares it holds will not be sold or transferred until the earlier of (a) the one-year anniversary of CAEP’s initial business combination, (b) subsequent to CAEP’s initial business combination, (i) if the last reported sale price of the CAEP Class A Ordinary Shares equals or (ii) exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after CAEP’s initial business combination, and (c) the date on which CAEP completes certain material transactions that result in all of its shareholders having the right to exchange their shares for cash, securities or other property. The Sponsor Support Agreement supersedes the lock-up provided for in the Insider Letter and provides that the lock-up will apply to the Post-Combination Founder Shares until the earlier of (x) six months after the Cayman Closing Date and (y) an early release event as set forth in the Sponsor Support Agreement;

•

Pursuant to the Sponsor Support Agreement, the Sponsor has agreed that 1,500,000 of the Post-Combination Founder Shares will be subject to the Sponsor Earnout Conditions;

•

CF&Co., an affiliate of the Sponsor and Cantor, is a party to the CF&Co. M&A Engagement Letter, pursuant to which CAEP has engaged CF&Co. as its exclusive financial advisor in connection with the Transactions. For the services provided thereto, CF&Co. will receive a cash fee at Closing equal to approximately $24.235 million, being equal to 1.5% of the enterprise value of AIR less $2 million, which fee will be reduced by an amount equal to the lesser of (a) $1.98 million and (b) the product of: (i) 5.5%, (ii) $10.00 and (iii) the number of Public Shares redeemed in connection with the Transactions. In addition, CF&Co. previously entered into the Business Combination Marketing Agreement, pursuant to which CF&Co. will receive a $10.38 million cash fee at Closing. Payment of the foregoing fees are contingent on Closing;

•

The Sponsor and CAEP’s officers and directors have agreed not to redeem any CAEP Ordinary Shares held by them in connection with a shareholder vote to approve a proposed business combination, including the Business Combination;

•

the other. In the course of their other business activities, CAEP’s officers and directors may have, or may become aware of, other investment and business opportunities which may be appropriate for presentation to CAEP as well as the other entities with which they are affiliated. CAEP’s management has pre-existing fiduciary duties and contractual obligations and if there is a conflict of interest in determining to which entity a particular business combination opportunity should be presented, any pre-existing fiduciary obligation will be presented the business combination opportunity before CAEP is presented with it. CAEP does not believe that the pre-existing fiduciary duties or contractual obligations of its officers and directors materially impacted its search for an acquisition target;

•

CAEP has until the end of the Combination Period to consummate a business combination. If the Business Combination with Pubco and AIR is not consummated and CAEP does not consummate another business combination by the end of the Combination Period, CAEP will cease all operations except for the purpose of winding up, redeeming 100% of the issued and outstanding Public Shares for cash and, subject to the approval of its remaining shareholders and the CAEP Board, dissolving and liquidating, subject in each case above to CAEP’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In such event, the 6,900,000 CAEP Founder Shares and 580,000 CAEP Private Placement Shares held by the Sponsor would be worthless because the Sponsor has waived its right to participate in any redemption or distribution with respect to such CAEP Ordinary Shares, and CF&Co. will not receive any of the fees described above;

•

CAEP has issued the Sponsor Loan to the Sponsor in respect of the up to $1,750,000, in loans the Sponsor has made, and will make, to CAEP to fund CAEP’s expenses relating to investigating and selecting an acquisition target and other working capital requirements. The Sponsor Loan does not bear interest and is repayable by CAEP to the Sponsor upon consummation of a business combination; provided that, at the Sponsor’s option, at any time on or prior to the consummation of the Business Combination, all or any portion of the amount outstanding under the Sponsor Loan may be converted into CAEP Class A Ordinary Shares at a conversion price of $10.00 per share. Otherwise, the Sponsor Loan would be repaid only out of funds held outside of the Trust Account. As of December 31, 2025, CAEP had $311,783 outstanding under the Sponsor Loan. If the Business Combination or another business combination is not consummated by the end of the Combination Period, the Sponsor Loan may not be repaid to the Sponsor, in whole or in part. Pursuant to the Sponsor Support Agreement, the Sponsor has agreed that upon consummation of the Business Combination, all the amounts owed by CAEP to it under the Sponsor Loan will be repaid in the form of newly issued CAEP Class A Ordinary Shares, rather than in cash, at $10.00 per share;

•

CAEP has also issued the Sponsor Note to the Sponsor in respect of the up to $4,140,000 in loans that the Sponsor may make to CAEP in connection with each Redemption Event, such that an amount equal to $0.15 redeemed per Public Share in connection with the applicable Redemption Event will be added to the Trust Account and paid to the holders of the applicable redeemed Public Shares on such Redemption Event. The Sponsor Note does not bear interest and is repayable by CAEP to the Sponsor; provided that, at the Sponsor’s option, at any time on or prior to the consummation of the Business Combination, all or any portion of the amount outstanding under the Sponsor Note may be converted into CAEP Class A Ordinary Shares at a conversion price of $10.00 per share. If CAEP is unable to consummate the Business Combination, the Sponsor Note would be repaid only out of funds held outside of the Trust Account. As of December 31, 2025, CAEP did not have any accounts outstanding under the Sponsor Note.

•

If CAEP is unable to complete a business combination by the end of the Combination Period and to the extent there are claims by a third party for services rendered or products sold to CAEP or by a prospective acquisition target with which CAEP has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, in each case, reduce the amount of redemption amount to below the lesser of (a) the sum of (i) $10.00 per Public Share and (ii) $0.15 per redeemed Public Share pursuant to the funding of the Sponsor Note in connection with a Redemption Event, and (b) the sum of (i) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less interest released to pay taxes, and (ii) $0.15 per redeemed Public Share pursuant to the funding of the Sponsor Note in connection with a Redemption Event, then the Sponsor may be liable to CAEP pursuant to the Insider Letter, provided that such liability will not apply to any claims by a third party or prospective acquisition target who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under CAEP’s indemnity of the underwriters of the CAEP IPO against certain liabilities, including liabilities under the Securities Act not to claims brought by CAEP’s public auditor;

•

The Sponsor, CAEP’s officers and directors and their Affiliates are entitled to reimbursement for any out-of-pocket expenses incurred by them in connection with certain activities on CAEP’s behalf, such as identifying, investigating, negotiating and completing a business combination. If CAEP does not complete a business combination by the end of the Combination Period, CAEP may not have the cash necessary to reimburse these expenses. As of December 31, 2025, none of the Sponsor, CAEP’s officers and directors or their Affiliates has incurred any such expenses which would be reimbursed at Closing; and

•

CAEP’s officers and directors will be eligible for continued indemnification and continued coverage under a tail policy for CAEP’s directors’ and officers’ liability insurance policy for up to a six-year period from and after Closing for events occurring prior to Closing, which tail policy is to be paid for by Pubco at Closing pursuant to the Business Combination Agreement. If the Business Combination does not close, CAEP’s officers and directors may not receive this tail insurance coverage.

Fiduciary Duties to Other Companies, SPAC Officers and Directors [Table Text Block]

Below is a table summarizing the entities to which CAEP’s directors and officers currently have fiduciary duties or contractual obligations or other material management relationships that may present a conflict of interest:


Individual	Entity	Entity’s Business	Affiliation
Brandon G. Lutnick	Cantor Fitzgerald, L.P.(1)	Financial holding company	Chairman and Chief Executive Officer
	Cantor Equity Partners I, Inc.	Blank check company	Chairman and Chief Executive Officer
	Cantor Equity Partners II, Inc.	Blank check company	Chairman and Chief Executive Officer
	Cantor Equity Partners IV, Inc.	Blank check company	Chairman and Chief Executive Officer
	Cantor Equity Partners V, Inc.	Blank check company	Chairman and Chief Executive Officer
	Cantor Equity Partners VI, Inc.	Blank check company	Chairman and Chief Executive Officer
	BGC Group, Inc.	Public company — financial services	Director
	Cantor Fitzgerald Income Trust, Inc.	Public non-traded REIT	Chairman


Jane Novak	Cantor Fitzgerald, L.P.(1)	Financial holding company	Managing Director
	Cantor Equity Partners I, Inc.	Blank check company	Chief Financial Officer
	Cantor Equity Partners II, Inc.	Blank check company	Chief Financial Officer
	Cantor Equity Partners IV, Inc.	Blank check company	Chief Financial Officer
	Cantor Equity Partners V, Inc.	Blank check company	Chief Financial Officer
	Cantor Equity Partners VI, Inc.	Blank check company	Chief Financial Officer


Danny Salinas	Cantor Fitzgerald, L.P.(1)	Financial holding company	Chief Financial Officer
	Cantor Equity Partners I, Inc.	Blank check company	Director
	Cantor Equity Partners II, Inc.	Blank check company	Director
	Cantor Equity Partners IV, Inc.	Blank check company	Director
	Cantor Equity Partners V, Inc.	Blank check company	Director
	Cantor Equity Partners VI, Inc.	Blank check company	Director
	Cantor Fitzgerald Income Trust, Inc.	Public non-traded REIT	Chief Financial Officer and Treasurer


Robert Hochberg	Numeric Computer Systems, Inc.	Global software company	President and Chief Executive Officer
	Lightwave Acquisition Corp.	Blank check company	Director
	Cantor Equity Partners VI, Inc.	Blank check company	Director


Eric Stone		Iridian Asset Management LLC		Financial services company		Partner and Portfolio Manager

(1)

Includes direct and indirect subsidiaries of Cantor Fitzgerald, L.P. including entities that are not wholly-owned, directly or indirectly, by Cantor Fitzgerald, L.P.

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 10—Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued and determined that, there have been no events that have occurred that would require adjustments to the disclosures in the financial statements.

S-K 1604(c) De-SPAC Dilution	12 Months Ended
S-K 1604(c) De-SPAC Dilution	Dec. 31, 2025 USD ($) $ / shares shares
No Redemption [Member]
De-SPAC, Net Tangible Book Value, Per Share [Line Items]
De-SPAC, Net Tangible Book Value, Per Share \| $ / shares	$ 10
De-SPAC, Net Tangible Book Value, Amount of Dilution Per Share \| $ / shares	2.33
De-SPAC, Net Tangible Book Value, Adjusted, Per Share \| $ / shares	$ 7.67
De-SPAC, Net Tangible Book Value [Line Items]
De-SPAC, Net Tangible Book Value \| $	$ 5,957
De-SPAC, Net Tangible Book Value, Adjusted \| $	$ 243,340
De-SPAC, Number of Shares Used [Line Items]
De-SPAC, Number of Shares Used to Determine Net Tangible Book Value Per Share	35,080,000
De-SPAC, Number of Shares Used to Determine Net Tangible Book Value, Adjusted	31,711,178
No Redemption [Member] \| Shareholder Redemptions [Member]
De-SPAC, Net Tangible Book Value [Line Items]
De-SPAC, Net Tangible Book Value, Amount of Dilution \| $	$ 286,024
No Redemption [Member] \| SPAC Sponsor Compensation [Member]
De-SPAC, Net Tangible Book Value [Line Items]
De-SPAC, Net Tangible Book Value, Amount of Dilution \| $	$ 312
De-SPAC, Number of Shares Used [Line Items]
De-SPAC, Number of Shares Used, Adjustment	31,178
No Redemption [Member] \| Other Dilution Source [Member]
De-SPAC, Net Tangible Book Value [Line Items]
De-SPAC, Net Tangible Book Value, Amount of Dilution \| $	$ (37,039)
No Redemption [Member] \| Ordinary Shares Forfeited or Cancelled [Member]
De-SPAC, Number of Shares Used [Line Items]
De-SPAC, Number of Shares Used, Adjustment	(3,400,000)
Redemption at 100 Percent of Maximum [Member]
De-SPAC, Net Tangible Book Value, Per Share [Line Items]
De-SPAC, Net Tangible Book Value, Per Share \| $ / shares	$ 10
De-SPAC, Net Tangible Book Value, Amount of Dilution Per Share \| $ / shares	19.9
De-SPAC, Net Tangible Book Value, Adjusted, Per Share \| $ / shares	$ 9.9
De-SPAC, Net Tangible Book Value [Line Items]
De-SPAC, Net Tangible Book Value \| $	$ 5,957
De-SPAC, Net Tangible Book Value, Adjusted \| $	$ (40,704)
De-SPAC, Number of Shares Used [Line Items]
De-SPAC, Number of Shares Used to Determine Net Tangible Book Value Per Share	7,480,000
De-SPAC, Number of Shares Used to Determine Net Tangible Book Value, Adjusted	4,111,178
Redemption at 100 Percent of Maximum [Member] \| SPAC Sponsor Compensation [Member]
De-SPAC, Net Tangible Book Value [Line Items]
De-SPAC, Net Tangible Book Value, Amount of Dilution \| $	$ 312
De-SPAC, Number of Shares Used [Line Items]
De-SPAC, Number of Shares Used, Adjustment	31,178
Redemption at 100 Percent of Maximum [Member] \| Other Dilution Source [Member]
De-SPAC, Net Tangible Book Value [Line Items]
De-SPAC, Net Tangible Book Value, Amount of Dilution \| $	$ (35,059)
Redemption at 100 Percent of Maximum [Member] \| Ordinary Shares Forfeited or Cancelled [Member]
De-SPAC, Number of Shares Used [Line Items]
De-SPAC, Number of Shares Used, Adjustment	(3,400,000)
Founder Shares [Member] \| No Redemption [Member]
De-SPAC, Number of Shares Used [Line Items]
De-SPAC, Number of Shares Used to Determine Net Tangible Book Value Per Share	7,480,000
Founder Shares [Member] \| Redemption at 100 Percent of Maximum [Member]
De-SPAC, Number of Shares Used [Line Items]
De-SPAC, Number of Shares Used to Determine Net Tangible Book Value Per Share	7,480,000
Common Shares [Member] \| No Redemption [Member]
De-SPAC, Number of Shares Used [Line Items]
De-SPAC, Number of Shares Used to Determine Net Tangible Book Value Per Share	27,600,000

S-K 1604, De-SPAC Transaction

Mar. 27, 2026

De-SPAC Transactions, Forepart [Line Items]

De-SPAC Forepart, Board Determination [Text Block]

After careful consideration, the CAEP Board has unanimously approved the Business Combination Agreement and the other Proposals described in the accompanying proxy statement/prospectus and the CAEP Board has determined that it is advisable to consummate the Business Combination. The CAEP Board did not obtain a fairness opinion (or any similar report or appraisal) in connection with its determination to approve the Business Combination. However, CAEP’s management, the members of the CAEP Board and the other representatives of CAEP have reviewed certain financial information of AIR and other relevant financial information selected based on the experience and the professional judgment of CAEP’s management team. Accordingly, investors will be relying solely on the judgment of the CAEP Board in valuing AIR’s business and accordingly, investors assume the risk that the CAEP Board may not have properly valued such business. For more information, see Risk Factors — Risks Related to the Business Combination — Neither the CAEP Board nor any committee thereof obtained a fairness opinion (or any similar report or appraisal) in determining whether or not to pursue the Business Combination. Consequently, CAEP Shareholders have no assurance from an independent source that the number of Pubco Ordinary Shares to be issued to the Sellers and CAEP Shareholders in the Business Combination is fair to CAEP — and, by extension, CAEP Shareholders — from a financial point of view.” The CAEP Board recommends that Public Shareholders vote “FOR” the Proposals described in the accompanying proxy statement/prospectus (including each of the sub-proposals).

De-SPAC Forepart, Report Concerning Approval of Transaction Received [Text Block]

(1)

The Business Combination Proposal — to approve and adopt, by ordinary resolution, the Business Combination Agreement (as amended, restated or otherwise modified from time to time, the “Business Combination Agreement”), dated as of November 7, 2025, by and among CAEP, AIR Limited, a private limited company incorporated under the laws of Jersey (“AIR”), AIR Holdings Limited, a private limited company incorporated under the laws of Jersey (“Pubco”), Genesis Cayman Merger Sub Limited, a Cayman Islands exempted company (“Cayman Merger Sub”), and Genesis Jersey Merger Sub Limited, a private limited company incorporated under the laws of Jersey (“Jersey Merger Sub”), pursuant to which (a) Cayman Merger Sub will merge with and into CAEP, with CAEP continuing as the surviving entity, and as a result of which CAEP Shareholders will receive one ordinary share of Pubco (a “Pubco Ordinary Share”) for each CAEP Class A ordinary share, par value $0.0001 per share (a “CAEP Class A Ordinary Share”), including each CAEP Class B ordinary share, par value $0.0001 per share (a “CAEP Class B Ordinary Share and together, with the CAEP Class A Ordinary Shares, the “CAEP Ordinary Shares”) that will have automatically converted into CAEP Class A Ordinary Shares pursuant to the CAEP Memorandum and Articles, held by such CAEP Shareholder other than any CAEP Class B Ordinary Shares surrendered by Cantor EP Holdings III, LLC (the “Sponsor”) and any CAEP Class A Ordinary Shares that have been validly redeemed (the “Cayman Merger”) and (b) immediately following, Jersey Merger Sub will merge with and into AIR, with AIR continuing as the surviving entity, and as a result of which the shareholders of AIR (the “AIR Shareholders”) will receive Pubco Ordinary Shares in exchange for their interests in AIR as described below (such merger, the “Jersey Merger,” the Jersey Merger together with the Cayman Merger, the “Mergers” and the Mergers together with the other transactions contemplated by the Business Combination Agreement and the Ancillary Documents thereto, the “Transactions”). We refer to this proposal as the “Business Combination Proposal.” The Business Combination Proposal is described in more detail in the accompanying proxy statement/prospectus under the heading “The Business Combination Proposal,” and a copy of the Business Combination Agreement and the amendment thereto is attached to the accompanying proxy statement/prospectus as Annex A.

De-SPAC Forepart, Material Financing Transactions Will Occur, Description [Text Block]

Upon the completion of the Business Combination, and assuming, among other things, that no Public Shareholders (as defined below) exercise redemption rights with respect to their Public Shares (as defined below) in connection with the Business Combination, all Sponsor Earnout Shares are released in accordance with their terms, all AIR Earnout Shares are released in accordance with their terms and that no Pubco Ordinary Shares are issued pursuant to the Pubco omnibus equity incentive plan, to be adopted prior to Closing, as amended from time to time (the “Incentive Plan”), (i) Public Shareholders, (ii) the Sponsor, (iii) the Kingsway Holders and (iv) the AIR Shareholders (excluding the Kingsway Holders), in each case, will own approximately 15.1%, 2.3%, 53.3%, and 29.3% of the issued and outstanding Pubco Ordinary Shares, respectively, subject to adjustments based on AIR Ordinary Shares outstanding immediately prior to the Jersey Closing and based on the assumptions set forth elsewhere in this proxy statement/prospectus.

The negotiated price per Pubco Ordinary Share is $10.00 per share for (i) Public Shareholders, (ii) the Sponsor, (iii) the directors and officers of CAEP, and (iv) the AIR Shareholders.

The total consideration that the Sponsor and its affiliates will receive at Closing, comprising Pubco Ordinary Shares at the negotiated price of $10.00 per share (in exchange for the CAEP Ordinary Shares held by the Sponsor after accounting for the surrender by the Sponsor and cancellation of 3,400,000 of the 6,900,000 CAEP Founder Shares (as defined below) it holds today immediately prior to, and subject to the consummation of, the Cayman Merger) and the cash fees to be paid to Cantor Fitzgerald & Co. (“CF&Co.”), an affiliate of the Sponsor, as further described herein, is $77,165,000, assuming, among other things, that the Sponsor Loan is fully drawn (for a maximum amount of $1,750,000), that no Public Shareholders exercise redemption rights with respect to their Public Shares upon completion of the Business Combination, no amount is drawn under the Sponsor Note, and the Sponsor Earnout Shares are released and not forfeited.

The total consideration that AIR Shareholders will receive at Closing, comprising Pubco Ordinary Shares at $10.00 per share (in exchange for the AIR Ordinary Shares held by the AIR Shareholders immediately prior to the Jersey Merger), and holders of certain AIR incentive awards will receive at Closing, is approximately $1,456 million, assuming AIR Earnout Shares are released and not forfeited and excluding any Pubco Ordinary Shares issuable on exercise or settlement of the Assumed Conditional Awards (as defined below) and the Incentive Plan (as defined below).

De-SPAC Forepart, Sponsor Compensation [Table Text Block]


Entity	Interest in Securities/Other Consideration to be Received	Price Paid or to be Paid or Consideration Provided
Sponsor	• The Sponsor will receive 3,500,000 Pubco Ordinary Shares in exchange for its 3,500,000 CAEP Founder Shares (after accounting for the surrender by the Sponsor and cancellation of 3,400,000 of the 6,900,000 CAEP Founder Shares it holds today immediately prior to, and subject to the consummation of, the Cayman Merger); provided that 1,500,000 of such Pubco Ordinary Shares will be subject to release upon the Sponsor Earnout Conditions. • The Sponsor will receive 580,000 Pubco Ordinary Shares in exchange for its 580,000 CAEP Private Placement Shares • Additional Pubco Ordinary Shares in exchange for CAEP Class A Ordinary Shares and/or cash	• $25,000 paid to purchase the 6,900,000 CAEP Founder Shares • $5,800,000 paid to purchase the 580,000 CAEP Private Placement Shares • Amounts outstanding at Closing under (a) the Sponsor Loan will be repaid by the issuance of CAEP Class A Ordinary Shares at $10.00 per share and (b) all other outstanding loans provided by the Sponsor to CAEP (other than the Sponsor Loan) will be repaid in cash


CF&Co.	• $10,380,000 in cash • Approximately $24.235 million in cash, being equal to 1.5% of the enterprise value of AIR less $2 million, which fee will be reduced by an amount equal to the lesser of (i) $1.98 million and (ii) the product of: (x) 5.5%, (y) $10.00 and (z) the number of Public Shares redeemed in connection with the Transactions.	• Services pursuant to the Business Combination Marketing Agreement • Services pursuant to the CF&Co. M&A Engagement Letter

De-SPAC Forepart, Sponsor Compensation, Material Dilution [Flag]

true

De-SPAC Forepart, Actual or Material Conflict of Interest [Flag]

true

De-SPAC Transactions, Prospectus Summary [Line Items]

De-SPAC Prospectus Summary [Text Block]

SUMMARY OF THE PROXY STATEMENT/PROSPECTUS

This summary highlights selected information contained in this proxy statement/prospectus and does not contain all of the information that is important to you. You should read carefully this entire proxy statement/prospectus, including the Annexes and accompanying financial statements of Pubco, CAEP and AIR, to fully understand the proposed Business Combination (as described below) before voting on the Proposals to be considered at the Meeting (as described below). Please see the section entitled “Where You Can Find More Information.”

Parties to the Business Combination

CAEP

CAEP is a blank check company incorporated in the Cayman Islands on November 11, 2020 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination, involving one or more businesses or assets.

CAEP Class A Ordinary Shares are currently listed on the Nasdaq Global Market under the ticker symbol “CAEP.” Upon the Closing, CAEP Class A Ordinary Shares will be delisted from Nasdaq.

CAEP completed the CAEP IPO of 27,600,000 CAEP Class A Ordinary Shares on June 27, 2025, generating gross proceeds to CAEP of $276,000,000. Simultaneously with the closing of the CAEP IPO, CAEP completed the sale to the Sponsor of 580,000 CAEP Private Placement Shares at a purchase price of $10.00 per CAEP Private Placement Share, generating gross proceeds to CAEP of $5,800,000. Following the closing of the CAEP IPO and the CAEP Private Placement, a total of $276,000,000, comprised of the net proceeds from the CAEP IPO and the CAEP Private Placement, was placed in the Trust Account. As of December 31, 2025, the Trust Account balance was approximately $282,000,000. Since the CAEP IPO, CAEP’s activity has been limited to efforts toward locating and completing a suitable business combination.

The mailing address of CAEP’s principal executive office is 110 East 59th Street, New York, New York 10022, and its telephone number is (212) 938-5000. As part of the Business Combination, Cayman Merger Sub will merge with and into CAEP, with CAEP continuing as the surviving entity and a direct, wholly owned subsidiary of Pubco.

AIR

AIR is a private limited company incorporated under the laws of Jersey on September 20, 2019. AIR is a leading global producer of branded flavored molasses by sales volume and market share. For the year ended December 31, 2024, AIR has an estimated global market share of approximately 36% to 44% based on sales volume in the markets in which it operates (excluding Russia and Turkey) as of December 31, 2024, according to the 2025 Market Assessment Report. AIR considers itself to be the only global player, with its sales volume surpassing the combined share of its next four competitors, who remain regional or local, as of December 31, 2024, according to AIR’s internal estimates. AIR produces and sells branded flavored molasses through direct-to-consumer, distributor and licensed retail channels in more than 90 markets, serving both at-home consumers and HoReCa channels, including lounges and other hospitality venues. AIR’s portfolio includes established flavored molasses brands such as Al Fakher, Shisha Kartel, Zødiac, NameLess and a newer brand called Kloud King. AIR’s portfolio also includes innovation-led inhalation devices, such as OOKA and VANT, and a collaboration between Snoop Dogg and Al Fakher. During the years ended December 31, 2025 and 2024, AIR generated revenue of $399.7 million and $376.6 million, respectively, operating profit of $83.2 million and $91.0 million, respectively, and Adjusted EBITDA of $139.3 million and $129.5 million, respectively.

The mailing address of AIR’s principal executive office is Festival Office Tower, Dubai Festival City, 7th Floor, Dubai, United Arab Emirates.

Pubco

Pubco is a private limited company incorporated under the laws of Jersey on October 28, 2025. Pubco will be converted to a public limited company incorporated under the laws of Jersey prior to consummation of the Business Combination. To date, Pubco has not conducted any material activities other than those incidental to its formation, the incorporation of the Cayman Merger Sub and Jersey Merger Sub and the pending Business Combination and only has nominal assets consisting of cash and cash equivalents.

Pubco intends to apply to list the Pubco Ordinary Shares on Nasdaq under the symbol “AIIR,” upon the Closing.

The mailing address of Pubco’s registered office is 15 Esplanade, St. Helier, JE1 1RB, Jersey. After the consummation of the Business Combination, Pubco’s principal executive office will be that of AIR, located at Festival Office Tower, Dubai Festival City, 7th Floor, Dubai, United Arab Emirates.

Cayman Merger Sub

Cayman Merger Sub is an exempted company incorporated with limited liability in the Cayman Islands and wholly owned subsidiary of Pubco that was incorporated on October 29, 2025 to facilitate the consummation of the Business Combination. Cayman Merger Sub will be directly owned by Pubco prior to and on the Closing Date. As part of the Business Combination, Cayman Merger Sub will merge with and into CAEP, with CAEP continuing as the surviving entity and a direct, wholly owned subsidiary of Pubco.

The mailing address of Cayman Merger Sub’s registered office is Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands.

Jersey Merger Sub

Jersey Merger Sub is a private limited company incorporated under the laws of Jersey and wholly owned subsidiary of Pubco that was incorporated on October 28, 2025 to facilitate the consummation of the Business Combination. Jersey Merger Sub will be directly owned by Pubco prior to and on the Closing Date. As part of the Business Combination, Jersey Merger Sub will merge with and into AIR, with AIR continuing as the surviving entity and a direct, wholly owned subsidiary of Pubco.

The mailing address of Jersey Merger Sub’s registered office is 15 Esplanade, St. Helier, JE1 1RB, Jersey.

The Business Combination Agreement

Overview

On November 7, 2025, CAEP, AIR, Pubco, Cayman Merger Sub and Jersey Merger Sub entered into the Business Combination Agreement, which contains customary representations and warranties, covenants, closing conditions and other terms relating to the Transactions.

In accordance with the terms and subject to the conditions of the Business Combination Agreement, the parties to the Business Combination Agreement have agreed that, in connection with the Closing, Cayman Merger Sub will merge with and into CAEP, with CAEP continuing as the surviving company and a wholly owned direct subsidiary of Pubco, and, separately and immediately following the Cayman Effective Time, Jersey Merger Sub will merge with and into AIR, with AIR continuing as the surviving company and a wholly owned direct subsidiary of Pubco.

For more information about the Transactions contemplated in the Business Combination Agreement, please see the section entitled “The Business Combination Agreement and Ancillary Documents.” The Business Combination Agreement is incorporated by reference into this proxy statement/prospectus, a copy of which is attached to this proxy statement/prospectus as Annex A.

Effects of the Merger

At the Cayman Effective Time, all the property, rights, privileges, agreements, powers and franchises, debts, liabilities, duties and obligations of CAEP and Cayman Merger Sub shall become the property, rights, privileges, agreements, powers and franchises, debts, liabilities, duties and obligations of the Surviving Cayman Company (including all rights and obligations with respect to the Trust Account), which shall include the assumption by the Surviving Cayman Company of any and all agreements, covenants, duties and obligations of CAEP and Cayman Merger Sub set forth in the Business Combination Agreement to be performed after the Cayman Effective Time.

At the Jersey Effective Time, (i) all property and rights to which each of AIR and Jersey Merger Sub are entitled immediately before the Jersey Merger is completed become the property and rights of the Surviving Jersey Company, (ii) the Surviving Jersey Company becomes subject to all criminal and civil liabilities, and all contracts, debts and other obligations, to which each of AIR and Jersey Merger Sub were subject immediately before the Jersey Merger is completed and (iii) all actions and other legal proceedings, which, immediately before the Jersey Merger is completed, are pending by or against any of AIR and Jersey Merger Sub may be continued by or against the Surviving Jersey Company, which shall include the assumption by the Surviving Jersey Company of any and all agreements, covenants, duties and obligations of AIR and Jersey Merger Sub set forth in the Business Combination Agreement to be performed after the Jersey Effective Time.

Conditions to the Closing

Under the Business Combination Agreement, the Closing is subject to customary and other conditions (subject to the parties’ ability to waive such conditions as permitted by the Business Combination Agreement), including, among other things (for the purposes of this section, defined terms have the meanings given to such terms in the Business Combination Agreement):

•

the Company Closing Approval remaining in effect;

•

there are no outstanding AIR Shareholder objections;

•

the Required Shareholder Approval shall have been obtained at the Meeting;

•

there are no outstanding objections from the creditors of AIR or of Jersey Merger Sub;

•

there are no Legal Restraints in effect that have the effect of making the Transactions illegal or otherwise prohibiting the consummation of the Transactions;

•

the satisfaction of Regulatory Approvals and all applicable waiting periods shall have expired or been terminated;

•

Pubco Ordinary Shares are approved for listing on Nasdaq, subject only to official notice of issuance thereof;

•

the proxy/registration statement becomes effective in accordance with provisions of the Securities Act, and no proceeding seeking a stop order shall have been threatened or initiated by the SEC and not withdrawn; and

•

the amendment and restatement of the memorandum of association and articles of association of Pubco are in a form as is agreed in writing between CAEP and AIR (each acting reasonably and in good faith).

The obligations of the parties to the Business Combination Agreement to consummate the Business Combination are subject to additional conditions, as described more fully below in the section entitled “The Business Combination Agreement and Ancillary Documents — The Business Combination Agreement — Conditions to Complete the Business Combination.”

Related Agreements

A&R Registration Rights Agreement

The Business Combination Agreement contemplates that, at Closing, Pubco will enter into the A&R Registration Rights Agreement with the Sponsor and certain AIR Shareholders, substantially in the form attached to this proxy statement/prospectus as Annex D, which supersedes and replaces the registration rights agreement that was entered into by CAEP and the Sponsor in connection with the CAEP IPO, pursuant to which Pubco will agree to register for resale the Pubco Ordinary Shares that are held by the Sponsor and the AIR Shareholders at Closing pursuant to a shelf registration statement to be filed with the SEC no later than ninety (90) days following the date of Closing. Pursuant to the A&R Registration Rights Agreement, the Sponsor and certain AIR Shareholders will also have certain other registration rights, including unlimited demand and piggy-back rights, subject to cooperation and cut back provisions with respect to Pubco Ordinary Shares held by such parties at Closing.

The A&R Registration Rights Agreement amends and restates the registration rights agreement that was entered into by CAEP and the Sponsor in connection with the CAEP IPO.

Sponsor Support Agreement

Concurrently with the execution of the Business Combination Agreement, CAEP, the Sponsor, Pubco and AIR entered into the Sponsor Support Agreement, pursuant to which, among other things, the Sponsor agreed (a) to vote its Pubco Ordinary Shares in favor of the Proposals, (b) vote its Pubco Ordinary Shares against any Acquisition Proposal or Alternative Transaction, (c) to comply with the restrictions imposed by the Insider Letter and (d) to waive the anti-dilution rights of the issued and outstanding CAEP Class B Ordinary Shares set forth in the CAEP Memorandum and Articles. The Sponsor also agreed that, subject to the Closing, it will (x) surrender, for no consideration, 3,400,000 CAEP Class B Ordinary Shares to be cancelled by CAEP and (y) not transfer 1,500,000 of the Pubco Ordinary Shares that it will receive in exchange for its CAEP Founder Shares until the occurrence of certain release events.

Shareholder Support Agreement

In connection with the execution of the Business Combination Agreement, certain Key AIR Shareholders entered into the Shareholder Support Agreement with CAEP, Pubco and AIR, which includes covenants to approve the Business Combination Agreement, the Jersey Merger and related transactions by special written resolution, to refrain from transferring AIR Ordinary Shares prior to Closing (subject to limited exceptions), and not to amend or revoke the approving special written resolution, together with other customary support and cooperation undertakings.

Date, Time and Place of the Extraordinary General Meeting of CAEP

The Meeting will be held on , 2026, at , Eastern Time, at the offices of DLA Piper LLP (US) at 1251 Avenue of the Americas, New York, New York 10020 and virtually via live audio webcast on the Internet at . You will be able to attend, vote your shares and submit questions during the Meeting via a live webcast available at .

You or your proxyholder will be able to attend and vote at the Meeting by visiting and using a control number assigned by CST. To register and receive access to the Meeting, registered shareholders and beneficial owners (those holding shares through a stock brokerage account or by a bank or other holder of record) will need to follow the instructions applicable to them provided in this proxy statement/prospectus. You will need the voter control number included on your proxy card in order to be able to vote your shares or submit questions during the Meeting. If you do not have a voter control number, you will be able to listen to the Meeting only and you will not be able to vote or submit questions during the Meeting.

Voting Power; Record Date

CAEP Shareholders will be entitled to vote or direct votes to be cast at the Meeting if they owned CAEP Ordinary Shares at the close of business on , 2026, which is the Record Date for the Meeting. CAEP Shareholders are entitled to one vote at the Meeting for each CAEP Ordinary Share held as of the Record Date. If you hold your shares in “street name,” which means your shares are held of record by a broker, bank or nominee, you should contact your broker, bank or nominee to ensure that votes related to the shares you beneficially own are properly counted. In this regard, you must provide the broker, bank or nominee with instructions on how to vote your shares or, if you wish to attend the Meeting and vote, obtain a proxy from your broker, bank or nominee.

As of the close of business on the Record Date, there were 35,080,000 CAEP Ordinary Shares issued and outstanding, consisting of 28,180,000 CAEP Class A Ordinary Shares and 6,900,000 CAEP Class B Ordinary Shares. Of these shares, 27,600,000 were Public Shares, with the rest being held by the Sponsor.

Proxy Solicitation

Proxies may be solicited by mail, telephone or in person. CAEP has engaged Sodali & Co as the proxy solicitor to assist in the solicitation of proxies. If a CAEP Shareholder grants a proxy, it may still vote its shares itself if it revokes its proxy before the Meeting. A CAEP Shareholder may also change its vote by entering a new vote by Internet or telephone, submitting a later-dated proxy or attending and voting, virtually via the live webcast or in person, during the Meeting as described in the section of this proxy statement/prospectus entitled “Extraordinary General Meeting of CAEP Shareholders — Revoking Your Proxy.”

Quorum and Required Vote of CAEP Shareholders for Proposals at the Meeting

A quorum of CAEP Shareholders is necessary to hold a valid meeting. A quorum for the Meeting consists of the holders of a majority of the then issued and outstanding CAEP Ordinary Shares (whether in person or by proxy). As of the Record Date, the presence, in person or by proxy, of CAEP Shareholders holding 17,540,001 CAEP Ordinary Shares would be required to achieve a quorum at the Meeting. In addition to the CAEP Ordinary Shares held by the Sponsor, which represent approximately 21.3% of the issued and outstanding CAEP Ordinary Shares and which will count towards this quorum, CAEP will need only CAEP Shareholders holding 10,060,001 CAEP Ordinary Shares, or 36.4%, of the 27,600,000 Public Shares represented in person or by proxy at the Meeting to have a valid quorum.

To pass each of the Business Combination Proposal, the Nasdaq Proposal and the Adjournment Proposal requires an ordinary resolution of CAEP Shareholders, which requires the affirmative vote of a simple majority of the votes cast by, or on behalf of, the CAEP Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the Meeting (assuming the presence of a quorum). To pass, the Merger Proposal requires a special resolution of CAEP Shareholders, which requires the affirmative vote of at least two-thirds of the votes cast by, or on behalf of, the CAEP Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the Meeting (assuming the presence of a quorum). CAEP Shareholders are also being asked to approve, on a non-binding advisory basis, each of the Organizational Documents Proposals. Although the CAEP Board is asking CAEP Shareholders to approve each of the Organizational Documents Proposals on the non-binding advisory basis, regardless of the outcome of the non-binding advisory vote on each of the Organizational Documents Proposals, the A&R Pubco Articles will take effect upon the Closing if the Business Combination Proposal and the Merger Proposal are approved.

Assuming a quorum is established, a CAEP Shareholder’s failure to vote by proxy or to vote at the Meeting will have no effect on the Proposals. Abstentions and Broker non-votes, while considered present for the purposes of establishing a quorum, are not treated as votes cast and will have no effect on the approval or rejection of any of the Proposals.

The Sponsor has agreed to vote its 7,480,000 CAEP Ordinary Shares, representing approximately 21.3% of the issued and outstanding CAEP Ordinary Shares, in favor of each of the Proposals. As a result, with respect to each Proposal that requires approval of CAEP Shareholders by an ordinary resolution, in addition to the Sponsor’s CAEP Ordinary Shares, CAEP would need only 10,060,001, or approximately 36.4%, of the 27,600,000 Public Shares (assuming all issued and outstanding CAEP Ordinary Shares are voted at the Meeting), and only 1,290,001, or approximately 4.7%, of the 27,600,000 Public Shares (assuming only a majority of the issued and outstanding CAEP Ordinary Shares are voted at the Meeting), to be voted in favor of such Proposals in order to have such Proposals approved. With respect to each Proposal that requires approval of CAEP Shareholders by a special resolution, in addition to the Sponsor’s CAEP Ordinary Shares, CAEP would need only 15,906,667, or approximately 57.6%, of the 27,600,000 Public Shares (assuming all issued and outstanding CAEP Ordinary Shares are voted at the Meeting), and only 4,213,334, or approximately 15.3%, of the 27,600,000 Public Shares (assuming only a majority of the issued and outstanding CAEP Ordinary Shares are voted at the Meeting), to be voted in favor of such Proposals in order to have such Proposals approved.

Redemption Rights

Pursuant to the CAEP Memorandum and Articles, Public Shareholders may elect to have their Public Shares redeemed for cash at the applicable redemption price per share equal to the sum of (a) quotient obtained by dividing (i) the aggregate amount on deposit in the Trust Account as of two (2) business days prior to the Closing, including interest (net of taxes payable), by (ii) the total number of the then issued and outstanding Public Shares, plus (b) $0.15 per redeemed Public Share, which CAEP has agreed to pay, from funds provided by the Sponsor pursuant to the Sponsor Note, in respect of each redeemed Public Share. As of the date of this proxy statement/prospectus, based on funds in the Trust Account of approximately $281.9 million as of December 31, 2025, this would have amounted to approximately $10.36 per share (inclusive of $0.15 per redeemed Public Share to be funded pursuant to the Sponsor Note and which amount takes into account CAEP’s estimate of the amount that may be withdrawn to pay applicable taxes). Public Shareholders may exercise redemption rights whether or not they are holders as of the Record Date and whether or not such shares are voted at the Meeting and whether they vote for or against the Business Combination Proposal. Notwithstanding the foregoing, the CAEP Memorandum and Articles provides that a Public Shareholder, together with any Affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than 15% of the Public Shares in the aggregate, without the prior consent of CAEP.

If a Public Shareholder exercises its redemption rights, then such Public Shareholder will be exchanging its Public Shares for cash and will not hold Pubco Ordinary Shares upon consummation of the Business Combination. Such a Public Shareholder will be entitled to receive cash for its Public Shares only if it properly demands redemption and delivers its shares (either physically or electronically) to CST in accordance with the procedures described herein. See the section titled “Extraordinary General Meeting of CAEP Shareholders — Redemption Rights” for the procedures to be followed if you wish to redeem your Public Shares for cash.

In connection with the CAEP IPO, the Sponsor and CAEP’s executive officers and directors agreed to waive any redemption rights with respect to any CAEP Ordinary Shares held by them in connection with the completion of the Business Combination. Such waivers are standard in transactions of this type and the Sponsor and CAEP’s executive officers and directors did not receive separate consideration for the waiver.

Appraisal or Dissenters’ Rights

No appraisal or dissenters’ rights are available to CAEP Shareholders in connection with the ordinary resolution to approve the Business Combination Proposal. However, in respect of the special resolution to approve the Merger Proposal, under Section 238 of the Companies Act, shareholders of a Cayman Islands exempted company ordinarily have a right to dissent to a statutory merger and if they so dissent, they are entitled to be paid the fair value of their shares, which if necessary, may ultimately be determined by the court. Therefore, CAEP Class A Record Holders have a right to dissent to the Cayman Merger. Please see the section titled “The Merger Proposal — Appraisal or Dissenters’ Rights” for additional information.

In addition, Public Shareholders are still entitled to exercise the rights of redemption as detailed in this proxy statement/prospectus and the redemption proceeds payable to Public Shareholders who exercise such redemption rights will represent the fair value of those shares. For a discussion about Public Shareholders’ redemption rights, please see “Extraordinary General Meeting of CAEP Shareholders — Redemption Rights.”

Proxy Solicitation

Proxies may be solicited by mail, telephone or in person. CAEP has engaged Sodali & Co as the proxy solicitor to assist in the solicitation of proxies. If a CAEP Shareholder grants a proxy, it may still vote its shares if it revokes its proxy before the Meeting. A CAEP Shareholder may also change its vote by entering a new vote by Internet or telephone, submitting a later-dated proxy or attending and voting, virtually via the live webcast or in person, during the Meeting as described in the section of this proxy statement/prospectus entitled “Extraordinary General Meeting of CAEP Shareholders — Revoking Your Proxy.”

Ownership of Pubco following the Business Combination

The following table summarizes the pro forma ownership of Pubco immediately following the Business Combination under: (1) the No Redemptions Scenario; (2) the 50% Redemptions Scenario; and (3) the 100% Redemptions Scenario, in each case, including the Sponsor Earnout Shares and the AIR Earnout Shares and excluding any Pubco Ordinary Shares issuable on exercise or settlement of the Assumed Conditional Awards and the Incentive Plan.


	No Redemptions Scenario		50% Redemptions Scenario		100% Redemptions Scenario
	Shares	%	Shares	%	Shares	%
Public Shareholders	27,600,000	15.1%	13,800,000	8.2%	—	—
Sponsor(1)	4,111,178	2.3%	4,111,178	2.4%	4,111,178	2.7%
AIR Shareholders (excluding the Kingsway Holders)(2)(3)	53,583,869	29.3%	53,583,869	31.7%	53,583,869	34.5%
Kingsway Holders(4)	97,385,657	53.3%	97,385,657	57.7%	97,385,657	62.8%
Total	182,680,704	100.0%	168,880,704	100.0%	155,080,704	100.0%

(1)

Includes 580,000 Pubco Ordinary Shares received in exchange for the CAEP Private Placement Shares, up to 3,500,000 Post-Combination Founder Shares after accounting for the surrender by the Sponsor and cancellation of 3,400,000 CAEP Founder Shares at Closing pursuant to the Sponsor Support Agreement and 31,178 Pubco Ordinary Shares received in exchange for 31,178 CAEP Class A Ordinary Shares issued to the Sponsor in repayment of the Sponsor Loan (based on the approximate outstanding balance of the Sponsor Loan as of December 31, 2025). 1,500,000 of the Post-Combination Founder Shares are subject to the Sponsor Earnout Conditions, as further described herein. To the extent some or all of such targets are not achieved, some or all of the Sponsor Earnout Shares will be forfeited by the Sponsor and cancelled for no consideration. Such shares are reflected as being owned in each presentation because, as of the consummation of the Business Combination, they will be issued and outstanding.

(2)

Includes 2,551,587 AIR Earnout Shares that are subject to AIR Earnout Conditions. The AIR Earnout Shares will be released upon the earlier occurrence of (i) the closing price of the Pubco Ordinary Shares being at or above $12.50 for 20 trading days over a consecutive 30-day period during the Earnout Period, and (ii) upon the occurrence of certain early release events, including a Pubco merger, consolidation or reorganization after the Closing in which the Pubco Ordinary Shares are converted or exchanged for the right to receive cash or registered publicly listed securities equal to or exceeding $12.50 per Pubco Ordinary Share. To the extent such targets are not achieved, or such early release event does not occur during the five (5) year period from the Jersey Closing, the AIR Earnout Shares will be forfeited by the AIR Shareholders and cancelled for no consideration. Such shares are reflected as being owned in each presentation because, as of the consummation of the Business Combination, they will be issued and outstanding.

(3)

Excludes Pubco Ordinary Shares issuable on exercise or settlement of the Assumed Conditional Awards and the Incentive Plan.

(4)

Includes 4,637,411 AIR Earnout Shares that are subject to AIR Earnout Conditions. The AIR Earnout Shares will be released upon the earlier occurrence of (i) the closing price of the Pubco Ordinary Shares being at or above $12.50 for 20 trading days over a consecutive 30-day period during the Earnout Period, and (ii) upon the occurrence of certain early release events, including a Pubco merger, consolidation or reorganization after the Closing in which the Pubco Ordinary Shares are converted or exchanged for the right to receive cash or registered publicly listed securities equal to or exceeding $12.50 per Pubco Ordinary Share. To the extent such targets are not achieved, or such early release event does not occur during the five (5) year period from the Jersey Closing, the AIR Earnout Shares will be forfeited by the AIR Shareholders and cancelled for no consideration. Such shares are reflected as being owned in each presentation because, as of the consummation of the Business Combination, they will be issued and outstanding.

Organizational Structure

Prior to the Business Combination

The following diagram depicts the organizational structure of AIR and its principal and certain other subsidiaries, before the Business Combination.

Following the Business Combination

The following diagram depicts the organizational structure of Pubco and its principal and certain other subsidiaries following the Business Combination.

Board of Directors of Pubco following the Business Combination.

At the consummation of the Business Combination, the directors of Pubco will be Faisal Bari, Stuart Brazier, Ian Fearon, Andrew Gundlach, Husam Manna, Reinhard Mieck, Tamir Saeed and Manuel Stotz, with Mr. Saeed serving as the chairman of the Pubco Board. Stuart Brazier is expected to serve as Chief Executive Officer, and Bassem Lotfy is expected to serve as Chief Financial Officer of Pubco. Please see “Management of Pubco After the Business Combination” for more information.

Recommendation to CAEP Shareholders

The CAEP Board has determined that the Business Combination Proposal and each of the other Proposals are in the commercial interests of CAEP and the CAEP Shareholders and unanimously recommends that CAEP Shareholders vote “FOR” the Business Combination Proposal, “FOR” the Merger Proposal, “FOR” each of the Organizational Documents Proposals, “FOR” the Nasdaq Proposal and “FOR” the Adjournment Proposal, if presented.

For more information about the CAEP Board’s recommendation and the Proposals, see the sections titled “Extraordinary General Meeting of CAEP Shareholders — Recommendation of the CAEP Board” and “The Business Combination Proposal — The CAEP Board’s Reasons for Approval of the Business Combination.”

The CAEP Board’s Reasons for the Approval of the Business Combination

The CAEP Board considered a variety of factors in connection with its evaluation of the Business Combination. In light of the complexity of those factors, the CAEP Board, as a whole, did not consider it practicable to, nor did it attempt to, quantify or otherwise assign relative weights to the specific factors it took into account in reaching its decision. Individual members of the CAEP Board may have given different weight to different factors. Certain information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed under “Cautionary Note Regarding Forward-Looking Statements.”

Neither the CAEP Board nor any committee thereof obtained a fairness opinion (or any similar report or appraisal) in determining whether to pursue the terms of the Business Combination (including the consideration to be received by CAEP Shareholders and AIR Shareholders). The independent directors of the CAEP Board did not retain an unaffiliated representative to act solely on behalf of the unaffiliated CAEP Shareholders to negotiate the terms of the Business Combination and/or prepare a report concerning the approval of the Business Combination.

Before reaching its decision, the CAEP Board was provided information regarding the findings from the due diligence conducted by its advisors, reviewed the analyses conducted by its management, representatives of the Sponsor and CAEP’s legal and financial advisors, and discussed the diligence findings at the November 5, 2025 special meeting. The due diligence conducted by CAEP’s management, CAEP’s legal and financial advisors and representatives of the Sponsor included:

•

financial and valuation analyses of AIR and the Business Combination utilizing information provided by AIR and publicly available information presented by CF&Co. to the CAEP Board in CF&Co.’s capacity as financial advisor to CAEP;

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review of historical financial performance of AIR;

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financial, tax, legal, intellectual property, manufacturing, regulatory, insurance, accounting, operational, business, management, employment and other due diligence, including a review of material contracts and other material matters;

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meetings and calls with the management team and employees of AIR regarding, among other things, operations, plans, customers, targeted products and services; and

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consultation with CAEP management and its legal and financial advisors.

The CAEP Board determined that pursuing a potential business combination with AIR would be an attractive opportunity for CAEP and CAEP Shareholders, which determination was based on a number of factors including, but not limited to, the following material factors:

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AIR’s Market Position. AIR is a leading manufacturer and marketer of flavored molasses and related products sold for use in HoReCa and in the home.

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AIR’s Financial Performance. AIR’s Core Business has consistently generated significant EBITDA and cash flow. See “Comparable Company Analysis.”

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AIR’s Established and Evolving Brands. AIR’s Al Fakher brand is recognized as a leader in branded flavored molasses. Based on internal estimates for the year ended December 31, 2024, three of the five best-selling flavors globally belong to the Al Fakher brand. AIR’s Shisha Kartel brand is also growing in certain Focus Markets with a focus on targeting non-traditional hookah customers.

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AIR’s Partnerships. AIR is pursuing partnerships with third-party brands, celebrities and HoReCa associated with hookah. In 2025, AIR partnered with Snoop Dogg to launch a premium collection of exclusive, co-branded hookah flavors, available for purchase in the United States and Germany.

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AIR’s Manufacturing Capacity. AIR manufactures its products directly at three facilities in the UAE and European Union and utilizes third-party manufacturers at five facilities.

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OOKA Product Development. AIR launched OOKA in 2023, which is an innovative, charcoal-free, electrically heated hookah designed to eliminate the need for extensive set-up and cleaning requirements and has already been launched in three key markets: the UAE, Germany and the United States.

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AIR’s Proprietary Technology and Intellectual Property. AIR has prioritized control over its proprietary technology and trade secrets, including approximately 150 registered and pending patents as of June 2025. AIR’s flavor mixing recipes are also maintained in centralized quality control databases and production teams have limited access to the inputs of the recipes.

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Continued Ownership by AIR Shareholders. The CAEP Board considered that (a) AIR is, and Pubco initially will be, majority owned by the Kingsway Holders, (b) AIR Shareholders are converting all of their equity into Pubco Ordinary Shares, (c) AIR Shareholders will be significant shareholders of Pubco after Closing, and (d) all of Pubco Ordinary Shares received by AIR Shareholders will be subject to a lock-up.

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Pubco Management. Following completion of the Business Combination, Pubco will be led by the same management team that led AIR prior to the Business Combination. AIR’s management team has years of experience in consumer products.

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AIR Being an Attractive Target. The CAEP Board considered the fact that AIR (i) provides products that currently have an attractive base of customers, (ii) is focused on new product development that is intended to expand its markets, (iii) has strong Adjusted EBITDA and cash flow generation in its Core Business and (iv) might benefit from the consummation of the Business Combination by becoming a public company.

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Terms and Conditions of the Business Combination Agreement. The terms and conditions of the Business Combination Agreement and the Business Combination were, in the opinion of the CAEP Board, the product of arm’s-length negotiations between the parties.

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No Minimum Cash Condition. The Business Combination Agreement does not include any closing conditions relating to a minimum amount of cash, which provides more certainty for Closing.

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Redemption Option. The right of CAEP Shareholders to redeem their Public Shares in connection with the Closing as further described herein.

In the course of its deliberations, in addition to the various other risks associated with the business of AIR, as described in the section entitled “Risk Factors” appearing elsewhere in this proxy statement/prospectus, the CAEP Board also considered a variety of uncertainties, risks and other potentially negative factors relevant to the Business Combination, including the following:

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Macroeconomic Risks Generally. Macroeconomic uncertainty, including the potential impact of the potential tariffs to be instituted by the United States government, and the effects that could have on Pubco’s revenue and financial performance.

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Competition. AIR has multiple local or regional competitors that market flavored molasses in one or more of the markets in which AIR operates. Additionally, the tobacco business has numerous multi-national companies that produce numerous tobacco products (cigarettes, vapes, smokeless tobacco, cigars) that also compete with AIR’s products.

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Customer Preferences. Pubco’s success will depend on its ability to anticipate and respond to changes in customer preferences. For example, there is a growing demand for products perceived as healthier or more natural. Rapid shifts in customer preferences may require Pubco to quickly adapt its product mix, designs and manufacturing schedules.

•

AIR’s Recent Performance. Recent revenue performance declined (-1.0% CAGR) between 2022 and 2024 as AIR’s management focused on repositioning key markets in the business and integrating recent acquisitions. While revenue has increased since then, there is no guarantee that such growth will extend in future periods.

•

Restructuring Charges. Partially as a result of the integration of various acquisitions, restructuring charges have averaged over $5.5 million per year from 2021 to 2024. To the extent AIR continues to pursue acquisitions and/or reengineer its business, restructuring charges may continue to impact financial performance.

•

AIR’s New Product Introduction. AIR has significantly invested in developing OOKA, its newly developed product that has a limited sales history. Future adoption of OOKA by HoReCa and individuals is uncertain, and there is no guarantee AIR will recoup that investment and significantly enhance its revenues as a result of OOKA.

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AIR’s Related Party Transactions. Entities controlled by Khaleel Mamoori, a current director of AIR who was the beneficial owner of approximately 10% of AIR’s outstanding share capital for the years ended December 31, 2024 and December 31, 2023, are third-party manufacturers and distributors of AIR products. Sales to entities controlled by Mr. Mamoori, including royalties, constituted $83.0 million of AIR’s revenue for the year ended December 31, 2024 (or 22.1% of total revenue for the same period). Any disputes with this shareholder could have a negative impact on AIR’s business.

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AIR’s Lack of Projections. AIR declined to provide CAEP with forecasts for Q4 2025, 2026 or any subsequent years, and therefore, CAEP was unable to analyze such projections as part of its due diligence.

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Product Liability. Most of AIR’s products contain nicotine. Additionally, AIR’s traditional flavored molasses products involve by-products produced while heating shisha with charcoal, such as carbon monoxide, which have been identified as harmful to human health. Currently, there is no way of knowing whether these products are safe for their intended use. While AIR has not yet encountered claims related to the health consequences of its products, Pubco may face such claims in the future, similar to other manufacturers of tobacco-inclusive products, which could impact the demand for shisha and the value of Pubco.

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Global Operations and Compliance Considerations. Due to the global nature of AIR’s business, Pubco will be exposed to the risk of non-compliance with U.S., EU and U.K. sanctions and of the other economic, financial and trade sanctions laws and regulations of the various jurisdictions in which AIR operates (collectively, “Sanctions”). While AIR believes that it has complied with applicable Sanctions and has expressed its intent to continue to do so, at the time of the CAEP Board’s approval of the Business Combination, AIR had in the past operated in several jurisdictions that were then (or had been previously) the subject of comprehensive or targeted Sanctions and had since exited those jurisdictions, including Iran, Russia, Sudan and Syria. At the time of the CAEP Board’s approval of the Business Combination, AIR operated in Afghanistan, the Democratic Republic of Congo, Iraq, Lebanon, Libya, Mali, Sudan, Venezuela and Yemen, all of which are subject to certain targeted Sanctions. Subsequent to the CAEP Board’s approval of the Business Combination, AIR recommenced operations in Syria, which remains subject to certain targeted Sanctions.

•

Regulatory Risks With Respect to Tobacco- or Nicotine-Inclusive Inhalation Products. Governmental actions, combined with the diminishing social acceptance of smoking tobacco-inclusive products, have resulted in reduced tobacco industry sales volumes. It is anticipated that significant regulatory developments will continue to take place over the next few years in most of the markets Pubco will be operating in and AIR’s products will continue to be regulated globally by regulators with jurisdictions over countries, states and local areas. Additional regulation could impact the demand for flavored molasses and the value of Pubco.

•

Employee Equity. Pubco will have available a significant number of shares that can be issued to employees of Pubco and its subsidiaries, which could significantly dilute Public Shareholders.

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Absence of Fairness Opinion. CAEP did not obtain a fairness opinion (or any similar report or appraisal) in connection with the Business Combination.

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Shares Available for Sale/Lock-Ups. The Pubco Ordinary Shares to be issued to AIR Shareholders in exchange for their AIR Ordinary Shares and the Sponsor in exchange for its CAEP Ordinary Shares are subject to a six-month lock-up, subject to the exceptions described in this proxy statement/prospectus. Pubco is required to file a resale shelf registration statement within 90 days after Closing in order for such shares to be registered and will also provide additional demand and piggyback registration rights with respect to such shares. Upon the registration of such Pubco Ordinary Shares and upon the expiration of any applicable lock-up, a substantial number of Pubco Ordinary Shares will become available for sale, which could have a negative impact on Pubco’s share price.

•

Liquidation. The risks and costs to CAEP if the Business Combination is not completed, including the risk of diverting management focus and resources from other businesses combination opportunities, which could result in CAEP being unable to effect a business combination prior to the Combination Deadline, which would require CAEP to liquidate.

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Closing Conditions. Completion of the Business Combination is conditioned on the satisfaction of certain closing conditions that are not within CAEP’s control.

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CAEP Shareholders Holding a Minority Position in Pubco. CAEP Shareholders will hold a minority ownership position in Pubco following completion of the Business Combination, with existing Public Shareholders owning up to approximately 15.1% of the Pubco Ordinary Shares to be issued and outstanding after Closing, assuming, among other things, that no AIR Earnout Shares are released in accordance with their terms, that no Public Shareholders exercise redemption rights with respect to their Public Shares upon completion of the Business Combination and that no Pubco Ordinary Shares are issued pursuant to the Incentive Plan.

•

Control of Pubco by the Kingsway Holders. Upon completion of the Business Combination, the Kingsway Holders will beneficially own at least approximately 53.3% of the Pubco Ordinary Shares to be issued and outstanding after Closing and will exercise majority voting control over Pubco, assuming, among other things, that no AIR Earnout Shares are released in accordance with their terms, that no Public Shareholders exercise redemption rights with respect to their Public Shares upon completion of the Business Combination and that no Pubco Ordinary Shares are issued upon exercise or settlement of the Assumed Conditional Awards or pursuant to the Incentive Plan. As a result, Pubco will be a “controlled company” within the meaning of the rules of Nasdaq after Closing, with many significant decisions of Pubco being controlled or requiring approval by the Kingsway Holders. Accordingly, Public Shareholders will have a limited right to participate in the decision making of Pubco after Closing and will be subject to the decisions of Pubco’s controlling shareholders. If Public Shareholders are unhappy with any decisions made, they may only be able to sell their Pubco Ordinary Shares, potentially at a loss.

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Sponsor Incentives. The Sponsor and its affiliates may be incentivized to complete the Business Combination, or an alternative initial business combination with a less favorable company or on terms less favorable to CAEP Shareholders, rather than to liquidate (in which case the Sponsor would lose its entire investment in CAEP). In addition, as described elsewhere in this proxy statement/prospectus, CF&Co. is entitled to fees that will only be received if the Business Combination is completed. As a result, the Sponsor and directors on the CAEP Board affiliated with the Sponsor may have a conflict of interest in determining whether the Business Combination is an appropriate transaction to be consummated by CAEP and/or in evaluating the terms of the Business Combination.

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Litigation/CAEP Shareholder Actions. The possibility of litigation challenging the Business Combination or that an adverse judgment granting permanent injunctive relief could indefinitely enjoin consummation of the Business Combination, including that CAEP Shareholders may object to and challenge the Business Combination and take action that may prevent or delay the Closing.

•

Fees and Expenses. The fees and expenses associated with completing the Business Combination.

•

Redemptions. The risk that a significant number of holders of Public Shares would exercise their redemption rights, thereby depleting the amount of cash available in the Trust Account to fund Pubco’s business after the Business Combination and reducing Pubco’s public “float” and the liquidity of the trading market for Pubco Ordinary Shares upon and after Closing.

•

Exchange Listing. The potential inability to maintain the listing of Pubco Ordinary Shares on Nasdaq or another national securities exchange immediately following the Closing including, as an example, the ability to maintain a sufficient number of round lot holders in the event of excessive redemptions by the holders of Public Shares.

•

Valuation. The risk that the CAEP Board may not have properly valued AIR’s business.

•

Distraction to Operations. The risk that the potential diversion of AIR’s management and employee attention as a result of the Business Combination may adversely affect AIR’s operations.

In addition to considering the factors described above, the CAEP Board also considered that:

•

Interests of Certain Persons. The Sponsor, its affiliates and certain executive officers and directors of CAEP, as individuals, may have interests in the Business Combination that are in addition to, and that may be different from and may conflict with, the interests of CAEP Shareholders (see the section entitled “The Business Combination Proposal — Interests of the Sponsor and CAEP’s Directors and Executive Officers in the Business Combination”). CAEP’s independent directors on the CAEP Audit Committee reviewed and considered these interests during the negotiation of the Business Combination and in evaluating and unanimously approving, as members of the CAEP Audit Committee, the Business Combination Agreement and the Transactions.

•

Differing Returns. The Sponsor paid $25,000, or approximately $0.004 per share, for the CAEP Founder Shares (of which it currently holds 6,900,000, 3,400,000 of which the Sponsor has agreed to surrender, for no consideration, immediately prior to, and subject to the consummation of, the Cayman Merger), which such CAEP Founder Shares (after accounting for the share surrender and assuming the vesting of all Sponsor Earnout Shares), if unrestricted and freely tradeable, would be valued at approximately $35.8 million, based on the closing price of CAEP Class A Ordinary Shares of $10.23 on November 7, 2025, the date CAEP announced the Business Combination. As a result, the Sponsor may be able to recover its investment in CAEP and realize a profit even if the value of Pubco Ordinary Shares declines following Closing. After considering the foregoing, the CAEP Board concluded, in its business judgment, that the potential benefits to CAEP and the CAEP Shareholders relating to the Business Combination outweighed the potentially negative factors and risks relating to the Business Combination.

Interests of CAEP Directors and Officers in the Business Combination

When Public Shareholders consider the recommendation of the CAEP Board in favor of approval of the Business Combination and other Proposals, Public Shareholders should keep in mind that the Sponsor and CEPT’s directors and officers have interests in the Proposals that are different from or in addition to (and which may conflict with), the interests of a Public Shareholder as a CAEP Shareholder. These interests include, among other things:

•

last reported sale price of the CAEP Class A Ordinary Shares equals or (ii) exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after CAEP’s initial business combination, and (c) the date on which CAEP completes certain material transactions that result in all of its shareholders having the right to exchange their shares for cash, securities or other property. The Sponsor Support Agreement supersedes the lock-up provided for in the Insider Letter and provides that the lock-up will apply to the Post-Combination Founder Shares until the earlier of (x) six months after the Cayman Closing Date and (y) an early release event as set forth in the Sponsor Support Agreement;

•

Pursuant to the Sponsor Support Agreement, the Sponsor has agreed that 1,500,000 of the Post-Combination Founder Shares will be subject to the Sponsor Earnout Conditions;

•

CF&Co., an affiliate of the Sponsor and Cantor, is a party to the CF&Co. M&A Engagement Letter, pursuant to which CAEP has engaged CF&Co. as its exclusive financial advisor in connection with the Transactions. For the services provided thereto, CF&Co. will receive a cash fee at Closing equal to approximately $24.235 million, being equal to 1.5% of the enterprise value of AIR less $2 million, which fee will be reduced by an amount equal to the lesser of (i) $1.98 million and (ii) the product of: (x) 5.5%, (y) $10.00 and (z) the number of Public Shares redeemed in connection with the Transactions. In addition, CF&Co. previously entered into the Business Combination Marketing Agreement, pursuant to which CF&Co. will receive a $10.38 million cash fee at Closing. Payment of the foregoing fees are contingent on Closing;

•

The CAEP Memorandum and Articles provide that, to the fullest extent permitted by applicable law: (a) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as CAEP; and (b) CAEP renounces any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and CAEP, on the other. In the course of their other business activities, CAEP’s officers and directors may have, or may become aware of, other investment and business opportunities which may be appropriate for presentation to CAEP as well as the other entities with which they are affiliated. CAEP’s management has pre-existing fiduciary duties and contractual obligations and if there is a conflict of interest in determining to which entity a particular business combination opportunity should be presented, any pre-existing fiduciary obligation will be presented the business combination opportunity before CAEP is presented with it. CAEP does not believe that the pre-existing fiduciary duties or contractual obligations of its officers and directors materially impacted its search for an acquisition target;

•

CAEP has issued the Sponsor Loan to the Sponsor in respect of the up to $1,750,000 in loans the Sponsor has made, and will make, to CAEP to fund CAEP’s expenses relating to investigating and selecting an acquisition target and other working capital requirements. The Sponsor Loan does not bear interest and is repayable by CAEP to the Sponsor upon consummation of a business combination; provided that, at the Sponsor’s option, at any time on or prior to the consummation of the Business Combination, all or any portion of the amount outstanding under the Sponsor Loan may be converted into CAEP Class A Ordinary Shares at a conversion price of $10.00 per share. Otherwise, the Sponsor Loan would be repaid only out of funds held outside of the Trust Account. As of December 31, 2025, CAEP had $311,783 outstanding under the Sponsor Loan. If the Business Combination or another business combination is not consummated by the end of the Combination Period, the Sponsor Loan may not be repaid to the Sponsor, in whole or in part. Pursuant to the Sponsor Support Agreement, the Sponsor has agreed that upon consummation of the Business Combination, all the amounts owed by CAEP to it under the Sponsor Loan will be repaid in the form of newly issued CAEP Class A Ordinary Shares, rather than in cash, at $10.00 per share;

•

into CAEP Class A Ordinary Shares at a conversion price of $10.00 per share. If CAEP is unable to consummate the Business Combination, the Sponsor Note would be repaid only out of funds held outside of the Trust Account. As of December 31, 2025, CAEP did not have any amounts outstanding under the Sponsor Note;

•

If CAEP is unable to complete a business combination by the end of the Combination Period, and to the extent there are any claims by a third party for services rendered or products sold to CAEP or by a prospective acquisition target with which CAEP has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, in each case, reduce the amount of redemption amount to below the lesser of (i) the sum of (A) $10.00 per Public Share and (B) $0.15 per redeemed Public Share pursuant to the funding of the Sponsor Note in connection with a Redemption Event and (ii) the sum of (A) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less interest released to pay taxes, and (B) $0.15 per redeemed Public Share pursuant to the funding of the Sponsor Note in connection with a Redemption Event, then the Sponsor may be liable to CAEP pursuant to the Insider Letter, provided that such liability will not apply to any claims by a third party or prospective acquisition target who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under CAEP’s indemnity of the underwriters of the CAEP IPO against certain liabilities, including liabilities under the Securities Act not to claims brought by CAEP’s public auditor;

•

Anticipated Accounting Treatment of the Business Combination

The Business Combination will be accounted for as a capital reorganization in accordance with IFRS. Under this method of accounting, CAEP will be treated as the “acquired” company for financial reporting purposes. Accordingly, the Business Combination will be treated as the equivalent of AIR issuing shares in exchange for the net assets of CAEP as of the Cayman Effective Time, accompanied by a recapitalization of AIR as of the Jersey Effective Time. The net assets of CAEP are stated at historical cost, with no goodwill or other intangible assets recorded.

Please see the section entitled “Unaudited Pro Forma Condensed Combined Financial Information—Accounting for the Business Combination” elsewhere in this proxy statement/prospectus for additional information.

Regulatory Approvals

The Transactions were subject to the expiration or earlier termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (the “HSR Act”), under which the Transactions could not be completed until notification and report forms were filed with the Federal Trade Commission (“FTC”) and the Antitrust Division of the Department of Justice, and the applicable waiting period expired or was terminated. The required notification and report forms were filed, and the applicable waiting period under the HSR Act expired on January 21, 2026. Accordingly, the condition to Closing relating to the HSR Act has been satisfied.

The Business Combination is not subject to any additional federal or state regulatory requirement or approval, except for filings in Jersey and the Cayman Islands necessary to effectuate the Business Combination.

Description of Pubco Securities

If the Business Combination is successfully completed, AIR Shareholders and CAEP Shareholders will become Pubco shareholders, and their rights as Pubco shareholders will be governed by the A&R Pubco Articles and Jersey law. Please see the section entitled “Description of Pubco Securities” elsewhere in this proxy statement/prospectus for additional information.

Comparison of Shareholder Rights

There are certain differences in the rights of CAEP Shareholders prior to the Business Combination and the rights of Pubco shareholders after the Business Combination. Please see the section entitled “Comparison of Shareholder Rights” elsewhere in this proxy statement/prospectus for additional information.

Certain Information Relating to Pubco

Listing of Pubco Ordinary Shares on Nasdaq

Upon Closing, the Public Shares will be delisted from Nasdaq. Pubco intends to apply to list the Pubco Ordinary Shares on Nasdaq under the symbol “AIIR” upon Closing. Neither Pubco nor CAEP can assure you that the Pubco Ordinary Shares will be approved for listing on Nasdaq.

Emerging Growth Company; Foreign Private Issuer; Controlled Company

Following the Business Combination, Pubco will be an “emerging growth company” as defined in the JOBS Act. Pubco will remain an “emerging growth company” until the earliest to occur of (a) the last day of the fiscal year (i) following the fifth anniversary of the effective date of the registration statement of which this proxy statement/prospectus is a part, (ii) in which Pubco has total annual gross revenue of at least $1.235 billion or (iii) in which Pubco is deemed to be a large accelerated filer, which means the market value of Pubco Ordinary Shares held by non-affiliates exceeds $700 million as of the last business day of Pubco’s prior second fiscal quarter; and (b) the date on which Pubco issued more than $1.0 billion in non-convertible debt during the prior three-year period. Pubco intends to take advantage of exemptions from various reporting requirements that are applicable to most other public companies, whether or not they are classified as “emerging growth companies,” including, but not limited to, an exemption from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that Pubco’s independent registered public accounting firm provide an attestation report on the effectiveness of its internal control over financial reporting.

As a “foreign private issuer,” Pubco will be subject to different U.S. securities law rules than domestic U.S. issuers. The rules governing the information that Pubco must disclose differ from those governing U.S. corporations pursuant to the Exchange Act. For example, Pubco will be exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders. In addition, as a “foreign private issuer,” Pubco’s officers and directors and holders of more than 10% of the issued and outstanding Pubco Ordinary Shares, will be exempt from the rules under the Exchange Act requiring insiders to report purchases and sales of ordinary shares as well as from Section 16 short swing profit reporting and liability.

After the Closing, the Kingsway Holders will own at least 53.3% of the equity interests of Pubco, subject to adjustments based on AIR Limited shares outstanding immediately prior to the Jersey Closing and based on the assumptions set forth elsewhere in this proxy statement/prospectus. As a result, Pubco will be a “controlled company” within the meaning of the rules of Nasdaq. Under Nasdaq corporate governance standards, a company of which more than 50% of the voting power is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance standards, including (i) the requirement that a majority of the board of directors consist of independent directors, (ii) the requirement that Pubco has a compensation committee that is composed entirely of independent directors and (iii) the requirement that Pubco’s director nominations be made, or recommended to the full Pubco Board, by the Pubco independent directors or by a nomination committee that consists entirely of independent directors and that Pubco adopt a written charter or board resolution addressing the nominations process. Pubco does not intend to take advantage of the foregoing exemptions. However, if Pubco decides to take advantage of one or more of the foregoing exemptions, Pubco shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance requirements. In the event that Pubco ceases to be a “controlled company,” it will be required to comply with these provisions within the transition periods specified in Nasdaq corporate governance rules. See “Risk Factors— Risks Related to Being a Public Company— As a ‘controlled company’ within the meaning of the rules of Nasdaq, we will qualify for certain exemptions from Nasdaq corporate governance requirements” for additional information.

Sources and Uses of Funds for the Business Combination

The following table summarizes the sources and uses for funding the Business Combination. Where actual amounts are not known or knowable, the figures below represent Pubco’s and CAEP’s good faith estimate of such amounts.


		Assuming No Redemptions Scenario		Assuming 50% Redemptions Scenario		Assuming 100% Redemptions Scenario
		(in $ millions)
Sources
Proceeds from Trust Account(1)	$	281.9	$	281.9	$	281.9
Uses
Estimated fees and expenses	$	48.9	$	46.9	$	46.9
Redemptions	$	0.0	$	140.9	$	281.9
Cash to Balance Sheet	$	233.0	$	94.1	$	(46.9	)

(1) As based on Trust account balance as of December 31, 2025.

De-SPAC, Background, Prospectus Summary [Text Block]

Parties to the Business Combination

CAEP

CAEP Class A Ordinary Shares are currently listed on the Nasdaq Global Market under the ticker symbol “CAEP.” Upon the Closing, CAEP Class A Ordinary Shares will be delisted from Nasdaq.

AIR

The mailing address of AIR’s principal executive office is Festival Office Tower, Dubai Festival City, 7th Floor, Dubai, United Arab Emirates.

Pubco

Pubco intends to apply to list the Pubco Ordinary Shares on Nasdaq under the symbol “AIIR,” upon the Closing.

Cayman Merger Sub

The mailing address of Cayman Merger Sub’s registered office is Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands.

Jersey Merger Sub

The mailing address of Jersey Merger Sub’s registered office is 15 Esplanade, St. Helier, JE1 1RB, Jersey.

The Business Combination Agreement

Overview

Effects of the Merger

Conditions to the Closing

•

the Company Closing Approval remaining in effect;

•

there are no outstanding AIR Shareholder objections;

•

the Required Shareholder Approval shall have been obtained at the Meeting;

•

there are no outstanding objections from the creditors of AIR or of Jersey Merger Sub;

•

there are no Legal Restraints in effect that have the effect of making the Transactions illegal or otherwise prohibiting the consummation of the Transactions;

•

the satisfaction of Regulatory Approvals and all applicable waiting periods shall have expired or been terminated;

•

Pubco Ordinary Shares are approved for listing on Nasdaq, subject only to official notice of issuance thereof;

•

Related Agreements

A&R Registration Rights Agreement

The A&R Registration Rights Agreement amends and restates the registration rights agreement that was entered into by CAEP and the Sponsor in connection with the CAEP IPO.

Sponsor Support Agreement

De-SPAC, Board Determination, Prospectus Summary [Text Block]

De-SPAC Prospectus Summary, Board Determination, Factors Considered [Line Items]

De-SPAC Prospectus Summary, Board Determination, Target Company Valuation Considered [Text Block]

•

review of historical financial performance of AIR;

•

meetings and calls with the management team and employees of AIR regarding, among other things, operations, plans, customers, targeted products and services; and

•

consultation with CAEP management and its legal and financial advisors.

•

AIR’s Market Position. AIR is a leading manufacturer and marketer of flavored molasses and related products sold for use in HoReCa and in the home.

•

AIR’s Financial Performance. AIR’s Core Business has consistently generated significant EBITDA and cash flow. See “Comparable Company Analysis.”

•

AIR’s Manufacturing Capacity. AIR manufactures its products directly at three facilities in the UAE and European Union and utilizes third-party manufacturers at five facilities.

•

No Minimum Cash Condition. The Business Combination Agreement does not include any closing conditions relating to a minimum amount of cash, which provides more certainty for Closing.

•

Redemption Option. The right of CAEP Shareholders to redeem their Public Shares in connection with the Closing as further described herein.

•

Employee Equity. Pubco will have available a significant number of shares that can be issued to employees of Pubco and its subsidiaries, which could significantly dilute Public Shareholders.

•

Absence of Fairness Opinion. CAEP did not obtain a fairness opinion (or any similar report or appraisal) in connection with the Business Combination.

•

Closing Conditions. Completion of the Business Combination is conditioned on the satisfaction of certain closing conditions that are not within CAEP’s control.

•

Fees and Expenses. The fees and expenses associated with completing the Business Combination.

•

Valuation. The risk that the CAEP Board may not have properly valued AIR’s business.

•

Distraction to Operations. The risk that the potential diversion of AIR’s management and employee attention as a result of the Business Combination may adversely affect AIR’s operations.

De-SPAC Prospectus Summary, Board Determination, Other Factors Considered [Text Block]

In addition to considering the factors described above, the CAEP Board also considered that:

•

De-SPAC, Compensation, Prospectus Summary [Table Text Block]


Entity	Interest in Securities/Other Consideration to be Received	Price Paid or to be Paid or Consideration Provided
Sponsor	The Sponsor will receive 3,500,000 Pubco Ordinary Shares in exchange for its 3,500,000 CAEP Founder Shares (after accounting for the surrender by the Sponsor and cancellation of 3,400,000 of the 6,900,000 CAEP Founder Shares it holds today immediately prior to, and subject to the consummation of, the Cayman Merger); provided that 1,500,000 of such Pubco Ordinary Shares will be subject to the Sponsor Earnout Conditions	$25,000 paid to purchase the 6,900,000 CAEP Founder Shares
	The Sponsor will receive 580,000 Pubco Ordinary Shares in exchange for its 580,000 CAEP Private Placement Shares	$5,800,000 paid to purchase the 580,000 CAEP Private Placement Shares
	Additional Pubco Ordinary Shares in exchange for CAEP Class A Ordinary Shares and/or cash	Amounts outstanding at Closing under (a) the Sponsor Loan will be repaid by the issuance of CAEP Class A Ordinary Shares at $10.00 per share and (b) all other loans (other than the Sponsor Loan) will be repaid in cash
CF&Co.	$10,380,000 in cash Approximately $24.235 million in cash, being equal to 1.5% of the enterprise value of AIR less $2 million, which fee will be reduced by an amount equal to the lesser of (i) $1.98 million and (ii) the product of: (x) 5.5%, (y) $10.00 and (z) the number of Public Shares redeemed in connection with the Transactions	Services pursuant to the Business Combination Marketing Agreement Services pursuant to the CF&Co. M&A Engagement Letter

De-SPAC, Rights of Security Holders to Redeem Outstanding Securities [Text Block]

Redemption Rights

De-SPAC Transactions, Dilution [Line Items]

De-SPAC, Adjusted Net Tangible Book Value Per Share [Table Text Block]

The following table illustrates the changes in NTBV and dilution to non-redeeming Public Shareholders under: (1) the No Redemptions Scenario; (2) the 50% Redemptions Scenario; and (3) the 100% Redemptions Scenario (in thousands, except share and per share data).


		No Redemptions Scenario		50% Redemptions Scenario		100% Redemptions Scenario
Initial public offering price per share	$	10.00	$	10.00	$	10.00
As adjusted NTBV(1)	$	243,340	$	102,308	$	(40,704)
As adjusted total shares(2)	$	31,711,178	$	17,911,178	$	4,111,178
Adjusted NTBV per share as of December 31,2025	$	7.67	$	5.71	$	(9.90)
Dilution per share to the non-redeeming Public Shareholders	$	2.33	$	4.29	$	19.90
Change in NTBV per share attributable to non-redeeming Public Shareholders(3)	$	(7.84)	$	(5.99)	$	9.10

(1)

See table below for reconciliation of NTBV, as adjusted.

(2)

See table below for reconciliation of as adjusted total shares.

(3)

Change in NTBV per share attributable to non-redeeming Public Shareholders reflects the difference between the historical NTBV per share as of December 31, 2025 of $(0.17) and the adjusted NTBV per share as of December 31, 2025, as reflected in this table.

The following table illustrates the NTBV per share and the change in NTBV per share, as adjusted, following the Closing but excluding the other effects of the Business Combination, while giving effect to probable or consummated transactions that are material and other material effects on NTBV per share. These are presented in relation to the offering price per Public Share in the CAEP IPO as set forth as follows under each of the three redemption scenarios: (1) the No Redemptions Scenario; (2) the 50% Redemptions Scenario; and (3) the 100% Redemptions Scenario (in thousands, except share and per share data) assuming various sources of material probable dilution (but excluding the direct effects of the Business Combination transaction itself).

If you acquired Public Shares in the CAEP IPO, your ownership interest will be immediately diluted to the extent of the difference between the $10.00 price per share sold in the CAEP IPO and the NTBV per share, as adjusted, of the Pubco Ordinary Shares immediately after consummation of the Business Combination.


	Assuming No Redemptions Scenario		Assuming 50% Redemptions Scenario		Assuming 100% Redemptions Scenario
Public Shareholders		27,600,000		13,800,000		—
Sponsor		7,480,000		7,480,000		7,480,000
Total CAEP Ordinary Shares as of December 31, 2025		35,080,000		21,280,000		7,480,000

Adjusted for:
CAEP Class B Ordinary Shares forfeited by Sponsor		(3,400,000)		(3,400,000)		(3,400,000)
CAEP Class A Ordinary Shares to be issued in repayment of the Sponsor Loan		31,178		31,178		31,178
Total CAEP Ordinary Shares outstanding as of December 31, 2025, as adjusted		31,711,178		17,911,178		4,111,178
NTBV as of December 31, 2025 (1)	$	(5,957)	$	(5,957)	$	(5,957)
Adjusted for(2):
Reclassification of CAEP Class A Ordinary Shares subject to redemption to equity		286,024		143,012		—
Transaction expenses to be paid by CAEP		(37,039)		(35,059)		(35,059)
Repayment of the Sponsor Loan in CAEP Class A Ordinary Shares		312		312		312
NTBV as of December 31, 2025, as adjusted	$	243,340	$	102,308	$	(40,704)

NTBV per share as of December 31, 2025, as adjusted	$	7.67	$	5.71	$	(9.90)
Dilution(3)	$	2.33	$	4.29	$	19.90

(1)

NTBV is calculated as total assets minus total liabilities and CAEP Class A Ordinary Shares subject to redemption as of December 31, 2025.

(2)

NTBV is adjusted for (i) payments from the Trust Account at different levels of redemptions to Public Shareholders at the $10.36 per share redemption price as of December 31, 2025 (which is inclusive of the $0.15 per Public Share funded by the Sponsor Note and paid by CAEP in connection with the applicable Redemption Event); (ii) transaction costs that have not been recorded on CAEP’s financial statements as of December 31, 2025, which will have an impact on the calculation of NTBV upon the Closing; and (iii) repayment of the $311,783 outstanding under the Sponsor Loan as of December 31, 2025, by issuing CAEP Class A Ordinary Shares at $10.00 per share.

(3)

Dilution is calculated by subtracting the NTBV per share as of December 31, 2025, as adjusted, from the $10.00 CAEP IPO per share price for the Public Shares.

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)
Segment Information [Line Items]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company has identified its Chairman and Chief Executive Officer as the chief operating decision maker (the “CODM”). The Company consists of one reportable segment, because the resource allocation and assessment of performance of the entity’s business activities by the CODM are performed using the entity-wide operating results.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Number of reportable segment (in segment) \| Segment	1
Interest income the investment held in trust account	$ 5,868,869	$ 0
General and administrative expenses	2,202,640	61,126
Other expenses and administrative expenses	61,000	0
Total assets	282,124,749	105,806
Assets [Member]
Segment Information [Line Items]
Total assets	282,125,000	106,000
Investment Income [Member]
Segment Information [Line Items]
Interest income the investment held in trust account	5,869,000	0
General and Administrative Expense [Member]
Segment Information [Line Items]
General and administrative expenses	$ 2,203,000	$ 61,000

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2025 USD ($) Segment shares	Jun. 27, 2025 USD ($)	Dec. 31, 2024 USD ($) shares
Summary of Significant Accounting Policies [Line Items]
FDIC coverage limit	$ 250,000
Deferred offering costs	0		$ 105,806
Uncertain tax positions	$ 0		$ 0
Number of reportable segment (in segment) \| Segment	1
Public Shares [Member]
Summary of Significant Accounting Policies [Line Items]
Offering costs		$ 5,300,000
Class A Ordinary Shares [Member]
Summary of Significant Accounting Policies [Line Items]
Temporary equity, shares issued (in Shares) \| shares	27,600,000		0
Temporary equity, shares outstanding (in Shares) \| shares	27,600,000		0
IPO [Member]
Summary of Significant Accounting Policies [Line Items]
Deferred offering costs			$ 106,000

Initial Public Offering (Details) - Class A Ordinary Shares [Member] - $ / shares	Jun. 27, 2025	Dec. 31, 2025	Dec. 31, 2024
Initial Public Offering [Line Items]
Ordinary shares issued		580,000	0
Price per share (in Dollars per share)		$ 12
IPO [Member]
Initial Public Offering [Line Items]
Ordinary share issued	27,600,000
Ordinary shares issued	3,600,000
Price per share (in Dollars per share)	$ 10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.5-02(29))
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+ Details

Commitments and Contingencies (Details) - USD ($)		12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jun. 27, 2025	Dec. 31, 2025	Dec. 31, 2024	Jun. 25, 2025
Commitments and Contingencies [Line Items]
Payment for underwriting discount		$ 100,000
Accrued compensation payable		13,000	$ 0
Sponsor Note [Member]
Commitments and Contingencies [Line Items]
Borrowings				$ 4,140,000
Board of Directors [Member]
Commitments and Contingencies [Line Items]
Compensation expense		$ 26,000	$ 0
Class A Ordinary Shares [Member]
Commitments and Contingencies [Line Items]
Borrowing capacity of related party loans				$ 1,750,000
Additional shares purchased (in Shares)	3,600,000
IPO [Member]
Commitments and Contingencies [Line Items]
Payment for underwriting discount	$ 4,800,000

Shareholders’ Equity (Deficit)

12 Months Ended

Dec. 31, 2025

Shareholders’ Equity (Deficit) [Abstract]

Shareholders’ Equity (Deficit)

Note 7—Shareholders’ Equity (Deficit)

Class A Ordinary Shares – The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of December 31, 2025, there were 580,000 Class A ordinary shares issued and outstanding, excluding 27,600,000 Class A ordinary shares subject to possible redemption. As of December 31, 2024, there were no Class A ordinary shares issued and outstanding.

Class B Ordinary Shares – The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share. In November 2020, the Company issued 14,375,000 Class B ordinary shares to the Sponsor. On June 6, 2024, the Sponsor surrendered, for no consideration, 9,375,000 Class B ordinary shares, which the Company cancelled, resulting in a decrease in the total number of Class B ordinary shares outstanding from 14,375,000 shares to 5,000,000 shares. On June 15, 2025, the Company issued 750,000 Class B ordinary shares to the Sponsor in a share capitalization, resulting in an increase in the total number of Class B ordinary shares outstanding from 5,000,000 shares to 5,750,000 shares. On June 25, 2025, the Company issued 1,150,000 Class B ordinary shares to the Sponsor in a share capitalization, resulting in an increase in the total number of Class B ordinary shares outstanding from 5,750,000 shares to 6,900,000 shares. Information contained in the financial statements has been retroactively adjusted for the surrender and cancellation and capitalization. Prior to the closing of the Initial Public Offering, up to 900,000 Class B ordinary shares were subject to surrender by the Sponsor for no consideration depending on the extent to which the underwriter’s over-allotment option was exercised. As a result of the full exercise of the over-allotment option by the underwriter at the closing of the Initial Public Offering, the 900,000 Class B ordinary shares are no longer subject to surrender. As of both December 31, 2025 and 2024, there were 6,900,000 Class B ordinary shares issued and outstanding.

Prior to the consummation of the Business Combination, only holders of Class B ordinary shares will have the right to vote on the appointment and removal of directors and be entitled to vote on continuing the Company in a jurisdiction outside the Cayman Islands (including any special resolution required to adopt new constitutional documents as a result of the Company approving a transfer by way of continuation to a jurisdiction outside the Cayman Islands). Other than as described above, holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders except as required by law.

The Class B ordinary shares will automatically convert into nonredeemable Class A ordinary shares in connection with the consummation of the Business Combination or at any time and from time to time at the option of the holder thereof, on a one-for-one basis, subject to adjustment. Class A ordinary shares issued in connection with the conversion of Class B ordinary shares issued prior to the consummation of the Business Combination are subject to the same restrictions as applied to Class B ordinary shares prior to such conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of a Business Combination.

In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to the closing of the Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all ordinary shares issued and outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the Business Combination).

Preference Shares – The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of both December 31, 2025 and 2024, there were no preference shares issued or outstanding.

- Definition

The entire disclosure for equity.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Description of Organization, Business Operations and Basis of Presentation

12 Months Ended

Dec. 31, 2025

Description of Organization, Business Operations and Basis of Presentation [Abstract]

Description of Organization, Business Operations and Basis of Presentation

Note 1—Description of Organization, Business Operations and Basis of Presentation

Cantor Equity Partners III, Inc. (the “Company”) was incorporated on November 11, 2020 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”).

Although the Company is not limited in its search for target businesses to a particular industry or sector for the purpose of consummating the Business Combination, the Company intends to focus its search on companies operating in the financial services, digital assets, healthcare, real estate services, technology and software industries. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of December 31, 2025, the Company had not commenced operations. All activity through December 31, 2025 relates to the Company’s formation, the initial public offering (the “Initial Public Offering”) described below, and the Company’s efforts toward locating and completing a suitable Business Combination. The Company will not generate any operating revenues until after the completion of the Business Combination, at the earliest. During the year ended December 31, 2025, the Company used the net proceeds derived from the Initial Public Offering and the Private Placement (as defined below) to generate non-operating income in the form of interest income from direct investments in U.S. government debt securities.

The Company’s sponsor is Cantor EP Holdings III, LLC (the “Sponsor”). The registration statements for the Initial Public Offering were declared effective on June 25, 2025. On June 27, 2025, the Company consummated the Initial Public Offering of 27,600,000 Class A ordinary shares, par value $0.0001 per share (“Class A ordinary shares” and such Class A ordinary shares issued in the Initial Public Offering, the “Public Shares”), including 3,600,000 Public Shares issued pursuant to the full exercise of the underwriter’s over-allotment option, at a purchase price of $10.00 per share, generating gross proceeds of $276,000,000, as described in Note 3.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 580,000 Class A ordinary shares (the “Private Placement Shares”) to the Sponsor at a price of $10.00 per share in a private placement (the “Private Placement”), generating gross proceeds of $5,800,000, as described in Note 4.

The net proceeds of the Private Placement were deposited into the Trust Account (as defined below) and will be used to fund the redemption of the Public Shares subject to the requirements of applicable law (see Note 4).

Offering costs amounted to approximately $5,300,000, consisting of $4,900,000 of underwriting fees and approximately $400,000 of other costs.

Following the closing of the Initial Public Offering and the Private Placement on June 27, 2025, an amount of $276,000,000 ($10.00 per Public Share) from the net proceeds of the sale of the Public Shares and the Private Placement Shares (see Note 4) was placed in a trust account (the “Trust Account”) located in the United States with Continental Stock Transfer & Trust Company (“Continental”) acting as trustee. The funds in the Trust Account were initially held in an account at J.P. Morgan Chase Bank, N.A., and on June 30, 2025, were transferred to an account at CF Secured, LLC (“CF Secured”), an affiliate of the Sponsor. The Trust Account may be invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, or held as cash or cash items (including in demand deposit accounts) at a bank, as determined by the Company, until the earlier of: (i) the completion of the Business Combination or (ii) the distribution of the Trust Account, as described below.

Business Combination — The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the Private Placement, although substantially all of the net proceeds are intended to be applied generally toward consummating the Business Combination. There is no assurance that the Company will be able to complete the Business Combination successfully. The Company must complete one or more Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the Business Combination. However, the Company will only complete the Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.

The Company will provide the holders of the Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of the Business Combination either (i) in connection with a shareholders meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of the Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (which, as of December 31, 2025, was $10.36 per Public Share, inclusive of $0.15 per redeemed share to be funded pursuant to the Sponsor Note (as defined below) in the applicable Redemption Event (as defined below)). The Public Shares are recorded at a redemption value and classified as temporary equity in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”). In such case, the Company will proceed with the Business Combination if a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its amended and restated memorandum and articles of association (as may be amended, the “Amended and Restated Memorandum and Articles”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”) and file tender offer documents with the SEC prior to completing the Business Combination. If, however, shareholder approval of the Business Combination is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the Business Combination, or if they vote at all. If the Company seeks shareholder approval in connection with the Business Combination, the Sponsor and the Company’s directors and officers have agreed to vote their Founder Shares (as defined in Note 4), their Private Placement Shares and any Public Shares purchased during or after the Initial Public Offering in favor of the Business Combination (except that any Public Shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), would not be voted in favor of approving the Business Combination). In addition, the Sponsor and the Company’s directors and officers have agreed to waive their redemption rights with respect to their Founder Shares, Private Placement Shares and any Public Shares held by them in connection with the completion of the Business Combination.

Notwithstanding the foregoing, the Amended and Restated Memorandum and Articles provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.

The Sponsor and the Company’s officers and directors have agreed not to propose an amendment to the Amended and Restated Memorandum and Articles (i) that would affect the substance or timing of the Company’s obligation to allow redemption in connection with the Business Combination or to redeem 100% of the Public Shares if the Company does not complete the Business Combination or (ii) with respect to any other provision relating to shareholders’ rights or pre-business combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.

Business Combination Agreement – On November 7, 2025, the Company entered into a business combination agreement (the “Business Combination Agreement”), with AIR Limited, a private limited company incorporated under the laws of Jersey (“AIR”), AIR Holdings Limited, a private limited company incorporated under the laws of Jersey (“Pubco”), Genesis Cayman Merger Sub Limited, a Cayman Islands exempted company and wholly-owned subsidiary of Pubco (“Cayman Merger Sub”), and Genesis Jersey Merger Sub Limited, a private limited company incorporated under the laws of Jersey and a wholly-owned subsidiary of Pubco (“Jersey Merger Sub”).

Pursuant to the Business Combination Agreement, and subject to the terms and conditions set forth therein, upon the consummation of the transactions contemplated thereby (the “Closing”), (i) Cayman Merger Sub will merge with and into the Company, with the Company continuing as the surviving entity, and as a result of which Company shareholders will receive one ordinary share of Pubco (a “Pubco Ordinary Share”) for each Class A ordinary share, including each Class B ordinary share that will have automatically converted into Class A ordinary shares, held by Company shareholders other than any Class B ordinary shares surrendered by the Sponsor and any Class A ordinary shares that have been validly redeemed (the “Cayman Merger”) and (ii) immediately following, Jersey Merger Sub will merge with and into AIR, with AIR continuing as the surviving entity, and as a result of which AIR shareholders will receive Pubco Ordinary Shares in exchange for their interests in AIR as described in the Business Combination Agreement (the “Jersey Merger”, the Jersey Merger together with the Cayman Merger and the other transactions contemplated by the Business Combination Agreement, the “AIR Business Combination”). As a result of the AIR Business Combination, the Company and AIR will become wholly owned subsidiaries of Pubco, and Pubco will become a publicly traded company, all upon the terms and subject to the conditions set forth in the Business Combination Agreement and in accordance with applicable law.

Contemporaneously with the execution of the Business Combination Agreement, the Company, Pubco AIR and the Sponsor entered into a sponsor support agreement, dated as of November 7, 2025 (the “Sponsor Support Agreement”), pursuant to which, among other things, the Sponsor agreed (i) to vote its Class A ordinary shares and Class B ordinary shares in favor of the Business Combination Agreement and the AIR Business Combination and each of the other proposals to be presented to the Company’s shareholders at the extraordinary general meeting of the Company’s shareholders to be held in connection with the AIR Business Combination, (ii) to vote its Class A ordinary shares and Class B ordinary shares against certain other transactions and matters, (iii) to waive the anti-dilution rights of the Class B ordinary shares set forth in the Amended and Restated Memorandum and Articles, (iv) to comply with the restrictions imposed by the letter agreement, dated as of June 25, 2025, by and among the Company, the Sponsor and the other parties thereto (the “Insider Letter”), including the restrictions on transferring and redeeming Class A ordinary shares and Class B ordinary shares in connection with the AIR Business Combination, (v) that any amounts outstanding at Closing under the Sponsor Loan will be converted, immediately prior to the Cayman Merger, into Class A ordinary shares at $10.00 per share and any amounts outstanding at Closing under the Sponsor Note will be repaid in cash, (vi) to surrender, for no consideration, 3,400,000 Class B ordinary shares immediately prior to, and conditioned upon, the consummation of the Cayman Merger, (vii) to subject 1,500,000 of the Pubco Ordinary Shares it receives in exchange for Class B ordinary shares (the “Post-Combination Founder Shares”) to forfeiture and vesting based on an earn-out during the five year period after the Closing on the terms and conditions set forth in the Sponsor Support Agreement, and (viii) that at Closing the lock-up restriction applicable to the Class B ordinary shares in the Insider Letter will be of no further force and effect and that the Post-Combination Founder Shares will be subject to a six month lock-up, subject to early release, as set forth in the Sponsor Support Agreement.

Certain of the Company’s existing agreements will be amended or amended and restated in connection with the AIR Business Combination.

For more information regarding the AIR Business Combination and the agreements described above, refer to the Company’s filings with the SEC, including the Current Reports on Form 8-K filed by the Company with the SEC on November 7, 2025 and December 10, 2025, and the other filings the Company and Pubco may make from time to time with the SEC. 

Failure to Consummate the Business Combination — The Company has until June 27, 2027, or until such earlier liquidation date as the Company’s board of directors may approve or such later date as the Company’s shareholders may approve pursuant to the Amended and Restated Memorandum and Articles (the “Combination Period”), to consummate the Business Combination. If the Company is unable to complete the Business Combination by the end of the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject, in each case, to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor and the Company’s directors and officers have agreed to waive their liquidation rights from the Trust Account with respect to the Founder Shares and the Private Placement Shares held by them if the Company fails to complete the Business Combination within the Combination Period. However, if the Sponsor or any of the Company’s directors and officers acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete the Business Combination within the Combination Period. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than $10.15 per share (inclusive of $0.15 per redeemed share to be funded pursuant to the Sponsor Note) initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account below $10.15 per share. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the Company’s independent registered public accounting firm and the underwriters of the Initial Public Offering), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Liquidity and Capital Resources

As of December 31, 2025 and 2024, the Company had $25,000 and $0, respectively, of cash in its operating account. As of December 31, 2025 and 2024, the Company had a working capital deficit of approximately $1,888,000 and approximately $164,000, respectively. As of December 31, 2025 and 2024, approximately $5,884,000 and $0, respectively, of the amount earned on funds held in the Trust Account was available to pay taxes, if any.

The Company’s liquidity needs through December 31, 2025 have been satisfied through a contribution of $25,000 from the Sponsor in exchange for the issuance of the Founder Shares, a loan of approximately $173,000 from the Sponsor pursuant to a promissory note (the “Pre-IPO Note”), the proceeds from the sale of the Private Placement Shares not held in the Trust Account and the Sponsor Loan (as defined below). The Company fully repaid the Pre-IPO Note upon completion of the Initial Public Offering. In addition, in order to finance transaction costs in connection with the Business Combination, the Sponsor agreed to loan the Company up to $1,750,000 to fund the Company’s expenses relating to investigating and selecting a target business and other working capital requirements after the Initial Public Offering and prior to the Business Combination (the “Sponsor Loan”), of which approximately $312,000 and $0 has been drawn by the Company as of December 31, 2025 and 2024, respectively. If the Sponsor Loan is insufficient, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company with Working Capital Loans (as defined in Note 4). As of both December 31, 2025 and 2024, the Company did not have any borrowings under the Working Capital Loans.

Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors, to meet its needs through the earlier of the consummation of the Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable and consummating the AIR Business Combination.

Basis of Presentation

The accompanying financial statements are presented in U.S. dollars, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for financial information and pursuant to the rules and regulations of the SEC.

Emerging Growth Company

The Company is an “emerging growth company”, as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Available-for-Sale Debt Securities - Schedule of Available-for-Sale Debt Securities Held in the Trust Account (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Schedule of Available-for-Sale Debt Securities Held in the Trust Account [Line Items]

Amortized Cost

$ 281,868,801

US Government Debt Securities [Member]

Schedule of Available-for-Sale Debt Securities Held in the Trust Account [Line Items]

Amortized Cost

^[1],[2]

281,868,801

Gross Unrealized Gains

^[1],[2]

15,394

Gross Unrealized Losses

^[1],[2]

Fair Value

^[1],[2]

$ 281,884,195

[1]	Contractual maturities are one year or less.
[2]	No debt securities were in an unrealized loss position.

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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S-K 1603(c) Fiduciary Duties to Other Companies

Mar. 27, 2026

Brandon G. Lutnick [Member]

Fiduciary Duties to Other Companies, SPAC Officers and Directors [Line Items]

SPAC Officers and Directors, Fiduciary Duties to Other Companies, Description [Text Block]


Individual	Entity	Entity’s Business	Affiliation
Brandon G. Lutnick	Cantor Fitzgerald, L.P.(1)	Financial holding company	Chairman and Chief Executive Officer
	Cantor Equity Partners I, Inc.	Blank check company	Chairman and Chief Executive Officer
	Cantor Equity Partners II, Inc.	Blank check company	Chairman and Chief Executive Officer
	Cantor Equity Partners IV, Inc.	Blank check company	Chairman and Chief Executive Officer
	Cantor Equity Partners V, Inc.	Blank check company	Chairman and Chief Executive Officer
	Cantor Equity Partners VI, Inc.	Blank check company	Chairman and Chief Executive Officer
	BGC Group, Inc.	Public company — financial services	Director
	Cantor Fitzgerald Income Trust, Inc.	Public non-traded REIT	Chairman

Jane Novak [Member]

Fiduciary Duties to Other Companies, SPAC Officers and Directors [Line Items]

SPAC Officers and Directors, Fiduciary Duties to Other Companies, Description [Text Block]


Jane Novak	Cantor Fitzgerald, L.P.(1)	Financial holding company	Managing Director
	Cantor Equity Partners I, Inc.	Blank check company	Chief Financial Officer
	Cantor Equity Partners II, Inc.	Blank check company	Chief Financial Officer
	Cantor Equity Partners IV, Inc.	Blank check company	Chief Financial Officer
	Cantor Equity Partners V, Inc.	Blank check company	Chief Financial Officer
	Cantor Equity Partners VI, Inc.	Blank check company	Chief Financial Officer

Danny Salinas [Member]

Fiduciary Duties to Other Companies, SPAC Officers and Directors [Line Items]

SPAC Officers and Directors, Fiduciary Duties to Other Companies, Description [Text Block]


Danny Salinas	Cantor Fitzgerald, L.P.(1)	Financial holding company	Chief Financial Officer
	Cantor Equity Partners I, Inc.	Blank check company	Director
	Cantor Equity Partners II, Inc.	Blank check company	Director
	Cantor Equity Partners IV, Inc.	Blank check company	Director
	Cantor Equity Partners V, Inc.	Blank check company	Director
	Cantor Equity Partners VI, Inc.	Blank check company	Director
	Cantor Fitzgerald Income Trust, Inc.	Public non-traded REIT	Chief Financial Officer and Treasurer

Robert Hochberg [Member]

Fiduciary Duties to Other Companies, SPAC Officers and Directors [Line Items]

SPAC Officers and Directors, Fiduciary Duties to Other Companies, Description [Text Block]


Robert Hochberg	Numeric Computer Systems, Inc.	Global software company	President and Chief Executive Officer
	Lightwave Acquisition Corp.	Blank check company	Director
	Cantor Equity Partners VI, Inc.	Blank check company	Director

Eric Stone [Member]

Fiduciary Duties to Other Companies, SPAC Officers and Directors [Line Items]

SPAC Officers and Directors, Fiduciary Duties to Other Companies, Description [Text Block]


Eric Stone		Iridian Asset Management LLC		Financial services company		Partner and Portfolio Manager

Available-for-Sale Debt Securities (Tables)

12 Months Ended

Dec. 31, 2025

Available-for-Sale Debt Securities [Abstract]

Schedule of Available-for-Sale Debt Securities Held in the Trust Account

The following table presents the amortized cost, gross unrealized gains (losses), fair value and other information for the available-for-sale debt securities held in the Trust Account:


December 31, 2025		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. government debt securities(1) (2)	$	281,868,801	$	15,394	$	—	$	281,884,195

(1)

Contractual maturities are one year or less.

(2)

No debt securities were in an unrealized loss position.

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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-SubTopic 10
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+ Details

S-K 1603(a)(7) Direct and Indirect Material Interest Holders - Cantor, CFGM and Brandon G. Lutnick [Member]	Mar. 27, 2026
SPAC Sponsor Direct and Indirect Material Interest Holder [Line Items]
SPAC Sponsor Direct and Indirect Material Interest Holder Name	As such, each of Cantor, CFGM and Brandon G. Lutnick may be deemed to have beneficial ownership of the CAEP Ordinary Shares held directly by the Sponsor.
SPAC Sponsor Direct and Indirect Material Interest Holder Nature	Each such entity or person disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly.

Statements of Changes in Shareholders’ Equity (Deficit) - USD ($)

Total

Ordinary Shares

Class A

Ordinary Shares

Class B

Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Income

Balance at Dec. 31, 2023

$ 2,740

$ 0

$ 690

^[1],[2]

$ 24,310

$ (22,260)

$ 0

Balance (in Shares) at Dec. 31, 2023

6,900,000

^[1],[2]

Other comprehensive income

Net income (loss)

(61,126)

$ 0

(61,126)

Balance at Dec. 31, 2024

(58,386)

$ 0

$ 690

^[2]

24,310

(83,386)

Balance (in Shares) at Dec. 31, 2024

6,900,000

^[2]

Sale of Class A ordinary shares to Sponsor in private placement

5,800,000

$ 58

$ 0

5,799,942

Sale of Class A ordinary shares to Sponsor in private placement (in Shares)

580,000

Accretion of redeemable Class A ordinary shares to redemption value

(15,319,026)

$ 0

(5,824,252)

(9,494,774)

Other comprehensive income

15,394

Net income (loss)

3,604,562

Balance at Dec. 31, 2025

$ (5,957,456)

$ 58

$ 690

$ 0

$ (5,973,598)

$ 15,394

Balance (in Shares) at Dec. 31, 2025

580,000

6,900,000

[1]	The number of shares and the amount have been retroactively adjusted to reflect the recapitalization of the Company in the form of the cancellation of 9,375,000 Class B ordinary shares on June 6, 2024 (See Note 7).
[2]	The number of shares and the amounts have been retroactively adjusted to reflect the capitalization of the Company in the form of the issuance of 750,000 and 1,150,000 Class B ordinary shares on June 15, 2025 and June 25, 2025, respectively (See Note 7).

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Statements of Operations - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

General and administrative costs

$ 2,202,640

$ 61,126

Administrative expenses – related party

61,667

Loss from operations

(2,264,307)

(61,126)

Interest income on investments held in the Trust Account

5,868,869

Net income (loss)

$ 3,604,562

$ (61,126)

Class A – Public shares

Weighted average number of ordinary shares outstanding:

Weighted average number of ordinary shares outstanding (in Shares)

14,215,890

Basic and diluted net income (loss) per share:

Basic net income (loss) per share (in Dollars per share)

$ 0.17

$ 0

Diluted net income (loss) per share (in Dollars per share)

$ 0.17

$ 0

Class A – Private placement

Weighted average number of ordinary shares outstanding:

Weighted average number of ordinary shares outstanding (in Shares)

298,740

Basic and diluted net income (loss) per share:

Basic net income (loss) per share (in Dollars per share)

$ 0.17

$ 0

Diluted net income (loss) per share (in Dollars per share)

$ 0.17

$ 0

Class B – Ordinary shares

Weighted average number of ordinary shares outstanding:

Weighted average number of ordinary shares outstanding (in Shares)

^[1]

6,463,562

6,000,000

^[2]

Basic and diluted net income (loss) per share:

Basic net income (loss) per share (in Dollars per share)

$ 0.17

$ (0.01)

Diluted net income (loss) per share (in Dollars per share)

$ 0.17

$ (0.01)

[1]

Both periods exclude up to 900,000 Class B ordinary shares subject to surrender if the over-allotment option is not exercised in full or in part by the underwriter. As a result of the full exercise of the underwriter’s over-allotment option on June 27, 2025, the 900,000 Class B ordinary shares are no longer subject to surrender. Also, the number of shares for both periods has been retroactively adjusted to reflect the capitalization of the Company in the form of the issuance of 750,000 and 1,150,000 Class B ordinary shares on June 15, 2025 and June 25, 2025, respectively (See Note 7).

[2]

This number has been retroactively adjusted to reflect the recapitalization of the Company in the form of the cancellation of 9,375,000 Class B ordinary shares on June 6, 2024 (See Note 7).

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies [Abstract]

Schedule of Class A Ordinary Shares Subject to Possible Redemption

As of December 31, 2025 and 2024, the Class A ordinary shares subject to possible redemption, as presented in the accompanying balance sheets, are reconciled in the following table:


Class A ordinary shares subject to possible redemption, December 31, 2024	$	—
Gross proceeds		276,000,000
Less:
Issuance costs allocated to Class A ordinary shares subject to possible redemption		(5,294,763	)
Plus:
Accretion of carrying value to redemption value		15,319,026
Class A ordinary shares subject to possible redemption, December 31, 2025	$	286,024,263

Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share

The following table reflects the calculation of basic and diluted net income (loss) per ordinary share:


	For the Year Ended December 31, 2025						For the Year Ended December 31, 2024
	Class A – Public shares		Class A – Private placement shares		Class B – Ordinary shares		Class A – Public shares		Class A – Private placement shares		Class B – Ordinary shares
Basic and diluted net income (loss) per ordinary share
Numerator:
Allocation of net income (loss)	$	2,442,635	$	51,331	$	1,110,596	$	—	$	—	$	(61,126	)
Denominator:
Basic and diluted weighted average number of ordinary shares outstanding		14,215,890		298,740		6,463,562		—		—		6,000,000
Basic and diluted net income (loss) per ordinary share	$	0.17	$	0.17	$	0.17	$	—	$	—	$	(0.01	)

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Description of Organization, Business Operations and Basis of Presentation (Details) - USD ($)				12 Months Ended
	Nov. 07, 2025	Oct. 23, 2025	Jun. 27, 2025	Dec. 31, 2025	Dec. 31, 2024	Jun. 25, 2025	Jun. 06, 2024
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Gross proceeds			$ 276,000,000
Net proceeds from private placement				$ 5,800,000	$ 0
Net proceeds IPO				276,000,000	0
Redemption shares percentage		5.50%
Cash				25,000	0
Working capital deficit				1,888,000	164,000
Loan amount				$ 311,783	$ 70,540
Business Combination, Series of Individually Immaterial Business Combinations [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Outstanding voting securities percentage				50.00%
Pubco Ordinary Share [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Ordinary shares (in Shares)	1
AIR Business Combination [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Ordinary shares (in Shares)	1,500,000
Price per share (in Dollars per share)	$ 10	$ 10
Sponsor [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Price per price (in Dollars per share)			$ 10
Public share redemption price (in Dollars per share)				$ 10.15
Redeemed share price (in Dollars per share)				0.15
Reduction amount of funds in trust account (in Dollars per share)				$ 10.15
Cash				$ 25,000
Amount of loan				$ 173,000
Class A Ordinary Shares [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Common stock par value (in Dollars per share)				$ 0.0001	$ 0.0001
Public share redemption price (in Dollars per share)				12
Class B Ordinary Shares [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Common stock par value (in Dollars per share)				$ 0.0001	$ 0.0001
Class B Ordinary Shares [Member] \| AIR Business Combination [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Ordinary shares (in Shares)	3,400,000
Asset, Held-in-Trust [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Interest income on investments held in the trust account				$ 5,884,000	$ 0
Trust Account [Member] \| Business Combination, Series of Individually Immaterial Business Combinations [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Fair market value percentage				80.00%
IPO [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Price per price (in Dollars per share)			$ 10
IPO [Member] \| Cantor EP Holdings III, LLC [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Net proceeds IPO			$ 276,000,000
IPO [Member] \| Sponsor [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Maximum loan agreed by sponsor						$ 1,750,000	$ 300,000
IPO [Member] \| Related Party [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Loan amount				$ 312,000	$ 0
IPO [Member] \| Class A Ordinary Shares [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Number of shares (in Shares)			27,600,000
Public share redemption price (in Dollars per share)			$ 10
IPO [Member] \| Class A Ordinary Shares [Member] \| Cantor EP Holdings III, LLC [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Number of shares (in Shares)			27,600,000
Common stock par value (in Dollars per share)			$ 0.0001
Over-Allotment Option [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Number of shares (in Shares)			3,600,000
Private Placement [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Net proceeds from private placement			$ 5,800,000
Offering costs			5,300,000
Underwriting fees			4,900,000
Other offering cost			$ 400,000
Public share redemption price (in Dollars per share)			$ 10
Private Placement [Member] \| Class A Ordinary Shares [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Number of shares (in Shares)			580,000
Price per price (in Dollars per share)			$ 10
Private Placement [Member] \| Class A Ordinary Shares [Member] \| Cantor EP Holdings III, LLC [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Net proceeds from private placement			$ 5,800,000
Public Shares [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Public share redemption price (in Dollars per share)				$ 10.36
Redemption shares percentage				15.00%
Public Shares [Member] \| Sponsor [Member]
Description of Organization, Business Operations and Basis of Presentation [Line Items]
Redeemed share price (in Dollars per share)				$ 0.15
Redemption shares percentage				100.00%

Shareholders’ Equity (Deficit) (Details) - $ / shares				12 Months Ended
Shareholders’ Equity (Deficit) (Details) - $ / shares	Nov. 07, 2025	Jun. 27, 2025	Jun. 06, 2024	Dec. 31, 2025	Jun. 25, 2025	Jun. 15, 2025	Dec. 31, 2024	Nov. 30, 2020
Shareholder’s Equity (Deficit) [Line Items]
Preference shares authorized				5,000,000			5,000,000
Preference shares par value (in Dollars per share)				$ 0.0001			$ 0.0001
Preference shares outstanding				0			0
Preference shares issued				0			0
Founders Shares [Member]
Shareholder’s Equity (Deficit) [Line Items]
Number of shares surrendered	3,400,000
Class A Ordinary Shares [Member]
Shareholder’s Equity (Deficit) [Line Items]
Ordinary shares authorized				500,000,000			500,000,000
Ordinary shares par value (in Dollars per share)				$ 0.0001			$ 0.0001
Ordinary shares issued				580,000			0
Ordinary shares outstanding				580,000			0
Shares subject to possible redemption				27,600,000			0
Class B Ordinary Shares [Member]
Shareholder’s Equity (Deficit) [Line Items]
Ordinary shares authorized				50,000,000			50,000,000
Ordinary shares par value (in Dollars per share)				$ 0.0001			$ 0.0001
Ordinary shares issued				6,900,000	1,150,000	750,000	6,900,000
Ordinary shares outstanding				6,900,000			6,900,000
Common stock, voting rights				one
Number of shares surrendered			9,375,000
Percentage of common stock on conversion of shares				20.00%
Class B Ordinary Shares [Member] \| Founders Shares [Member]
Shareholder’s Equity (Deficit) [Line Items]
Ordinary shares issued					1,150,000	750,000
Number of shares no longer subject to forfeiture		900,000
Class B Ordinary Shares [Member] \| Sponsor [Member]
Shareholder’s Equity (Deficit) [Line Items]
Ordinary shares issued						750,000		14,375,000
Number of shares surrendered			9,375,000
Class B Ordinary Shares [Member] \| Maximum [Member]
Shareholder’s Equity (Deficit) [Line Items]
Ordinary shares outstanding			14,375,000		6,900,000
Class B Ordinary Shares [Member] \| Maximum [Member] \| Founders Shares [Member]
Shareholder’s Equity (Deficit) [Line Items]
Ordinary shares outstanding					6,900,000	5,750,000
Class B Ordinary Shares [Member] \| Maximum [Member] \| Sponsor [Member]
Shareholder’s Equity (Deficit) [Line Items]
Ordinary shares outstanding			14,375,000
Class B Ordinary Shares [Member] \| Minimum [Member]
Shareholder’s Equity (Deficit) [Line Items]
Ordinary shares issued						5,000,000
Ordinary shares outstanding			5,000,000
Class B Ordinary Shares [Member] \| Minimum [Member] \| Founders Shares [Member]
Shareholder’s Equity (Deficit) [Line Items]
Ordinary shares outstanding					5,750,000
Class B Ordinary Shares [Member] \| Minimum [Member] \| Sponsor [Member]
Shareholder’s Equity (Deficit) [Line Items]
Ordinary shares outstanding			5,000,000			5,000,000
IPO [Member] \| Founders Shares [Member]
Shareholder’s Equity (Deficit) [Line Items]
Number of shares no longer subject to forfeiture		900,000
IPO [Member] \| Class A Ordinary Shares [Member]
Shareholder’s Equity (Deficit) [Line Items]
Ordinary shares issued		3,600,000

Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Amortized cost	$ 281,868,801	$ 281,868,801
Preference shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preference shares, shares authorized (in Shares)	5,000,000	5,000,000
Preference shares, shares issued (in Shares)	0	0
Preference shares, shares outstanding (in Shares)	0	0
Class A Ordinary Shares
Ordinary shares subject to possible redemption, shares issued (in Shares)	27,600,000	0
Ordinary shares subject to possible redemption, shares outstanding (in Shares)	27,600,000	0
Redemption value per share (in Dollars per share)	$ 10.36	$ 0
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized (in Shares)	500,000,000	500,000,000
Ordinary shares, shares issued (in Shares)	580,000	0
Ordinary shares, shares outstanding (in Shares)	580,000	0
Class B Ordinary Shares
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized (in Shares)	50,000,000	50,000,000
Ordinary shares, shares issued (in Shares)	6,900,000	6,900,000
Ordinary shares, shares outstanding (in Shares)	6,900,000	6,900,000

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025
Document Information [Line Items]
Document Type	F-4
Amendment Flag	false
Entity Registrant Name	AIR Holdings Limited
Entity Central Index Key	0002097725
Entity Emerging Growth Company	true
Entity Incorporation, State or Country Code	Y9
Entity Address, Address Line One	Festival Office Tower
Entity Address, Address Line Two	Dubai Festival City, 7th Floor
Entity Address, City or Town	Dubai
Entity Address, Country	AE
City Area Code	+971
Local Phone Number	4 292 3000
Entity Ex Transition Period	false
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	122 East 42nd Street
Entity Address, Address Line Two	18th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10168
City Area Code	(212)
Local Phone Number	947-7200
Contact Personnel Name	Cogency Global Inc.

S-K 1607, De-SPAC Reports, Opinions, Appraisals, Negotiations	Mar. 27, 2026
Reports, Opinions, Appraisals, and Negotiations [Line Items]
Report, Opinion, or Appraisal, the SPAC or SPAC Sponsor Determined Consideration Amount to Target Company or its Security Holders or Target Company Valuation [Flag]	false
Report, Opinion, or Appraisal, Outside Party or Unaffiliated Representative Determined Consideration Amount to Target Company or its Security Holders or Target Company Valuation [Flag]	false

Balance Sheets - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Current Assets:

Cash

$ 25,000

$ 0

Prepaid expenses

145,000

Total Current Assets

170,000

Available-for-sale debt securities held in Trust Account, at fair value (amortized cost $281,868,801)

281,884,195

Deferred offering costs

105,806

Other assets

70,554

Total Assets

282,124,749

105,806

Current Liabilities:

Accrued expenses

1,746,159

93,652

Notes payable – related party

311,783

70,540

Total Liabilities

2,057,942

164,192

Commitments and Contingencies

Shareholders’ Deficit:

Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding as of both December 31, 2025 and 2024

Additional paid-in capital

24,310

Accumulated deficit

(5,973,598)

(83,386)

Accumulated other comprehensive income

15,394

Total Shareholders’ Deficit

(5,957,456)

(58,386)

Total Liabilities, Commitments and Contingencies and Shareholders’ Deficit

282,124,749

105,806

Class A Ordinary Shares

Current Liabilities:

Class A ordinary shares subject to possible redemption, 27,600,000 and 0 shares issued and outstanding at redemption value of $10.36 and $0 per share as of December 31, 2025 and 2024, respectively

286,024,263

Shareholders’ Deficit:

Ordinary shares, value

Class B Ordinary Shares

Shareholders’ Deficit:

Ordinary shares, value

$ 690

^[1]

[1]	The number of shares and the amount have been retroactively adjusted to reflect the capitalization of the Company in the form of the issuance of 750,000 and 1,150,000 Class B ordinary shares on June 15, 2025 and June 25, 2025, respectively (See Note 7).

S-K 1605, De-SPAC Background and Terms

Mar. 27, 2026

De-SPAC Transactions, Background Summary [Line Items]

De-SPAC, Background, Transactions Description [Text Block]

Background of the Business Combination

The terms of the Business Combination are the result of arm’s-length negotiations between representatives of CAEP and AIR. The following chronology summarizes the key meetings and events that led to the signing of the Business Combination Agreement. This chronology does not purport to catalog every correspondence among representatives of CAEP and AIR. All dates referred to in the following chronology are local time in New York, New York unless otherwise indicated.

CAEP is a blank check company incorporated as a Cayman Islands exempted company on November 11, 2020 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

In April 2025, a representative of the Kingsway Holders, who collectively hold a majority interest in AIR, who had a preexisting relationship with representatives of Cantor, contacted representatives of Cantor by email seeking to set up a meeting to discuss a potential business combination involving AIR.

On May 12, 2025, an initial meeting was held among representatives of the Kingsway Holders, Cantor and CF&Co. to discuss AIR. Subsequent to that, CF&Co. and AIR negotiated and entered into a non-disclosure agreement.

On May 20, 2025, an initial meeting was held among representatives of the Kingsway Holders, AIR and CF&Co. where they discussed a potential business combination involving a SPAC sponsored by an affiliate of Cantor.

On May 21, 2025, representatives of CF&Co. introduced representatives of the Kingsway Holders and AIR to representatives of CEP II.

On May 23, 2025, CEP II executed a non-disclosure agreement with AIR.

On June 6, 2025, CEP II executed a non-binding letter of interest with AIR.

On June 27, 2025, CAEP closed the CAEP IPO and began its search for an acquisition target.

From early June 2025 until mid-July 2025, representatives of CEP II and CF&Co., acting on behalf of CEP II, commenced initial business diligence on AIR, including a review of AIR’s financials. Representatives of CEP II and CF&Co. also participated in a number of business diligence sessions with representatives of AIR and performed additional due diligence on AIR and held discussions regarding the structuring of a business combination.

In July 2025, representatives of CF&Co. were contacted by representatives of a potential sponsor of a business combination opportunity in the cryptocurrency industry (“Transaction B”). CF&Co. had previously discussed Transaction B with such potential sponsor on behalf of CEP II and such potential sponsor desired to reengage in discussion regarding Transaction B. CF&Co. informed CEP II management and CEP II’s management determined that Transaction B represented a more attractive opportunity for CEP II shareholders. Representatives of CF&Co. and the Kingsway Holders discussed the potential for CAEP, instead of CEP II, to pursue a business combination with AIR.

Effective as of July 14, 2025, CEP II and AIR terminated their letter of intent.

On July 14, 2025, the CAEP Board held a special meeting. In addition to all of the members of the CAEP Board, the meeting was attended by officers of CAEP and representatives of the Sponsor and CF&Co. In advance of such meeting, the CAEP Board was provided a draft of a non-binding letter of interest between CAEP and AIR and a presentation prepared by AIR. At the meeting, the CAEP Board was provided an update on CAEP’s search for a business combination, was apprised that CAEP had begun discussions with AIR regarding a potential business combination with AIR, was provided background information on AIR and discussed the proposed terms of the business combination between AIR and CAEP. By a unanimous vote of the CAEP Board, the CAEP Board authorized the execution of the letter of intent by CAEP on terms substantially based on those that had been previously negotiated with CEP II.

On July 15, 2025, CAEP executed a non-binding letter of interest with AIR (the “LOI”). The LOI contemplated, among other things, (i) a $1.9 billion pre-money equity value for AIR, (ii) that the parties would seek to raise a private investment in public equity (“PIPE”) either before or after signing of the definitive agreement, (iii) that CF&Co. would be the sole PIPE placement agent, (iv) the post-closing management team of Pubco would consist of the current management team of AIR (or as otherwise determined by AIR) and the composition of the post-closing Pubco board of directors would be determined by AIR in advance of closing (subject to applicable listing requirements), (v) AIR would obtain support agreements from its shareholders representing at least 90% of the equity interests of each class of equity of AIR entitled to vote on the Transaction, (vi) AIR’s debtholders will consent to the Transaction, or such debt will be refinanced on terms and conditions acceptable to CAEP and AIR, (vii) the Sponsor will waive the anti-dilution right of the CAEP Class B Ordinary Shares under the CAEP Memorandum and Articles, (viii) forfeiture and earnout provisions applicable to the Sponsor’s CAEP Founder Shares, (ix) that the parties would target a one-year lock-up on the Pubco Ordinary Shares to be issued to AIR’s equity holders in the Transaction and in exchange for the CAEP Founder Shares, and (x) revised economics payable to CF&Co. The LOI also contemplated a mutual eight-week exclusivity period, subject to automatic two-week extensions until either party provided notice for termination in writing. Substantially concurrently with the execution of the LOI, CAEP and AIR executed a non-disclosure agreement. Although the LOI contemplated that the parties would seek to raise a PIPE, following further negotiations, the parties ultimately determined not to pursue a PIPE financing and did not include any such requirement as a condition to closing in the Business Combination Agreement.

On July 18, 2025, the CAEP Board was provided a presentation prepared by CF&Co. that was reviewed in part at the July 14, 2025 special meeting of the CAEP Board.

On or about July 18, 2025, CAEP engaged DLA Piper LLP (US) (“DLA Piper”) as its legal counsel for the proposed business combination.

Following execution of the LOI and non-disclosure agreement, the CAEP management team, its legal and financial advisors and representatives of the Sponsor engaged in due diligence of AIR, including reviewing the materials in a virtual data room, requesting additional documentation, reviewing additional information provided, and holding multiple due diligence video and telephonic conference calls with AIR’s management team, employees and advisors. Additional information was provided in the data room and via email, and a number of follow-up diligence calls were hosted as requested by CAEP. During due diligence, representatives of CAEP, AIR and their respective advisors discussed, among other things, an overview of AIR and its current and future product offerings, AIR’s manufacturing, operations, sales and marketing, corporate legal structure, compliance, licenses and regulatory matters, material contracts, intellectual property, historical, current financial condition, compliance with international trade and sanctions regulations, anti-corruption, employment structure, human resources and related matters, ongoing economic and contractual relationships with its key partners and other diligence matters. Such diligence continued as requested by CAEP through negotiation and finalization of the Business Combination Agreement and Ancillary Documents.

Beginning on July 22, 2025 and continuing through negotiation and finalization of the Business Combination Agreement and Ancillary Documents, representatives of AIR, Kingsway, acting on behalf of AIR, CF&Co., acting on behalf of CAEP, Barclays Capital Inc. (“Barclays”), as M&A and capital markets advisor to AIR in connection with the Business Combination, Latham & Watkins (London) LLP, as legal advisor to AIR (“Latham”), DLA Piper, and Wilmer Cutler Pickering Hale and Dorr LLP, as legal advisor to Barclays (“WilmerHale”), held weekly meetings via videoconference to discuss the status of operating, financial, and legal due diligence, signing and announcement logistics and related workstreams.

On July 24, 2025, representatives of CF&Co., acting on behalf of CAEP, attended an on-site visit of AIR’s manufacturing facility in Grodzisk Mazowiecki, Poland. On the same date, there was an initial videoconference among representatives of Latham, DLA Piper, and CF&Co., acting on behalf of CAEP, to discuss legal workstreams, including structuring, applicable SEC and Nasdaq requirements, tax rules and financial statement requirements and other considerations in connection with the proposed Business Combination.

On July 29, 2025, representatives of CF&Co., acting on behalf of CAEP, attended on-site visits with representatives of AIR at AIR’s headquarters in Dubai, United Arab Emirates to conduct further diligence with the AIR management team and were also provided a guided tour of AIR’s two manufacturing facilities and research and development facility in Ajman, United Arab Emirates.

Between early August 2025 and the end of August 2025, representatives of CAEP, CF&Co., AIR and Barclays held a series of meetings via teleconference and exchanged emails to prepare for a potential equity investment in Pubco and/or CAEP as part of the Business Combination, including, among other things, preparing a presentation for potential investors and aligning on the target investor list, timeline, and outreach process.

On August 8, 2025, Latham shared with DLA Piper and CAEP an initial transaction structure deck and steps plan prepared by AIR’s tax advisor, which presented two alternative options for structuring. On August 9, 2025, a representative of DLA Piper, acting at the direction of CAEP, informed Latham regarding CAEP’s preferred structuring of the Business Combination. On August 11, 2025, a representative of Latham confirmed, on behalf of AIR, that AIR agreed to move forward with CAEP’s preferred transaction structure.

Between August 11, 2025 and August 18, 2025, representatives of DLA Piper and Latham discussed via email the Business Combination Agreement and certain Ancillary Documents, the allocation of drafting responsibility between legal counsel and the responsibility for incorporating Pubco, Cayman Merger Sub and Jersey Merger Sub.

On August 11, 2025, representatives of CF&Co., acting on behalf of CAEP, AIR and DLA Piper participated in a videoconference to discuss AIR’s existing equity compensation plans.

Between July 29, 2025, and August 27, 2025, AIR updated the investor presentation to be used in connection with a potential equity investment in Pubco or CAEP, and representatives of Latham, DLA Piper, Barclays and WilmerHale reviewed, discussed and provided comments to same.

On August 18, 2025, Maples and Calder (Cayman) LLP (“Maples Cayman”) and Maples and Calder (Jersey) LLP (“Maples Jersey,” and together with Maples Cayman, “Maples”) were engaged by CAEP to advise on local Cayman Islands law and Jersey law matters, respectively, in connection with the proposed Business Combination.

Beginning on August 26, 2025, representatives of CF&Co., at the request of AIR, began contacting a limited number of potential investors, each of whom agreed to maintain the confidentiality of the information received pursuant to customary non-disclosure agreements, to discuss AIR, the proposed Business Combination and investment and to determine such investors’ potential interest in participating in an investment involving Pubco. From August 26, 2025, through August 28, 2025, representatives of CF&Co. and AIR participated in various virtual meetings with prospective participants in a potential equity investment.

On September 10, 2025, DLA Piper sent to Latham an initial draft of the Business Combination Agreement. The initial draft of the Business Combination Agreement included the terms of the LOI.

On September 11, 2025, DLA Piper sent to Latham an initial draft of the Sponsor Support Agreement. Similarly, the initial draft of the Sponsor Support Agreement included the terms of the LOI.

On September 14, 2025, DLA Piper sent to Latham a further revised draft of the Business Combination Agreement, which had been updated to reflect certain corporate formalities and mechanical requirements under Cayman Islands and Jersey law.

On September 15, 2025, DLA Piper sent to Latham an initial draft of the Shareholder Support Agreement. On the same date, representatives of DLA Piper and Latham had a call to discuss the Business Combination Agreement, Sponsor Support Agreement and Shareholder Support Agreement.

Beginning on September 18, 2025, and continuing through the execution of the Business Combination Agreement, representatives of DLA Piper and Latham held several additional teleconferences to discuss a number of legal due diligence topics related to AIR’s business and operations.

On each of September 19, 2025 and September 22, 2025, Latham sent to DLA Piper revised drafts of the Business Combination Agreement, which reflected, among other things, the absence of standalone shareholder support agreements or arrangements, a $1.456 billion equity value (not subject to further deduction for net debt), the addition of the AIR Earnout Shares as a portion of the consideration, a six-month lock-up for Pubco Ordinary Shares issued to AIR Shareholders, changes to representations and warranties of each party, changes to the scope of the interim operating covenants of AIR and CAEP, and more limited circumstances under which the CAEP Board could change its recommendation to CAEP Shareholders to vote in favor of the Proposals.

On September 23, 2025, representatives of DLA Piper and Latham discussed the Business Combination Agreement.

Beginning on September 25, 2025 and continuing through October 27, 2025, representatives of Maples Jersey participated in several calls with representatives of Walkers Jersey, AIR’s local Jersey counsel, to discuss the mechanics surrounding the implementation of the Jersey Merger and the Jersey-law aspects of the Business Combination Agreement.

On September 29, 2025, Latham sent to DLA Piper a revised draft of the Sponsor Support Agreement.

On September 30, 2025, DLA Piper sent to Latham a revised draft of the Business Combination Agreement.

Between September 30, 2025 and October 16, 2025, representatives of DLA Piper and Latham held separate status calls twice a week regarding the timeline and process relating to the potential Business Combination and the progress of legal workstreams in connection therewith.

On October 1, 2025, Latham sent DLA Piper a list of material open business and legal issues based on the latest drafts of the Business Combination Agreement and Ancillary Documents.

On October 2, 2025, representatives of DLA Piper participated in a call with representatives of Latham to discuss preparation of the Form F-4 and related workstreams, including the anticipated timeline discussed by the parties, the status of the preparation of the PCAOB audited financial statements of AIR and various other matters relevant to the filing.

On October 3, 2025, representatives of DLA Piper, CF&Co., acting on behalf of CAEP, AIR, Kingsway and Latham participated in a videoconference to discuss, among other things, AIR’s equity-incentive award scheme and the Pubco Ordinary Shares issuable to employees of Pubco and its subsidiaries pursuant to certain milestones related to financial achievements of AIR.

Between October 3, 2025 and October 5, 2025, representatives of DLA Piper and Latham, acting at the direction of CAEP and AIR, respectively, held multiple telephone calls to discuss open commercial and legal points on the Business Combination Agreement and Ancillary Documents. The principal terms at issue and discussed during these calls were the inclusion of the Shareholder Support Agreement generally and the aggregate ownership of AIR Shareholders that would be executing such agreement, whether and to what extent the calculation of equity value would be subject to any deductions, the right of the CAEP Board to change its recommendation to CAEP Shareholders to vote in favor of the Proposals, the types of business activities and operations of AIR during the Interim Period that would require CAEP’s prior written consent, the terms of the lock-up arrangements (and triggers for early release and the form and manner of repayment of the Sponsor Loan and Sponsor Note.

On October 5, 2025, DLA Piper sent to Latham a revised draft of the Sponsor Support Agreement.

On October 7, 2025, DLA Piper sent to Latham an initial draft of the A&R Registration Rights Agreement.

On October 8, 2025, Latham sent to DLA Piper a revised draft of the Business Combination Agreement, which reflected, among other things, changes with respect to the treatment of equity awards and calculation of fully-diluted AIR shares, AIR Shareholders contemplated to sign the Shareholder Support Agreement, changes to representations and warranties of each party, and changes to the scope of the interim operating covenants of AIR and CAEP.

On October 10, 2025, Latham sent to DLA Piper revised drafts of the Sponsor Support Agreement and the Shareholder Support Agreement.

On October 13, 2025, representatives of DLA Piper and Latham held a telephonic conference to discuss, among other things, the treatment of equity awards and the inclusions and exclusions in the calculation of the fully-diluted share count of AIR under the Business Combination Agreement.

Additionally, on October 13, 2025, the CAEP Audit Committee was provided with the final draft of the CF&Co. M&A Engagement Letter for its review.

On October 15, 2025, Latham sent to DLA Piper an initial draft of AIR’s disclosure letter to the Business Combination Agreement. Several revised drafts of such disclosure letter were exchanged on each of October 23, October 31, November 4, November 5, November 6, and November 7, 2025, and multiple discussions took place in connection with same, until such disclosure letter was finalized prior to the signing of the Business Combination Agreement.

On October 17, 2025, representatives of CF&Co., acting on behalf of CAEP and Kingsway, acting on behalf of AIR, held a call to discuss business issues related to the latest drafts of the Business Combination Agreement and the Ancillary Documents.

On October 18, 2025, representatives of DLA Piper and Latham held a call to discuss the Shareholder Support Agreement.

On October 21, 2025, DLA Piper sent to Latham a revised draft of the Sponsor Support Agreement.

Additionally, on October 21, 2025, representatives of CAEP, CF&Co. and Cantor, on behalf of CAEP, participated in a telephonic conference with representatives of KPMG LLP (“KPMG”) to discuss, among other things, an engagement to provide certain tax due diligence services in connection with the Business Combination.

On October 22, 2025, CAEP engaged KPMG to provide certain tax due diligence services in connection with the Business Combination and KPMG representatives were granted access to the Data Room.

Between October 23, 2025 and October 30, 2025, representatives of KPMG requested, received and reviewed additional information regarding AIR’s tax matters, and on October 23, 2025 and October 29, 2025, representatives of KPMG, CF&Co., Cantor and AIR held due diligence video conference calls regarding tax matters in multiple jurisdictions including the U.S., U.K., Spain, Germany, Saudi Arabia and the United Arab Emirates.

On October 23, 2025, DLA Piper sent to Latham the initial draft of CAEP’s disclosure letter to the Business Combination Agreement. Comments to and revised drafts of such disclosure letter were exchanged on October 27, October 30, and November 5, 2025, at which point such disclosure letter was agreed to be in final form prior to the signing of the Business Combination Agreement.

On October 23, 2025, the CAEP Audit Committee approved the entry by CAEP into the CF&Co. M&A Engagement Letter and CAEP and CF&Co. executed the CF&Co. M&A Engagement Letter. On the same date, Latham sent DLA Piper a revised draft of the A&R Registration Rights Agreement.

On October 25, 2025, Latham provided to DLA Piper revised drafts of the Sponsor Support Agreement and the Shareholder Support Agreement. On the same date, representatives of CAEP, CF&Co., DLA Piper, Latham and Kingsway held a conference call to negotiate and resolve terms of the Business Combination Agreement and Ancillary Documents. The principal points that were discussed included the inclusions and exclusions in the $1.456 billion equity value and in calculating the exchange ratio determining the number of Pubco Ordinary Shares the AIR Shareholders would receive in exchange for their AIR Ordinary Shares, the terms of the lock-ups (and triggers for early release) applicable to the Pubco Ordinary Shares to be held by AIR Shareholders, the scope of representations and disclosures by AIR under the Business Combination Agreement and the provision of a general waiver and release by the AIR Shareholders. Status of legal, financial and accounting due diligence was also discussed during this meeting.

Also on October 27, 2025, the CAEP Board was provided the then-current drafts of the Business Combination Agreement and the other Ancillary Documents, CAEP’s and AIR’s respective disclosure letters to the Business Combination Agreement, the deSPAC Agreement and a presentation from Maples Cayman regarding fiduciary duties of directors under Cayman Islands law.

On October 29, 2025, representatives of DLA Piper and Latham had a call to discuss the Business Combination Agreement and the other Ancillary Documents.

On October 30, 2025, an all-hands videoconference was held with representatives of DLA Piper, CF&Co., Latham, AIR, Kingsway, Barclays and WilmerHale. On the same date, DLA Piper sent to Latham a revised draft of the A&R Registration Rights Agreement.

On November 1, 2025, the CAEP Board was provided a draft presentation from CF&Co. regarding the Business Combination.

On November 2, 2025, the CAEP Board was provided the then-current drafts of the Business Combination Agreement and the other Ancillary Documents, CAEP’s and AIR’s respective disclosure letters to the Business Combination Agreement, the deSPAC Agreement and the Cayman Plan of Merger.

On November 3, 2025, representatives of CF&Co., DLA Piper, Latham, AIR and Kingsway held a videoconference call to resolve the open business and legal points, including, among others, the earnout provisions applicable to the Sponsor’s CAEP Founder Shares, and the terms of the earnout (and potential early earnout triggers) for the AIR Earnout Shares, the finalization of the inclusions and exclusions in the $1.456 billion equity value and in calculating the fully-diluted share count of AIR used for the exchange ratio to determine the number of Pubco Ordinary Shares the AIR Shareholders would receive in the Jersey Merger, the scope of representations and disclosures by AIR under the Business Combination Agreement and restrictions on changes to AIR during the Interim Period between signing of the Business Combination Agreement and Closing.

Throughout the course of November 3, 2025 through November 5, 2025, representatives of DLA Piper and Latham, acting at the direction of CAEP and AIR, respectively, continued to discuss and negotiate the terms of the Business Combination Agreement and Ancillary Documents.

On November 4, 2025, Latham sent to DLA Piper comments to the A&R Registration Rights Agreement. Additional comments and revised drafts of the A&R Registration Rights Agreement were exchanged between Latham and DLA Piper over the course of that same day and the following day. The A&R Registration Rights Agreement was in an agreed-upon, final form on November 5, 2025.

Further, on November 4, 2025, the CAEP Board was provided drafts of written resolutions of the CAEP Board and CAEP Audit Committee approving the Transactions.

On November 5, 2025, DLA Piper sent to Latham a revised draft of the Business Combination Agreement, reflecting updates that had been discussed over the past few days.

Further on November 5, 2025, a special meeting of the CAEP Board was held. In addition to all members of the CAEP Board, the meeting was attended by officers of CAEP and representatives of the Sponsor, CF&Co. and DLA Piper. The CAEP Board, with the assistance of its financial and legal advisors, discussed and reviewed the terms of the Business Combination, including the terms and conditions of the Business Combination Agreement and the Ancillary Documents, the potential benefits of, and risks relating to, the Business Combination, the reasons for entering into the Business Combination Agreement, the proposed timeline for entering into the definitive transaction agreements and announcing the Business Combination, and related fiduciary duties, and conflicts of interest of the Sponsor and the officers and directors of CAEP with respect to the Business Combination.

Following the special meeting of the CAEP Board on November 5, 2025, the CAEP Board was provided updated drafts of the Business Combination Agreement and certain other Ancillary Documents, as well as CAEP’s and AIR’s respective disclosure letters to the Business Combination Agreement.

Following the special meeting of the CAEP Board on November 5, 2025, by written resolutions, the CAEP Audit Committee approved the entry into the Business Combination Agreement and the Transactions and each of the Ancillary Documents that included CAEP and either the Sponsor or CF&Co. as parties and certain other matters.

Additionally, on November 5, 2025, by unanimous written resolutions, the CAEP Board unanimously approved the Business Combination and the other Transactions, the entry into the Business Combination Agreement and the Ancillary Documents to be executed by CAEP and recommended that the CAEP Shareholders vote “FOR” the Business Combination Proposal. See “— The CAEP Board’s Reasons for the Approval of the Business Combination” for additional information related to the factors considered by the CAEP Board in approving the Business Combination.

From November 5, 2025 through early in the morning on November 7, 2025, representatives of CAEP and AIR continued to discuss and negotiate the terms of the Business Combination Agreement and Ancillary Documents. During this period, representatives of DLA Piper and Latham held multiple rounds of discussions to finalize, at the respective direction of CAEP and AIR, all pending issues and exchanged drafts of the Business Combination Agreement and AIR’s disclosure letter to the Business Combination Agreement, which changes primarily related to the scope of representations and warranties and interim operating covenants of AIR.

On November 6, 2025, the CAEP Board and the CAEP Audit Committee held a meeting to review CAEP’s quarterly reporting on Form 10-Q for the quarter ended September 30, 2025. At that meeting, the CAEP Board was provided an update on the status of the proposed Business Combination, the Business Combination Agreement and the other Ancillary Documents.

In the early morning on November 7, 2025, representatives of DLA Piper, CAEP, CF&Co., Latham, AIR and Kingsway participated in a videoconference to discuss revisions to certain restrictions on AIR’s conduct of its operations during the Interim Period, including with respect to AIR’s ability to make certain equity and cash-based payments between signing and Closing without CAEP’s prior written consent. Following the conclusion of the videoconference, CAEP and AIR finalized the terms of the Business Combination Agreement and AIR’s disclosure letter to the Business Combination Agreement, and the final versions of each were provided to the CAEP Board.

On November 7, 2025, prior to the U.S. market opening on the same day, CAEP, AIR, Pubco, Cayman Merger Sub and Jersey Merger Sub executed the Business Combination Agreement. Concurrently with the execution of the Business Combination Agreement, CAEP also entered into the Shareholder Support Agreement and the Sponsor Support Agreement, in each case, with the applicable counterparties thereto. See “Summary of the Proxy Statement/Prospectus — Related Agreements” for additional information.

On November 7, 2025, immediately following execution of the Business Combination Agreement and other Ancillary Documents, the parties issued a joint press release announcing the execution of the Business Combination Agreement, and CAEP published a current report on Form 8-K with the SEC that included a copy of the joint press release, the Business Combination Agreement, and the forms or copies of the other executed Ancillary Documents.

De-SPAC Transactions, Material Terms [Line Items]

De-SPAC, Reasons for SPAC Engaging in the Transaction [Text Block]

The CAEP Board’s Reasons for the Approval of the Business Combination

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review of historical financial performance of AIR;

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meetings and calls with the management team and employees of AIR regarding, among other things, operations, plans, customers, targeted products and services; and

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consultation with CAEP management and its legal and financial advisors.

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AIR’s Market Position. AIR is a leading manufacturer and marketer of flavored molasses and related products sold for use in HoReCa and in the home.

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AIR’s Financial Performance. AIR’s Core Business has consistently generated significant EBITDA and cash flow. See “Comparable Company Analysis.”

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AIR’s Manufacturing Capacity. AIR manufactures its products directly at three facilities in the UAE and European Union and utilizes third-party manufacturers at five facilities.

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No Minimum Cash Condition. The Business Combination Agreement does not include any closing conditions relating to a minimum amount of cash, which provides more certainty for Closing.

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Redemption Option. The right of CAEP Shareholders to redeem their Public Shares in connection with the Closing as further described herein.

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Employee Equity. Pubco will have available a significant number of shares that can be issued to employees of Pubco and its subsidiaries, which could significantly dilute Public Shareholders.

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Absence of Fairness Opinion. CAEP did not obtain a fairness opinion (or any similar report or appraisal) in connection with the Business Combination.

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Closing Conditions. Completion of the Business Combination is conditioned on the satisfaction of certain closing conditions that are not within CAEP’s control.

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Fees and Expenses. The fees and expenses associated with completing the Business Combination.

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Valuation. The risk that the CAEP Board may not have properly valued AIR’s business.

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Distraction to Operations. The risk that the potential diversion of AIR’s management and employee attention as a result of the Business Combination may adversely affect AIR’s operations.

In addition to considering the factors described above, the CAEP Board also considered that:

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Interests of CAEP Directors and Officers in the Business Combination

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Pursuant to the Sponsor Support Agreement, the Sponsor has agreed that 1,500,000 of the Post-Combination Founder Shares will be subject to the Sponsor Earnout Conditions;

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CF&Co., an affiliate of the Sponsor and Cantor, is a party to the CF&Co. M&A Engagement Letter, pursuant to which CAEP has engaged CF&Co. as its exclusive financial advisor in connection with the Transactions. For the services provided thereto, CF&Co. will receive a cash fee at Closing equal to approximately $24.235 million, being equal to 1.5% of the enterprise value of AIR less $2 million, which fee will be reduced by an amount equal to the lesser of (i) $1.98 million and (ii) the product of: (x) 5.5%, (y) $10.00 and (z) the number of Public Shares redeemed in connection with the Transactions. In addition, CF&Co. previously entered into the Business Combination Marketing Agreement, pursuant to which CF&Co. will receive a $10.38 million cash fee at Closing. Payment of the foregoing fees are contingent on Closing;

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Material Differences in Security Holders' Rights, SPAC Versus the Combined Company [Text Block]

COMPARISON OF SHAREHOLDER RIGHTS

This section describes the material differences between the rights of CAEP Shareholders and AIR shareholders before the consummation of the Business Combination and the rights of holders of Pubco Ordinary Shares after the Business Combination. These differences in shareholder rights result from the differences between Jersey law and the Companies Act and the respective governing documents of CAEP and Pubco.

This section does not include a complete description of all differences among such rights, nor does it include a complete description of such rights. Furthermore, the identification of some of the differences of these rights as material is not intended to indicate that other differences that may be equally important do not exist. CAEP Shareholders and AIR Shareholders are urged to carefully read the relevant provisions of Jersey law, the Companies Act, the CAEP Memorandum and Articles and the form of the A&R Pubco Articles that will be in effect as of consummation of the Business Combination. References in this section to the A&R Pubco Articles are references thereto as they will be in effect upon consummation of the Business Combination. However, the A&R Pubco Articles may be amended at any time prior to consummation of the Business Combination by mutual agreement of CAEP, Pubco and AIR or after the consummation of the Business Combination by amendment in accordance with their terms. If the A&R Pubco Articles are amended, the below summary may cease to accurately reflect them as so amended.

The following table describes material differences between the current rights of CAEP Shareholders and AIR shareholders, and the rights of Pubco shareholders after the Business Combination:


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
Authorized Capital	Authorized Capital	Authorized Capital
The authorized share capital of CAEP is USD $55,500 divided into 500,000,000 CAEP Class A Ordinary Shares, 50,000,000 CAEP Class B Ordinary Shares and 5,000,000 preference shares, par value $0.0001 per share.	The authorized share capital of Pubco is USD $60,000 divided into 500,000,000 Pubco Ordinary Shares, par value USD $0.0001 per share, 50,000,000 Redeemable Deferred Shares, par value USD $0.0001 per share and 50,000,000 Pubco Preferred Shares, par value USD $0.0001 per share.	The authorized share capital of AIR is USD $4,999,980,832 divided into 253,220,000 AIR Ordinary Shares, par value USD$19.7456 per share.
Voting Rights	Voting Rights	Voting Rights
The CAEP Memorandum and Articles provide that prior to the completion of the Business Combination, only holders of CAEP Class B Ordinary Shares, voting together as a single class, will have the right to vote on (a) the appointment and removal of directors of CAEP and (b) continuing CAEP in a jurisdiction outside the Cayman Islands (including any special resolution required to adopt new constitutional documents as a result of CAEP’s approving a transfer by way of continuation to a jurisdiction outside the Cayman Islands). Holders of CAEP Class A Ordinary Shares are not entitled to vote on these matters during such time. These provisions of the CAEP Memorandum and Articles may only be amended if approved by at least 90% of CAEP Ordinary Shares voting at a general meeting. With respect to any other matter submitted to a vote of CAEP Shareholders, including any vote in connection with its initial business combination, holders of shares of CAEP Class A Ordinary Shares and holders of shares of CAEP Class B Ordinary Shares will vote together as a single class, except as required by law. Each CAEP Ordinary Share will have one vote on all such matters.	The A&R Pubco Articles provide that each Pubco Ordinary Share carries one right to vote and Redeemable Deferred Shares have no rights to vote. Holders of one or more series of Pubco Preferred Shares may be issued with such voting rights as may be fixed by resolutions of the Pubco Board. At any general meeting of the holders of Pubco Ordinary Shares, at least two shareholders present in person (including by electronic means) or by proxy representing at least one-third of the voting power of the then outstanding shares of Pubco entitled to vote at an election of the directors of the Pubco Board at the start of the meeting shall form a quorum for the transaction of business at such meeting. Subject to the Companies (Jersey) Law 1991, as amended (“Jersey Companies Law”) and any rule, regulation rule, regulation, policy, guideline, or directive of Nasdaq, and unless otherwise specified in the A&R Pubco Articles, any question properly proposed for the consideration of the shareholders at any general meeting shall be decided by the affirmative vote of a simple majority of	The memorandum and articles of association of AIR (“AIR Articles”) provide that each AIR Ordinary Share carries one right to vote. For any general meeting of the holders of AIR Ordinary Shares, a quorum is required. This quorum must include representatives from key shareholder groups as specified in the AIR Articles, either in person or by proxy, with at least two individuals forming the quorum. Subject to the Jersey Companies Law and unless otherwise specified in the AIR Articles, any question properly proposed for the consideration of the shareholders at any general meeting shall be decided by the affirmative vote of a simple majority of the votes cast and entitled to vote on the matter, and in the case of an equality of votes, the chairman of such meeting shall not be entitled to a second or casting vote and the resolution shall fail.


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
The presence of holders of a majority of the CAEP Ordinary Shares being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorized representative or proxy shall be a quorum. At all meetings of Shareholders at which a quorum is present prior to the completion of the Business Combination, the appointment and removal of directors and continuation of CAEP in a jurisdiction outside the Cayman Islands is determined by a majority of the votes cast by the holders of CAEP Class B Ordinary Shares present in person or represented by proxy at the meeting and entitled to vote thereon. Except as otherwise provided in the Companies Act, all other matters presented to the shareholders at a meeting at which a quorum is present shall be determined by the vote of a majority of the votes cast by the CAEP Shareholders present in person, online or represented by proxy at the meeting and entitled to vote thereon.	the votes cast and entitled to vote on the matter, and in the case of an equality of votes, the chairman of such meeting shall not be entitled to a second or casting vote and the resolution shall fail.
Appraisal/Dissenters’ Rights	Appraisal/Dissenters’ Rights	Appraisal/Dissenters’ Rights
Under section 238 of the Companies Act, shareholders of a Cayman Islands company ordinarily have dissenters’ rights with respect to a statutory merger or consolidation. The Companies Act prescribes when shareholder dissenters’ rights will be available and sets the limitations on such rights. Where such rights are available, shareholders are entitled to receive fair value for their shares.	There are no appraisal rights under the Jersey Companies Law.	There are no appraisal rights under the Jersey Companies Law.
Dividends	Dividends	Dividends
Subject to the Companies Act and except as otherwise provided by the rights attached to any shares, the directors may resolve to pay dividends and other distributions on shares in issue and authorize payment of the dividends or other distributions out of the funds of the company lawfully available therefor. Prior to the consummation of the Business Combination, the directors may only resolve to pay dividends and other distributions on shares in issue if approved by consent in writing of the holders of not less than two-thirds of the issued CAEP Class B Ordinary Shares.	Subject to restrictions in the A&R Pubco Articles, under Jersey Companies Law, a Jersey company may make a distribution at any time and out of any source (other than the nominal capital account or capital redemption reserve) provided that the directors of the company who authorize the distribution make a solvency statement in the prescribed form confirming that they have formed the opinion and that immediately following the date on which the distribution is proposed and for a 12 month period thereafter the company will be able to discharge its liabilities as they fall due. Likewise, authorizing directors must also make a statutory solvency statement in the event of redeeming or purchasing the company’s shares.	Subject to restrictions in the AIR Articles, under Jersey Companies Law, a Jersey company may make a distribution at any time and out of any source (other than the nominal capital account or capital redemption reserve) provided that the directors of the company who authorize the distribution make a solvency statement in the prescribed form confirming that they have formed the opinion and that immediately following the date on which the distribution is proposed and for a 12 month period thereafter the company will be able to discharge its liabilities as they fall due. Likewise, authorizing directors must also make a statutory solvency statement in the event of redeeming or purchasing the company’s shares.
Purchase, Repurchase and Redemption of Shares	Purchase, Repurchase and Redemption of Shares	Purchase, Repurchase and Redemption of Shares


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
Subject to the provisions of the Companies Act, the CAEP Memorandum and Articles, any exchange rules, and to any rights conferred on the shareholders or attaching to any class of shares in the capital of CAEP, CAEP may: (i) issue shares on terms that they are to be redeemed or are liable to be redeemed at the option of one or both of CAEP or the holder of such shares on such terms and in such manner as the CAEP Shareholders may determine before the issue of those shares; and (ii) repurchase any of its shares, in such manner and on such other terms as the CAEP Board may agree with the relevant member. Under the Companies Act, the redemption or repurchase of any share may be paid out of CAEP’s profits or out of the proceeds of a fresh issue of shares made for the purpose of such redemption or repurchase, or out of capital if the CAEP can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased: (a) unless it is fully paid up to its par value; (b) if such redemption or repurchase would result in there being no shares issued and outstanding in the capital of CAEP; or (c) if CAEP has commenced liquidation.	Subject to compliance with the Jersey Companies Law, the A&R Pubco Articles allow the directors of Pubco to authorize the repurchase of Pubco Ordinary Shares. The Jersey Companies Law allows for the redemption or repurchase of shares provided that on the date on which the redemption or purchase is to be effected, there are reasonable grounds for believing that Pubco is, or after the purchase would be, able to pay its liabilities as they become due. The Pubco Ordinary Shares are not capable of redemption though if for any reason in the future Pubco issued redeemable shares, such shares would be capable of redemption from any source. A&R Pubco Articles further provide that certain Pubco Ordinary Shares held by AIR Shareholders or the Sponsor that are subject to AIR Earnout Conditions or Sponsor Earnout Conditions, respectively, may be redeemed by Pubco at nil value. Pubco Preferred Shares may be capable of being redeemed if the terms of the issuance of relevant series of Pubco Preferred Shares so provide. The repurchase of any Pubco Ordinary Shares or Pubco Preferred Shares may be funded from any source. Once repurchased or redeemed, Pubco Ordinary Shares, Redeemable Deferred Shares and any Pubco Preferred Shares shall be cancelled or held in treasury. All rights, including rights to vote and rights to receive dividends or distributions, on Pubco Ordinary Shares, Redeemable Deferred Shares or any Pubco Preferred Shares held in treasury are suspended.	Subject to compliance with the Jersey Companies Law, the AIR Articles allow the directors of AIR to authorize the repurchase of AIR Ordinary Shares. The Jersey Companies Law allows for the redemption or repurchase of shares provided that on the date on which the redemption or purchase is to be effected, there are reasonable grounds for believing that AIR is, or after the purchase would be, able to pay its liabilities as they become due. The AIR Ordinary Shares are not capable of redemption though if for any reason in the future AIR issued redeemable shares, such shares would be capable of redemption from any source. Likewise, the repurchase of any AIR Ordinary Shares may be funded from any source. Once repurchased, AIR Ordinary Shares shall be cancelled or held in treasury. All rights, including rights to vote and rights to receive dividends or distributions, on AIR Ordinary Shares held in treasury are suspended.
Issuance of Shares	Issuance of Shares	Issuance of Shares
Any authorized but unissued CAEP Ordinary Shares are available for issuance by the CAEP Board; provided, however, that prior to the consummation of CAEP’s initial business combination, CAEP may not issue any additional ordinary shares of CAEP that would entitle the holders thereof to (1) receive funds from the Trust Account, or (2) vote as a class with the CAEP Class A Ordinary Shares included as part of the units sold in the CAEP IPO on the consummation of the initial business combination.	The Pubco Board has the power to issue Pubco Ordinary Shares on such terms and conditions as it may determine, including (but not limited to) in connection with employee compensation awards. The Pubco Board has the power to issue Pubco Preferred Shares on such terms and conditions as it may determine.	The board of directors of AIR (the "AIR Board") has the power to issue AIR Ordinary Shares on such terms and conditions as it may determine.
Amendments to Governing Documents	Amendments to Governing Documents	Amendments to Governing Documents
Subject to the Companies Act, CAEP may at any time and from time to time, by special resolution, alter or amend	Amendments to the A&R Pubco Articles may only be effected by a special resolution of the holders of Pubco	Amendments to the AIR Articles may only be effected by a special resolution of the holders of AIR Ordinary


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
the CAEP Memorandum and Articles, in whole or in part. Prior to the consummation of an initial business combination, Articles 29.1 (appointment and removal of directors) and 47.2 (continuation out of the Cayman Islands) of the CAEP Memorandum and Articles may only be amended by a special resolution passed by at least 90% of holders of CAEP Ordinary Shares as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of which notice specifying the intention to propose the resolution as a special resolution has been given, or by way of unanimous written resolution. The CAEP Memorandum and Articles and the Companies Act provide that a special resolution must be (i) passed by a majority of not less than two-thirds of such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Shareholders of CAEP of which notice specifying the intention to propose the resolution as a special resolution has been duly given and where a poll is taken and regard shall be had in computing a majority to the number of votes to which each such Shareholder is entitled; or (ii) approved in writing by all Shareholders entitled to vote at a general meeting of CAEP.	Ordinary Shares at a general meeting or by written special resolution, being the affirmative vote of the holders of Pubco Ordinary Shares representing not less than sixty six and two thirds per cent (66 2/3%) of the total voting rights of the Pubco shareholders who (being entitled to do so) vote in person or by proxy on the resolution at such general meeting (a “Pubco Special Resolution”).	Shares at a general meeting or by written special resolution, being the affirmative vote of the holders of AIR Ordinary Shares representing not less than sixty six and two thirds per cent (66 2/3%) of the total voting rights of AIR Shareholders who (being entitled to do so) vote in person or by proxy on the resolution at such general meeting.
Number of Directors	Number of Directors	Number of Directors
The CAEP Board shall consist of not less than one person, provided that CAEP may by ordinary resolution of CAEP Shareholders increase or reduce the limits in the number of directors.	The Pubco Board shall initially consist of eight directors, and the Pubco Board may adopt resolutions from time to time to increase or reduce the number of directors constituting the Pubco Board.	The AIR Board shall consist of not less than one person, provided that AIR may appoint additional directors by a resolution of the holders of AIR Ordinary Shares representing a simple majority of the total voting rights of the AIR Shareholders, who (being entitled to do so) vote in person or by proxy on the resolution in general meeting. New directors of AIR may also be appointed by the AIR Board. Certain shareholders as specified in the AIR Articles may appoint any number of directors, with such appointments becoming effective upon receipt by AIR of notice of the appointment and the person's consent to act as a director. Other shareholders as specified in the AIR Articles, for as long as they hold a specified percentage of shares in AIR, may appoint one director each, with such appointments becoming effective upon receipt by AIR of notice of the appointment and the person's consent to act as a director.
Classes of Directors	Classes of Directors	Classes of Directors


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
The CAEP Board consists of three directors, divided into two classes, Class I and Class II. The term of the initial Class I Directors expires at the first annual general meeting of the CAEP Shareholders, and the term of the initial Class II directors expires at the second annual general meeting of CAEP Shareholders. Each class of successors to replace the class of directors whose term expires at that annual general meeting shall be appointed for a term of office to expire at the second succeeding annual general meeting after their appointment.	Pubco Board is divided into three classes, Class I, Class II and Class III. Each class of Pubco Board shall consist of, as nearly as possible, of one-third of the total number of directors. If the total number of directors is not evenly divisible by three, the Pubco Board shall allocate the number of directors among the classes so that the difference between any two classes does not exceed one, and may reallocate directors among the classes from time to time to maintain such balance following any increase or decrease in the number of directors. The term of the initial Class I Directors expires at the first annual meeting of the Pubco shareholders, the term of the initial Class II directors expires at the second annual meeting of the Pubco shareholders and the term of the initial Class III directors expires at the third annual meeting of the Pubco shareholders. Each class of successors to replace the class of directors whose term expires at that annual general meeting shall be appointed for a term expiring at the annual meeting of the Pubco shareholders held in the third year following the year of their election.	AIR has a single class of directors, who are elected by ordinary resolution of the AIR Shareholders or by the AIR Board. Certain AIR Shareholders have special director's appointment rights which are discussed above.
Removal of Directors	Removal of Directors	Removal of Directors
Directors may be removed by ordinary resolution of CAEP Shareholders; provided that prior to the consummation of an initial business combination, only holders of CAEP Class B Ordinary Shares will have the right to vote on the removal of directors of CAEP. The office of a director may be vacated if: (a) the director gives notice in writing to CAEP that they resign the office of director; (b) the director is absent from three consecutive meetings of the CAEP Board without special leave of absence from the directors, and the directors pass a resolution that they have by reason of such absence vacated office; (c) the director dies, becomes bankrupt or makes any arrangement or composition with their creditors generally; (d) the director is found to be or becomes of unsound mind; or (e) all of the other directors (being not less than two in number) determine that the director should be removed as a director, either by a resolution passed by all of the other directors at a meeting of the directors duly convened and held in accordance with the CAEP Memorandum and Articles or by a resolution in writing signed by all of the other directors.	There is no statutory right under Jersey Companies Law for shareholders to nominate, appoint or remove directors of a company. The A&R Pubco Articles provide that a director will cease to hold office if the director: (a) gives notice to Pubco that they resign the office of director; (b) ceases to be a director by virtue of any provision of the Jersey Companies Law or becomes prohibited or disqualified by applicable law; (c) becomes bankrupt or makes and arrangement or composition with their creditors generally; (d) becomes of unsound mind; (e) is removed from office by the affirmative vote of at least 66 2/3% in voting power of the then outstanding Pubco Ordinary Shares entitled to vote thereon as a result of the director's conviction of a serious felony or the director's commission of any material act of dishonesty resulting or intended to result in material personal gain or enrichment of such director at the expense of Pubco; or (f) is prohibited by applicable law, the SEC or any other competent regulatory authority from being a director. The A&R Pubco Articles provide holders of one or more outstanding series of Preferred Shares who are granted	There is no statutory right under Jersey Companies Law for shareholders to nominate, appoint or remove directors of a company. The AIR Articles provide that a director will cease to hold office if the director: (a) is prohibited or disqualified from being a director by law; (b) is declared bankrupt in any jurisdiction; (c) makes any arrangement or composition with the director's creditors generally; (d) in the opinion of a registered medical practitioner given to AIR in writing, becomes incapacitated and incapable of acting as a director and may remain incapacitated for more than three months; (e) resigns from office by notice in writing to AIR and the resignation has taken effect in accordance with its terms; or (f) is removed from office by ordinary resolution of the holders of AIR Ordinary Shares.


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
	special rights to elect directors, may also have additional rights in respect of removal of the directors of Pubco.
Filling of Board Vacancies	Filling of Board Vacancies	Filling of Board Vacancies
The company may by ordinary resolution appoint any person to be a director or may by ordinary resolution remove any director, provided that prior to the consummation of a Business Combination and for so long as there are CAEP Class B Ordinary Shares in issue, only the holders of the CAEP Class B Ordinary Shares shall be entitled to vote on any such ordinary resolution. The CAEP Board may appoint any person to be a director, either to fill a vacancy or as an additional director provided that the appointment does not cause the number of directors to exceed any number fixed by or in accordance with the CAEP Memorandum and Articles as the maximum number of directors.	If a Pubco director: a) is removed from office pursuant to the A&R Pubco Articles or is prohibited from being a director by operation of law; b) is or becomes bankrupt, or makes any arrangement or composition with his creditors generally; c) is or becomes of unsound mind or dies; d) resigns his office by written notice to Pubco; or e) their term of office expires, then the Pubco Board shall be entitled by resolution to appoint a director to fill such vacancy on the Pubco Board. Newly created directorships resulting from an increase in the number of directors are elected by the Pubco Board. Any director elected to fill a vacancy or newly created directorship shall hold office until the next election of the class of directors for which such director shall have been chosen and until his or her successor shall be elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal.	AIR may by ordinary resolution appoint any person to be a director, either to fill a vacancy or as an additional director, or may by ordinary resolution remove any director. Additionally, the AIR Board may appoint any person to be a director, either to fill a vacancy or as an additional director.
Compensation of Directors	Compensation of Directors	Compensation of Directors
The remuneration to be paid to the directors, if any, shall be such remuneration as the CAEP Board shall determine, provided that no cash remuneration shall be paid to any director by CAEP prior to the consummation of a Business Combination unless otherwise approved in writing by a majority of the holders of CAEP Class B Ordinary Shares. The directors shall also, whether prior to or after the consummation of a Business Combination, be entitled to be paid all travelling, hotel and other expenses properly incurred by them in connection with their attendance at meetings of directors or committees of directors, or general meetings of CAEP, or separate meetings of the holders of any class of shares or debentures of CAEP, or otherwise in connection with the business of CAEP or the discharge of their duties as a director, or to receive a fixed allowance in respect thereof as may be determined by the CAEP Board, or a combination partly of one such method and partly the other.	The amount of any fees payable to Pubco directors shall be determined by Pubco Board subject to any limitation which may be determined by the resolution of the Pubco shareholders and, where applicable, is subject to the rules and regulations of any United States national securities exchange on which the securities of Pubco are listed or trading (the "Designated Stock Exchange"). In addition, Pubco directors may be reimbursed for expenses properly incurred for attending meetings of the Pubco Board and/or meetings of the Pubco shareholders.	The amount of any fees payable to AIR directors shall be determined by AIR directors and shall be deemed to accrue from day to day. In addition, AIR directors may be reimbursed for reasonable expenses incurred for attending meetings of the AIR Board or a committee of the AIR board or meetings of the AIR Shareholders or otherwise in connection with the exercise of their powers and the discharge of their responsibilities in relation to the company.


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
Manner of Acting by Board	Manner of Acting by Board	Manner of Acting by Board
The quorum for the transaction of the business of the directors may be fixed by the directors, and unless so fixed shall be two if there are two or more directors, and shall be one if there is only one director. The act of a majority of the directors present at any meeting at which there is a quorum will be the act of the board. A resolution in writing (in one or more counterparts) signed by all the directors or all the members of a committee of the directors shall be as valid and effectual as if it had been passed at a meeting of the directors, or committee of directors as the case may be, duly convened and held.	The Pubco Board may meet for the transaction of business, adjourn and otherwise regulate its meetings as it sees fit. Unless otherwise specified in the A&R Pubco Articles, a resolution put to the vote at a meeting of the Pubco Board shall be carried by the affirmative votes of a majority in number of those directors attending such meeting. A written resolution of which notice has been given to all Directors or all members of a committee appointed by the Pubco Board, if signed by a majority of the Directors or of the members of such committee, shall be adopted as valid and effectual as if it had been passed at a meeting of the Pubco Board. Where Pubco has more than one Director, the quorum necessary for the transaction of the business of the Directors may be fixed by the Directors, and unless so fixed at any other number shall be two Directors. An alternate Director shall be counted in a quorum.	The AIR Board may meet for the transaction of business, adjourn and otherwise regulate its meetings as it sees fit. Unless otherwise specified in the AIR Articles, a resolution put to the vote at a meeting of the AIR Board shall be carried out by the affirmative votes of a majority in number of those directors attending such meeting, provided that such majority includes a majority of directors appointed by a specific group of directors representing certain key shareholder group as specified in the AIR Articles. A written resolution of which notice has been given to all directors, if signed by a majority of the directors, of which a majority must be the specified group of directors, shall be adopted as valid and effectual as if it had been passed at a meeting of the AIR Board. Where AIR has more than one director, the quorum necessary for the transaction of the business includes specified groups of directors appointed by the key shareholder groups. An alternate director shall be counted in a quorum.
Meetings of the Board	Meetings of the Pubco Board	Meetings of the AIR Board
A director may, or other officer on the direction of a director shall, call a meeting of the directors by at least two days’ notice in writing to every director which notice shall set forth the general nature of the business to be considered unless notice is waived by all the directors either at, before or after the meeting is held.	A Pubco director may, and the secretary of Pubco on the requisition of a Pubco director shall, at any time summon a meeting of the Pubco Board. To summon a meeting of the directors, at least 24 hours of meeting notice must be given to each director and alternate director provided that any meeting may be convened at shorter notice and in such manner as each Director or their alternate Director shall approve, provided further that, unless otherwise resolved by the Directors, notices of Directors’ meetings need not be in writing.	A chairman of the Air Board shall, if requested by a director, summon a meeting of the AIR Board by giving a notice of the meeting or by authorizing the secretary of AIR to give that notice. To summon a meeting of the directors, at least ten working days' notice must be given to each director, or any lesser notice as all the directors may agree generally or in respect of any specific meeting. Meeting may be called with 24 hours of meeting notice if the chairman reasonably believes that it is required to decide an urgent matter, but a lesser notice period may be agreed by all the directors.
Annual General Meetings	Shareholders’ Meetings	Shareholders’ Meetings
An annual meeting of CAEP Shareholders is held at such place, either within or outside the Cayman Islands, and time and on such date as shall be determined by the CAEP Board and stated in the notice of the meeting. At each annual meeting, the shareholders entitled to vote on such matters shall vote on appointment of directors whose term expires at that general meeting and may transact any other business as may properly be brought before the meeting.	Jersey Companies Law requires that Pubco shall have an annual general meeting once every calendar year (within a period of not more than 18 months after the last preceding annual general meeting). The Directors may whenever they think fit, and upon a requisition made in writing by Public Shareholders who together hold not less than ten percent of the total voting rights of all Pubco	AIR is not required to hold annual general meetings. The directors may whenever they think fit, and upon a requisition made in writing by AIR Shareholders in accordance with the Jersey Companies Law the directors shall, convene a general meeting of AIR. At least fourteen clear days' notice shall be given of every general meeting.


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
	shareholders entitled to vote at an election of the directors of Pubco, the Directors shall convene a general meeting of Pubco. At least fourteen Clear Days' notice shall be given of every general meeting including without limitation any general meeting called for the passing of a Special Resolution. At any general meeting called pursuant to a requisition, unless such meeting is called by the Directors, only that business stated in the requisition as the objects of the meeting shall be transacted. A general meeting may be held by such electronic means as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and electronic participation in such a meeting shall constitute presence in person at such meeting. The quorum necessary for transacting business at Pubco general meetings is the presence in person (including by electronic means) or by proxy of at least two Pubco shareholders representing at least one-third of the voting power of all of the then outstanding shares of Pubco entitled to vote at an election of the directors of Pubco, but so that not less than two individuals will constitute the quorum, provided that, if at any time all of the issued shares in Pubco are held by one Pubco shareholder, such quorum shall consist of the Pubco shareholder present in person.	The quorum necessary for transacting business at AIR general meetings is the presence of specified groups of directors appointed by the key shareholder groups, provided that if at any time all of the issued shares in AIR are held by one AIR Shareholder, such quorum shall consist of the AIR Shareholder present in person.
Extraordinary General Meetings	General Meetings	General Meetings
Extraordinary general meetings of CAEP Shareholders’, for any purpose or purposes, may be called only by the Chairman of the CAEP Board, CAEP’s Chief Executive Officer, or the CAEP Board pursuant to a resolution adopted by a majority of the CAEP Board, and may not be called by any other person. For the avoidance of doubt, holders of CAEP Ordinary Shares shall not have the ability to call general meetings. Extraordinary general meetings of Shareholders shall be held at such place, either within or outside the Cayman Islands, and at such time and on such date as shall be determined by the board and stated in CAEP’s notice of the meeting.	There is only one class of shareholders' meetings under the A&R Pubco Articles, which is general meetings discussed above. A&R Pubco Articles do not expressly provide for any extraordinary or special general meetings. A general meeting of shareholders of Pubco, which is not the annual general meeting, is conventionally referred to as extraordinary general meeting.	There is only one class of shareholders' meetings under the AIR Articles, which is general meetings discussed above. AIR Articles do not expressly provide for any extraordinary or special general meetings. A general meeting of shareholders of AIR, which is not the annual general meeting, is conventionally referred to as extraordinary general meeting.
Convocation Requirements for a Shareholders’ Meeting	Convocation Requirements for a Shareholders’ Meeting	Convocation Requirements for a Shareholders’ Meeting
At least five (5) clear days’ notice shall be given of any general meeting.	At least 14 clear days’ notice of a general meeting of the holders of Pubco	At least 14 clear days’ notice of a general meeting of the holders of AIR


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
Every notice shall specify the place, the day and the hour of the meeting and the general nature of the business to be conducted at the general meeting and shall be given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by CAEP, provided that a general meeting of CAEP shall, whether or not the notice specified in the CAEP Memorandum and Articles has been given and whether or not the provisions of the CAEP Memorandum and Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed: (a) in the case of an annual general meeting, by all of the shareholders entitled to attend and vote at the meeting; and (b) in the case of an extraordinary general meeting, by a majority in number of the shareholders having a right to attend and vote at the meeting, together holding not less than 95% in par value of the shares giving that right. The accidental omission to give notice of a general meeting to, or the non-receipt of notice of a general meeting by, any person entitled to receive such notice shall not invalidate the proceedings of that general meeting.	Ordinary Shares (other than an adjourned meeting where adjournment was fewer than thirty days) shall be given to each holder of Pubco Ordinary Shares entitled to attend and vote thereat, stating the date and time at which the meeting is to be held, and stating (so far as is possible) the business to be conducted at such meeting. Notice of meetings of the holders of Pubco Ordinary Shares shall be in writing delivered by mail or courier to the address of the Pubco Ordinary Shares detailed on the Pubco register of members, or in any manner agreed in advance by any such member, and any notice so posted shall be deemed to be served one Clear Day after the day it was posted. The Pubco Board may postpone or cancel any general meeting called in accordance with the A&R Pubco Articles (other than a meeting requisitioned under the A&R Pubco Articles) provided that notice of postponement or cancellation is given to each shareholder before the time for such meeting. Fresh notice of the date, time and place for a postponed meeting shall be given to the shareholders in accordance with the A&R Pubco Articles.	Ordinary Shares (other than an adjourned meeting where adjournment was fewer than thirty days or more than thirty days) shall be given to each holder of AIR Ordinary Shares entitled to attend and vote thereat, stating the date and time at which the meeting is to be held, and stating the general nature of the business to be conducted at such meeting. Notice of meetings of the holders of AIR Ordinary Shares shall be in writing delivered by mail, or in electronic form. Any notice sent by post shall be treated as received by the holder of AIR Ordinary Shares 48 hours after being posted in a correctly addressed envelope or if, sent to an address outside British Islands, 96 hours after it is posted. Any notice sent by email, shall be deemed to be received when the email is sent (provided there is no notice of delivery failure).
Quorum and Actions	Quorum and Actions	Quorum and Actions
The holders of a majority of the Shares being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorized representative or proxy shall be a quorum. If a quorum is not present within half an hour from the time appointed for the meeting to commence, the meeting shall stand adjourned to the same day in the next week at the same time and/or place or to such other day, time and/or place as the Directors may determine, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting to commence, the CAEP Shareholder present shall be a quorum.	The quorum necessary for transacting business at a meeting of the holders of Pubco Ordinary Shares is the presence in person (including by electronic means) or by proxy of at least two holders of Pubco Ordinary Shares representing at least one-third of the voting power of all the then outstanding shares of Pubco entitled to vote at an election of the directors of Pubco, provided that not less than two individuals will constitute the quorum, and provided that, if at any time, all of the issued shares in Pubco are held by one shareholder, such quorum shall consist of such shareholder present in person. If within half an hour from the time appointed for the meeting a quorum is not present, or if during the meeting a quorum ceases to be present, then, in the case of a meeting convened on a requisition, the meeting shall be deemed dissolved and, in any other case, the meeting shall stand adjourned to the same day one week later, at the same time and place or to such other day, time or place as the directors may determine. If the meeting shall be adjourned for fewer than 30 days, it shall not be necessary to give notice of the adjourned meeting.	The quorum necessary for transacting business at AIR general meetings is the presence of specified groups of directors appointed by the key shareholder groups, provided that if at any time all of the issued shares in AIR are held by one AIR Shareholder, such quorum shall consist of the AIR Shareholder present in person. If within half an hour from the time appointed for the meeting a quorum is not present, or if during the meeting a quorum ceases to be present, then, in the case of a meeting convened on a requisition, the meeting shall be deemed dissolved and, in any other case, the chairman of the meeting must adjourn it, such day, time or place as the chairman may determine. If the meeting shall be adjourned for more than 30 days, AIR must give at least seven clear days' notice of it.
Written Resolutions of CAEP Shareholders	Written Resolutions of Pubco Shareholders	Written Resolutions of AIR Shareholders


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
The CAEP Memorandum and Articles provide that a resolution (including a special resolution) in writing (in one or more counterparts) signed by or on behalf of all of the CAEP Shareholders for the time being entitled to receive notice of and to attend and vote at general meetings (or, being corporations or other non-natural persons, signed by their duly authorized representatives) shall be as valid and effective as if the resolution had been passed at a general meeting of CAEP duly convened and held.	Article 95 of the Jersey Companies Law provides that subject to the memorandum and articles of association of a company, anything which may be done by resolution of a company in general meeting may be done by resolution in writing. The A&R Pubco Articles provide that shareholders may not pass resolutions in writing.	Article 95 of the Jersey Companies Law provides that subject to the memorandum and articles of association of a company, anything which may be done by resolution of a company in general meeting may be done by resolution in writing. The AIR Articles provide that shareholders may pass resolutions in writing in accordance with Jersey law, and any such written resolution is as valid as if passed at a duly convened general meeting.
Indemnification of Directors and Officers and Limitation of Liability	Indemnification of Directors and Officers and Limitation of Liability	Indemnification of Directors and Officers and Limitation of Liability
Cayman Islands law does not limit the extent to which a company’s articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against fraud or the consequences of committing a crime. The CAEP Memorandum and Articles provide that every director and officer (which for the avoidance of doubt, shall not include auditors of CAEP), together with every former director and former officer (each an “Indemnified Person”) shall be indemnified out of the assets of CAEP against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud, willful neglect or willful default. No Indemnified Person shall be liable to CAEP for any loss or damage incurred by CAEP as a result (whether direct or indirect) of the carrying out of their functions unless that liability arises through the actual fraud, willful neglect or willful default of such Indemnified Person. No person shall be found to have committed actual fraud, willful neglect or willful default unless or until a court of competent jurisdiction shall have made a finding to that effect.	The Jersey Companies Law does not contain any provision permitting Jersey companies to limit the liabilities of directors for breach of fiduciary duty. However, a Jersey company may exempt from liability, and indemnify directors and officers, for liabilities: • incurred in defending any civil or criminal legal proceedings where: • judgment is given in the person’s favor or the person is acquitted; • the proceedings are discontinued other than by reason of such person (or someone on their behalf) giving some benefit or suffering some detriment; or • the proceedings are settled on terms that such person (or someone on their behalf) gives some benefit or suffers some detriment but in the opinion of a majority of the disinterested directors, the person was substantially successful on the merits in the person’s resistance to the proceedings; • incurred to anyone other than to the company if the person acted in good faith with a view to the best interests of the company; • incurred in connection with an application made to the court for relief from liability for negligence, default, breach of duty or breach of trust under Article 212 of the Jersey Companies Law in	The Jersey Companies Law does not contain any provision permitting Jersey companies to limit the liabilities of directors for breach of fiduciary duty. However, a Jersey company may exempt from liability, and indemnify directors and officers, for liabilities: • incurred in defending any civil or criminal legal proceedings where: • judgment is given in the person’s favor or the person is acquitted; • the proceedings are discontinued other than by reason of such person (or someone on their behalf) giving some benefit or suffering some detriment; or • the proceedings are settled on terms that such person (or someone on their behalf) gives some benefit or suffers some detriment but in the opinion of a majority of the disinterested directors, the person was substantially successful on the merits in the person’s resistance to the proceedings; • incurred to anyone other than to the company if the person acted in good faith with a view to the best interests of the company; • incurred in connection with an application made to the court for relief from liability for negligence, default, breach of duty or breach of trust under Article 212 of the Jersey Companies Law in


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
	which relief is granted to the person by the court; or • incurred in a case in which the company normally maintains insurance for persons other than directors. The A&R Pubco Articles provide that every director, secretary and officer (which for the avoidance of doubt, shall not include auditors of Pubco), together with their personal representatives (each an “Indemnified Person”) shall be indemnified out of the assets of Pubco against any liability, action, proceeding, claim, demand, costs, damages or expenses, which such Indemnified Person incurred or sustained as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of such Indemnified Person's own dishonesty, willful default or fraud, in or about the conduct of the Pubco's business or affairs or in the execution or discharge of their duties, powers, authorities or discretions. No Indemnified Person shall be liable for any loss or damage incurred by Pubco unless that liability arises through the dishonesty, willful default or fraud of such Indemnified Person.	which relief is granted to the person by the court; or • incurred in a case in which the company normally maintains insurance for persons other than directors.
Dissolution/Liquidation	Liquidation	Liquidation
The CAEP Memorandum and Articles provide that it will have only 24 months from the consummation of the CAEP IPO to complete its business combination. If it has not completed its business combination within such time period or during any extended period as may be approved by the shareholders of CAEP by way of special resolution, it will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the CAEP Class A Ordinary Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to CAEP (less taxes payable), divided by the number of then CAEP Class A Ordinary Shares in issue, which redemption will completely extinguish public CAEP Shareholder rights as CAEP Shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of	Under Jersey Companies Law, a Jersey company may be voluntarily dissolved, liquidated or wound up by a special resolution of the shareholders. In addition, a company may be wound up by the courts of Jersey if the court is of the opinion that it is just and equitable to do so or that it is expedient in the public interest to do so. Alternatively, a creditor with a claim against a Jersey company of not less than £3,000 may apply to the Royal Court of Jersey for the property of that company to be declared en désastre (being the Jersey law equivalent of a declaration of bankruptcy). Such an application may also be made by the Jersey company itself without having to obtain any shareholder approval.	Under Jersey Companies Law, a Jersey company may be voluntarily dissolved, liquidated or wound up by a special resolution of the shareholders. In addition, a company may be wound up by the courts of Jersey if the court is of the opinion that it is just and equitable to do so or that it is expedient in the public interest to do so. Alternatively, a creditor with a claim against a Jersey company of not less than £3,000 may apply to the Royal Court of Jersey for the property of that company to be declared en désastre (being the Jersey law equivalent of a declaration of bankruptcy). Such an application may also be made by the Jersey company itself without having to obtain any shareholder approval.


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
CAEP’s remaining shareholders and its board of directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
Rights of Inspection	Rights of Inspection	Rights of Inspection
CAEP Board shall determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of CAEP or any of them shall be open to the inspection of members not being directors and no member (not being a director) shall have any right of inspecting any account or book or document of CAEP except as conferred by the Companies Act or authorized by CAEP Board or by CAEP in general meeting.	The register of shareholders and books containing the minutes of general meetings or of meetings of any class of shareholders of a Jersey company must during business hours be open to the inspection of a shareholder of the company without charge. The register of directors and secretaries must during business hours (subject to such reasonable restrictions as the company may by its articles of association or in general meeting impose, but so that not less than two hours in each business day be allowed for inspection) be open to the inspection of a shareholder or director of the company without charge.	The register of shareholders and books containing the minutes of general meetings or of meetings of any class of shareholders of a Jersey company must during business hours be open to the inspection of a shareholder of the company without charge. The register of directors and secretaries must during business hours (subject to such reasonable restrictions as the company may by its articles of association or in general meeting impose, but so that not less than two hours in each business day be allowed for inspection) be open to the inspection of a shareholder or director of the company without charge.
Derivative Shareholder Suits	Derivative Shareholder Suits	Derivative Shareholder Suits
Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such actions. In principle, CAEP will normally be the proper plaintiff in any claim based on a breach of duty owed to it, and a claim against (for example) CAEP’s officers or directors usually may not be brought by a shareholder. However, based on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which: • a company is acting, or is proposing to act, illegally or beyond the scope of its authority; • the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes which have actually been obtained; or • those who control CAEP are perpetrating a “fraud on the minority.” A shareholder may have a direct right of action against CAEP where the individual rights of that shareholder have been infringed or are about to be infringed.	Under Article 141 of the Jersey Companies Law, a shareholder may apply to court for relief on the ground that the conduct of a company’s affairs, including a proposed or actual act or omission by a company, is “unfairly prejudicial” to the interests of shareholders generally or of some part of shareholders, including at least the shareholder making the application. There may also be customary law personal actions available to shareholders. Under Article 143 of the Jersey Companies Law (which sets out the types of relief a court may grant in relation to an action brought under Article 141 of the Jersey Companies Law), the court may make an order regulating the affairs of a company, requiring a company to refrain from doing or continuing to do an act complained of, authorizing civil proceedings and providing for the purchase of shares by a company or by any of its other shareholders.	Under Article 141 of the Jersey Companies Law, a shareholder may apply to court for relief on the ground that the conduct of a company’s affairs, including a proposed or actual act or omission by a company, is “unfairly prejudicial” to the interests of shareholders generally or of some part of shareholders, including at least the shareholder making the application. There may also be customary law personal actions available to shareholders. Under Article 143 of the Jersey Companies Law (which sets out the types of relief a court may grant in relation to an action brought under Article 141 of the Jersey Companies Law), the court may make an order regulating the affairs of a company, requiring a company to refrain from doing or continuing to do an act complained of, authorizing civil proceedings and providing for the purchase of shares by a company or by any of its other shareholders.
Conflict of Interest Transactions	Conflicts of Interest	Conflicts of Interest
As a matter of Cayman Islands law, a director is in a fiduciary relationship to	An interested director must disclose to the company the nature and extent of	An interested director must disclose to the company at a meeting of the

         Rights of CAEP Shareholders

         Rights of Pubco Shareholders

         Rights of AIR Shareholders

         the company. Fiduciary duties may be described as being those of loyalty, honesty and good faith owed to the company. One of these duties is that directors must not place themselves in a position in which there is a conflict between their duty to the company and their personal interests. The Cayman Islands law allows this duty to be varied by the memorandum and articles.  CAEP Memorandum and Articles allow a director to hold other paid roles with CAEP, provide professional services for remuneration, and hold offices or interests in other companies connected with CAEP without being accountable to CAEP for benefits received from those roles. A director is at liberty to vote in respect of any contract or transaction in which they are interested provided that the nature of the interest of any director in any such contract or transaction is disclosed by them at or prior to its consideration and any vote thereon.

         any interest in a transaction with the company, or one of its subsidiaries, which to a material extent conflicts or may conflict with the interests of the company and of which the director is aware.
Failure to disclose an interest entitles the company or a shareholder to apply to the court for an order setting aside the transaction concerned and directing that the director account to the company for any profit.
A transaction is not voidable and a director is not accountable notwithstanding a failure to disclose an interest if the transaction is confirmed by special resolution of shareholders and the nature and extent of the director’s interest in the transaction are disclosed in reasonable detail in the notice calling the meeting at which the resolution is passed.
Although it may still order that a director account for any profit, a court will not set aside a transaction unless it is satisfied that the interests of third parties who have acted in good faith would not thereby be unfairly prejudiced and the transaction was not reasonable and fair in the interests of the company at the time it was entered into.
The A&R Pubco Articles provide that  subject to the Jersey Companies Law, the rules and regulations of the Designated Stock Exchange, the SEC and/or any other competent regulatory authority or otherwise under applicable law, and provided that they have disclosed to the directors the nature and extent of any of their interests which conflict or may conflict to a material extent with the interests of the Pubco at the first meeting of the Pubco Board at which a transaction is considered or as soon as practical after that meeting by notice in writing to the secretary of Pubco or has otherwise previously disclosed that they are to be regarded as interested in a transaction with a specific person, a director of Pubco notwithstanding their office (a) may be a party to, or otherwise interested in, any transaction or arrangement with Pubco or in which Pubco is otherwise interested; (b) may be a director or other officer of, or employed by, or a party to any transaction or arrangement with, or otherwise interested in, any body corporate promoted by Pubco or in which Pubco is otherwise interested; and (c) shall not, by reason of their office, be accountable to Pubco for any benefit which they derive from any such office or employment or 

         directors or in such other manner as the director resolve, the nature and extent of any interest in a transaction with the company, or one of its subsidiaries, which to a material extent conflicts or may conflict with the interests of the company and of which the director is aware.
Failure to disclose an interest entitles the company or a shareholder to apply to the court for an order setting aside the transaction concerned and directing that the director account to the company for any profit.
A transaction is not voidable and a director is not accountable notwithstanding a failure to disclose an interest if the transaction is confirmed by special resolution of shareholders and the nature and extent of the director’s interest in the transaction are disclosed in reasonable detail in the notice calling the meeting at which the resolution is passed.
Although it may still order that a director account for any profit, a court will not set aside a transaction unless it is satisfied that the interests of third parties who have acted in good faith would not thereby be unfairly prejudiced and the transaction was not reasonable and fair in the interests of the company at the time it was entered into.
The AIR Articles allow a director who has declared the nature and extent of any interest listed in the AIR Artiles to hold other paid roles with AIR, provide professional services for remuneration, and hold offices or interests in other companies connected with AIR without being accountable to AIR for benefits received from those roles. A director is at liberty to vote in respect of any contract or transaction in which they are interested provided that the nature of the interest of any director in any such contract or transaction is disclosed by them at or prior to its consideration and any vote thereon.


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
	from any such transaction or arrangement or from any interest in any such body corporate and no such transaction or arrangement shall be liable to be avoided on the ground of any such interest or benefit.
Listing	Listing	Listing
Following consummation of the Business Combination, the CAEP Class A Ordinary Shares will be delisted from Nasdaq and CAEP will be deregistered under the Exchange Act.	Pubco Ordinary Shares are expected to trade on Nasdaq.	AIR Ordinary Shares are not expected to trade on Nasdaq or any other stock exchange.
Anti-Takeover Provisions	Anti-Takeover Provisions	Anti-Takeover Provisions
CAEP Memorandum and Articles provide that the board of directors is classified into two classes of directors. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual general meetings. CAEP’s authorized but unissued ordinary shares and preference shares are available for future issuances without shareholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved ordinary shares and preference shares could render more difficult or discourage an attempt to obtain control of CAEP by means of a proxy contest, tender offer, merger or otherwise.	Jersey law prescribes no specific anti-takeover provisions. The A&R Pubco Articles provide that the board of directors is classified into three classes of directors. As a result, in most circumstances, a person can gain control of Pubco Board only by successfully engaging in a proxy contest at three or more annual general meetings. Pubco’s authorized but unissued Pubco Ordinary Shares and Pubco Preferred Shares are available for future issuances without shareholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued Pubco Ordinary Shares and Pubco Preferred Shares could render more difficult or discourage an attempt to obtain control of Pubco by means of a proxy contest, tender offer, merger or otherwise. The A&R Pubco Articles further provide that Pubco Board may issue one or more series of preferred shares which may provide for a variety of special rights, including the right to appoint and remove additional directors of Pubco or the right to receive dividends at a certain rate.	Jersey law prescribes no specific anti-takeover provisions. The AIR Articles do not provide for any anti-takeover provisions.

Material Differences in Security Holders' Rights, Target Company Versus the Combined Company [Text Block]

COMPARISON OF SHAREHOLDER RIGHTS

The following table describes material differences between the current rights of CAEP Shareholders and AIR shareholders, and the rights of Pubco shareholders after the Business Combination:


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
Authorized Capital	Authorized Capital	Authorized Capital
The authorized share capital of CAEP is USD $55,500 divided into 500,000,000 CAEP Class A Ordinary Shares, 50,000,000 CAEP Class B Ordinary Shares and 5,000,000 preference shares, par value $0.0001 per share.	The authorized share capital of Pubco is USD $60,000 divided into 500,000,000 Pubco Ordinary Shares, par value USD $0.0001 per share, 50,000,000 Redeemable Deferred Shares, par value USD $0.0001 per share and 50,000,000 Pubco Preferred Shares, par value USD $0.0001 per share.	The authorized share capital of AIR is USD $4,999,980,832 divided into 253,220,000 AIR Ordinary Shares, par value USD$19.7456 per share.
Voting Rights	Voting Rights	Voting Rights
The CAEP Memorandum and Articles provide that prior to the completion of the Business Combination, only holders of CAEP Class B Ordinary Shares, voting together as a single class, will have the right to vote on (a) the appointment and removal of directors of CAEP and (b) continuing CAEP in a jurisdiction outside the Cayman Islands (including any special resolution required to adopt new constitutional documents as a result of CAEP’s approving a transfer by way of continuation to a jurisdiction outside the Cayman Islands). Holders of CAEP Class A Ordinary Shares are not entitled to vote on these matters during such time. These provisions of the CAEP Memorandum and Articles may only be amended if approved by at least 90% of CAEP Ordinary Shares voting at a general meeting. With respect to any other matter submitted to a vote of CAEP Shareholders, including any vote in connection with its initial business combination, holders of shares of CAEP Class A Ordinary Shares and holders of shares of CAEP Class B Ordinary Shares will vote together as a single class, except as required by law. Each CAEP Ordinary Share will have one vote on all such matters.	The A&R Pubco Articles provide that each Pubco Ordinary Share carries one right to vote and Redeemable Deferred Shares have no rights to vote. Holders of one or more series of Pubco Preferred Shares may be issued with such voting rights as may be fixed by resolutions of the Pubco Board. At any general meeting of the holders of Pubco Ordinary Shares, at least two shareholders present in person (including by electronic means) or by proxy representing at least one-third of the voting power of the then outstanding shares of Pubco entitled to vote at an election of the directors of the Pubco Board at the start of the meeting shall form a quorum for the transaction of business at such meeting. Subject to the Companies (Jersey) Law 1991, as amended (“Jersey Companies Law”) and any rule, regulation rule, regulation, policy, guideline, or directive of Nasdaq, and unless otherwise specified in the A&R Pubco Articles, any question properly proposed for the consideration of the shareholders at any general meeting shall be decided by the affirmative vote of a simple majority of	The memorandum and articles of association of AIR (“AIR Articles”) provide that each AIR Ordinary Share carries one right to vote. For any general meeting of the holders of AIR Ordinary Shares, a quorum is required. This quorum must include representatives from key shareholder groups as specified in the AIR Articles, either in person or by proxy, with at least two individuals forming the quorum. Subject to the Jersey Companies Law and unless otherwise specified in the AIR Articles, any question properly proposed for the consideration of the shareholders at any general meeting shall be decided by the affirmative vote of a simple majority of the votes cast and entitled to vote on the matter, and in the case of an equality of votes, the chairman of such meeting shall not be entitled to a second or casting vote and the resolution shall fail.


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
The presence of holders of a majority of the CAEP Ordinary Shares being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorized representative or proxy shall be a quorum. At all meetings of Shareholders at which a quorum is present prior to the completion of the Business Combination, the appointment and removal of directors and continuation of CAEP in a jurisdiction outside the Cayman Islands is determined by a majority of the votes cast by the holders of CAEP Class B Ordinary Shares present in person or represented by proxy at the meeting and entitled to vote thereon. Except as otherwise provided in the Companies Act, all other matters presented to the shareholders at a meeting at which a quorum is present shall be determined by the vote of a majority of the votes cast by the CAEP Shareholders present in person, online or represented by proxy at the meeting and entitled to vote thereon.	the votes cast and entitled to vote on the matter, and in the case of an equality of votes, the chairman of such meeting shall not be entitled to a second or casting vote and the resolution shall fail.
Appraisal/Dissenters’ Rights	Appraisal/Dissenters’ Rights	Appraisal/Dissenters’ Rights
Under section 238 of the Companies Act, shareholders of a Cayman Islands company ordinarily have dissenters’ rights with respect to a statutory merger or consolidation. The Companies Act prescribes when shareholder dissenters’ rights will be available and sets the limitations on such rights. Where such rights are available, shareholders are entitled to receive fair value for their shares.	There are no appraisal rights under the Jersey Companies Law.	There are no appraisal rights under the Jersey Companies Law.
Dividends	Dividends	Dividends
Subject to the Companies Act and except as otherwise provided by the rights attached to any shares, the directors may resolve to pay dividends and other distributions on shares in issue and authorize payment of the dividends or other distributions out of the funds of the company lawfully available therefor. Prior to the consummation of the Business Combination, the directors may only resolve to pay dividends and other distributions on shares in issue if approved by consent in writing of the holders of not less than two-thirds of the issued CAEP Class B Ordinary Shares.	Subject to restrictions in the A&R Pubco Articles, under Jersey Companies Law, a Jersey company may make a distribution at any time and out of any source (other than the nominal capital account or capital redemption reserve) provided that the directors of the company who authorize the distribution make a solvency statement in the prescribed form confirming that they have formed the opinion and that immediately following the date on which the distribution is proposed and for a 12 month period thereafter the company will be able to discharge its liabilities as they fall due. Likewise, authorizing directors must also make a statutory solvency statement in the event of redeeming or purchasing the company’s shares.	Subject to restrictions in the AIR Articles, under Jersey Companies Law, a Jersey company may make a distribution at any time and out of any source (other than the nominal capital account or capital redemption reserve) provided that the directors of the company who authorize the distribution make a solvency statement in the prescribed form confirming that they have formed the opinion and that immediately following the date on which the distribution is proposed and for a 12 month period thereafter the company will be able to discharge its liabilities as they fall due. Likewise, authorizing directors must also make a statutory solvency statement in the event of redeeming or purchasing the company’s shares.
Purchase, Repurchase and Redemption of Shares	Purchase, Repurchase and Redemption of Shares	Purchase, Repurchase and Redemption of Shares


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
Subject to the provisions of the Companies Act, the CAEP Memorandum and Articles, any exchange rules, and to any rights conferred on the shareholders or attaching to any class of shares in the capital of CAEP, CAEP may: (i) issue shares on terms that they are to be redeemed or are liable to be redeemed at the option of one or both of CAEP or the holder of such shares on such terms and in such manner as the CAEP Shareholders may determine before the issue of those shares; and (ii) repurchase any of its shares, in such manner and on such other terms as the CAEP Board may agree with the relevant member. Under the Companies Act, the redemption or repurchase of any share may be paid out of CAEP’s profits or out of the proceeds of a fresh issue of shares made for the purpose of such redemption or repurchase, or out of capital if the CAEP can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased: (a) unless it is fully paid up to its par value; (b) if such redemption or repurchase would result in there being no shares issued and outstanding in the capital of CAEP; or (c) if CAEP has commenced liquidation.	Subject to compliance with the Jersey Companies Law, the A&R Pubco Articles allow the directors of Pubco to authorize the repurchase of Pubco Ordinary Shares. The Jersey Companies Law allows for the redemption or repurchase of shares provided that on the date on which the redemption or purchase is to be effected, there are reasonable grounds for believing that Pubco is, or after the purchase would be, able to pay its liabilities as they become due. The Pubco Ordinary Shares are not capable of redemption though if for any reason in the future Pubco issued redeemable shares, such shares would be capable of redemption from any source. A&R Pubco Articles further provide that certain Pubco Ordinary Shares held by AIR Shareholders or the Sponsor that are subject to AIR Earnout Conditions or Sponsor Earnout Conditions, respectively, may be redeemed by Pubco at nil value. Pubco Preferred Shares may be capable of being redeemed if the terms of the issuance of relevant series of Pubco Preferred Shares so provide. The repurchase of any Pubco Ordinary Shares or Pubco Preferred Shares may be funded from any source. Once repurchased or redeemed, Pubco Ordinary Shares, Redeemable Deferred Shares and any Pubco Preferred Shares shall be cancelled or held in treasury. All rights, including rights to vote and rights to receive dividends or distributions, on Pubco Ordinary Shares, Redeemable Deferred Shares or any Pubco Preferred Shares held in treasury are suspended.	Subject to compliance with the Jersey Companies Law, the AIR Articles allow the directors of AIR to authorize the repurchase of AIR Ordinary Shares. The Jersey Companies Law allows for the redemption or repurchase of shares provided that on the date on which the redemption or purchase is to be effected, there are reasonable grounds for believing that AIR is, or after the purchase would be, able to pay its liabilities as they become due. The AIR Ordinary Shares are not capable of redemption though if for any reason in the future AIR issued redeemable shares, such shares would be capable of redemption from any source. Likewise, the repurchase of any AIR Ordinary Shares may be funded from any source. Once repurchased, AIR Ordinary Shares shall be cancelled or held in treasury. All rights, including rights to vote and rights to receive dividends or distributions, on AIR Ordinary Shares held in treasury are suspended.
Issuance of Shares	Issuance of Shares	Issuance of Shares
Any authorized but unissued CAEP Ordinary Shares are available for issuance by the CAEP Board; provided, however, that prior to the consummation of CAEP’s initial business combination, CAEP may not issue any additional ordinary shares of CAEP that would entitle the holders thereof to (1) receive funds from the Trust Account, or (2) vote as a class with the CAEP Class A Ordinary Shares included as part of the units sold in the CAEP IPO on the consummation of the initial business combination.	The Pubco Board has the power to issue Pubco Ordinary Shares on such terms and conditions as it may determine, including (but not limited to) in connection with employee compensation awards. The Pubco Board has the power to issue Pubco Preferred Shares on such terms and conditions as it may determine.	The board of directors of AIR (the "AIR Board") has the power to issue AIR Ordinary Shares on such terms and conditions as it may determine.
Amendments to Governing Documents	Amendments to Governing Documents	Amendments to Governing Documents
Subject to the Companies Act, CAEP may at any time and from time to time, by special resolution, alter or amend	Amendments to the A&R Pubco Articles may only be effected by a special resolution of the holders of Pubco	Amendments to the AIR Articles may only be effected by a special resolution of the holders of AIR Ordinary


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
the CAEP Memorandum and Articles, in whole or in part. Prior to the consummation of an initial business combination, Articles 29.1 (appointment and removal of directors) and 47.2 (continuation out of the Cayman Islands) of the CAEP Memorandum and Articles may only be amended by a special resolution passed by at least 90% of holders of CAEP Ordinary Shares as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of which notice specifying the intention to propose the resolution as a special resolution has been given, or by way of unanimous written resolution. The CAEP Memorandum and Articles and the Companies Act provide that a special resolution must be (i) passed by a majority of not less than two-thirds of such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Shareholders of CAEP of which notice specifying the intention to propose the resolution as a special resolution has been duly given and where a poll is taken and regard shall be had in computing a majority to the number of votes to which each such Shareholder is entitled; or (ii) approved in writing by all Shareholders entitled to vote at a general meeting of CAEP.	Ordinary Shares at a general meeting or by written special resolution, being the affirmative vote of the holders of Pubco Ordinary Shares representing not less than sixty six and two thirds per cent (66 2/3%) of the total voting rights of the Pubco shareholders who (being entitled to do so) vote in person or by proxy on the resolution at such general meeting (a “Pubco Special Resolution”).	Shares at a general meeting or by written special resolution, being the affirmative vote of the holders of AIR Ordinary Shares representing not less than sixty six and two thirds per cent (66 2/3%) of the total voting rights of AIR Shareholders who (being entitled to do so) vote in person or by proxy on the resolution at such general meeting.
Number of Directors	Number of Directors	Number of Directors
The CAEP Board shall consist of not less than one person, provided that CAEP may by ordinary resolution of CAEP Shareholders increase or reduce the limits in the number of directors.	The Pubco Board shall initially consist of eight directors, and the Pubco Board may adopt resolutions from time to time to increase or reduce the number of directors constituting the Pubco Board.	The AIR Board shall consist of not less than one person, provided that AIR may appoint additional directors by a resolution of the holders of AIR Ordinary Shares representing a simple majority of the total voting rights of the AIR Shareholders, who (being entitled to do so) vote in person or by proxy on the resolution in general meeting. New directors of AIR may also be appointed by the AIR Board. Certain shareholders as specified in the AIR Articles may appoint any number of directors, with such appointments becoming effective upon receipt by AIR of notice of the appointment and the person's consent to act as a director. Other shareholders as specified in the AIR Articles, for as long as they hold a specified percentage of shares in AIR, may appoint one director each, with such appointments becoming effective upon receipt by AIR of notice of the appointment and the person's consent to act as a director.
Classes of Directors	Classes of Directors	Classes of Directors


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
The CAEP Board consists of three directors, divided into two classes, Class I and Class II. The term of the initial Class I Directors expires at the first annual general meeting of the CAEP Shareholders, and the term of the initial Class II directors expires at the second annual general meeting of CAEP Shareholders. Each class of successors to replace the class of directors whose term expires at that annual general meeting shall be appointed for a term of office to expire at the second succeeding annual general meeting after their appointment.	Pubco Board is divided into three classes, Class I, Class II and Class III. Each class of Pubco Board shall consist of, as nearly as possible, of one-third of the total number of directors. If the total number of directors is not evenly divisible by three, the Pubco Board shall allocate the number of directors among the classes so that the difference between any two classes does not exceed one, and may reallocate directors among the classes from time to time to maintain such balance following any increase or decrease in the number of directors. The term of the initial Class I Directors expires at the first annual meeting of the Pubco shareholders, the term of the initial Class II directors expires at the second annual meeting of the Pubco shareholders and the term of the initial Class III directors expires at the third annual meeting of the Pubco shareholders. Each class of successors to replace the class of directors whose term expires at that annual general meeting shall be appointed for a term expiring at the annual meeting of the Pubco shareholders held in the third year following the year of their election.	AIR has a single class of directors, who are elected by ordinary resolution of the AIR Shareholders or by the AIR Board. Certain AIR Shareholders have special director's appointment rights which are discussed above.
Removal of Directors	Removal of Directors	Removal of Directors
Directors may be removed by ordinary resolution of CAEP Shareholders; provided that prior to the consummation of an initial business combination, only holders of CAEP Class B Ordinary Shares will have the right to vote on the removal of directors of CAEP. The office of a director may be vacated if: (a) the director gives notice in writing to CAEP that they resign the office of director; (b) the director is absent from three consecutive meetings of the CAEP Board without special leave of absence from the directors, and the directors pass a resolution that they have by reason of such absence vacated office; (c) the director dies, becomes bankrupt or makes any arrangement or composition with their creditors generally; (d) the director is found to be or becomes of unsound mind; or (e) all of the other directors (being not less than two in number) determine that the director should be removed as a director, either by a resolution passed by all of the other directors at a meeting of the directors duly convened and held in accordance with the CAEP Memorandum and Articles or by a resolution in writing signed by all of the other directors.	There is no statutory right under Jersey Companies Law for shareholders to nominate, appoint or remove directors of a company. The A&R Pubco Articles provide that a director will cease to hold office if the director: (a) gives notice to Pubco that they resign the office of director; (b) ceases to be a director by virtue of any provision of the Jersey Companies Law or becomes prohibited or disqualified by applicable law; (c) becomes bankrupt or makes and arrangement or composition with their creditors generally; (d) becomes of unsound mind; (e) is removed from office by the affirmative vote of at least 66 2/3% in voting power of the then outstanding Pubco Ordinary Shares entitled to vote thereon as a result of the director's conviction of a serious felony or the director's commission of any material act of dishonesty resulting or intended to result in material personal gain or enrichment of such director at the expense of Pubco; or (f) is prohibited by applicable law, the SEC or any other competent regulatory authority from being a director. The A&R Pubco Articles provide holders of one or more outstanding series of Preferred Shares who are granted	There is no statutory right under Jersey Companies Law for shareholders to nominate, appoint or remove directors of a company. The AIR Articles provide that a director will cease to hold office if the director: (a) is prohibited or disqualified from being a director by law; (b) is declared bankrupt in any jurisdiction; (c) makes any arrangement or composition with the director's creditors generally; (d) in the opinion of a registered medical practitioner given to AIR in writing, becomes incapacitated and incapable of acting as a director and may remain incapacitated for more than three months; (e) resigns from office by notice in writing to AIR and the resignation has taken effect in accordance with its terms; or (f) is removed from office by ordinary resolution of the holders of AIR Ordinary Shares.


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
	special rights to elect directors, may also have additional rights in respect of removal of the directors of Pubco.
Filling of Board Vacancies	Filling of Board Vacancies	Filling of Board Vacancies
The company may by ordinary resolution appoint any person to be a director or may by ordinary resolution remove any director, provided that prior to the consummation of a Business Combination and for so long as there are CAEP Class B Ordinary Shares in issue, only the holders of the CAEP Class B Ordinary Shares shall be entitled to vote on any such ordinary resolution. The CAEP Board may appoint any person to be a director, either to fill a vacancy or as an additional director provided that the appointment does not cause the number of directors to exceed any number fixed by or in accordance with the CAEP Memorandum and Articles as the maximum number of directors.	If a Pubco director: a) is removed from office pursuant to the A&R Pubco Articles or is prohibited from being a director by operation of law; b) is or becomes bankrupt, or makes any arrangement or composition with his creditors generally; c) is or becomes of unsound mind or dies; d) resigns his office by written notice to Pubco; or e) their term of office expires, then the Pubco Board shall be entitled by resolution to appoint a director to fill such vacancy on the Pubco Board. Newly created directorships resulting from an increase in the number of directors are elected by the Pubco Board. Any director elected to fill a vacancy or newly created directorship shall hold office until the next election of the class of directors for which such director shall have been chosen and until his or her successor shall be elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal.	AIR may by ordinary resolution appoint any person to be a director, either to fill a vacancy or as an additional director, or may by ordinary resolution remove any director. Additionally, the AIR Board may appoint any person to be a director, either to fill a vacancy or as an additional director.
Compensation of Directors	Compensation of Directors	Compensation of Directors
The remuneration to be paid to the directors, if any, shall be such remuneration as the CAEP Board shall determine, provided that no cash remuneration shall be paid to any director by CAEP prior to the consummation of a Business Combination unless otherwise approved in writing by a majority of the holders of CAEP Class B Ordinary Shares. The directors shall also, whether prior to or after the consummation of a Business Combination, be entitled to be paid all travelling, hotel and other expenses properly incurred by them in connection with their attendance at meetings of directors or committees of directors, or general meetings of CAEP, or separate meetings of the holders of any class of shares or debentures of CAEP, or otherwise in connection with the business of CAEP or the discharge of their duties as a director, or to receive a fixed allowance in respect thereof as may be determined by the CAEP Board, or a combination partly of one such method and partly the other.	The amount of any fees payable to Pubco directors shall be determined by Pubco Board subject to any limitation which may be determined by the resolution of the Pubco shareholders and, where applicable, is subject to the rules and regulations of any United States national securities exchange on which the securities of Pubco are listed or trading (the "Designated Stock Exchange"). In addition, Pubco directors may be reimbursed for expenses properly incurred for attending meetings of the Pubco Board and/or meetings of the Pubco shareholders.	The amount of any fees payable to AIR directors shall be determined by AIR directors and shall be deemed to accrue from day to day. In addition, AIR directors may be reimbursed for reasonable expenses incurred for attending meetings of the AIR Board or a committee of the AIR board or meetings of the AIR Shareholders or otherwise in connection with the exercise of their powers and the discharge of their responsibilities in relation to the company.


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
Manner of Acting by Board	Manner of Acting by Board	Manner of Acting by Board
The quorum for the transaction of the business of the directors may be fixed by the directors, and unless so fixed shall be two if there are two or more directors, and shall be one if there is only one director. The act of a majority of the directors present at any meeting at which there is a quorum will be the act of the board. A resolution in writing (in one or more counterparts) signed by all the directors or all the members of a committee of the directors shall be as valid and effectual as if it had been passed at a meeting of the directors, or committee of directors as the case may be, duly convened and held.	The Pubco Board may meet for the transaction of business, adjourn and otherwise regulate its meetings as it sees fit. Unless otherwise specified in the A&R Pubco Articles, a resolution put to the vote at a meeting of the Pubco Board shall be carried by the affirmative votes of a majority in number of those directors attending such meeting. A written resolution of which notice has been given to all Directors or all members of a committee appointed by the Pubco Board, if signed by a majority of the Directors or of the members of such committee, shall be adopted as valid and effectual as if it had been passed at a meeting of the Pubco Board. Where Pubco has more than one Director, the quorum necessary for the transaction of the business of the Directors may be fixed by the Directors, and unless so fixed at any other number shall be two Directors. An alternate Director shall be counted in a quorum.	The AIR Board may meet for the transaction of business, adjourn and otherwise regulate its meetings as it sees fit. Unless otherwise specified in the AIR Articles, a resolution put to the vote at a meeting of the AIR Board shall be carried out by the affirmative votes of a majority in number of those directors attending such meeting, provided that such majority includes a majority of directors appointed by a specific group of directors representing certain key shareholder group as specified in the AIR Articles. A written resolution of which notice has been given to all directors, if signed by a majority of the directors, of which a majority must be the specified group of directors, shall be adopted as valid and effectual as if it had been passed at a meeting of the AIR Board. Where AIR has more than one director, the quorum necessary for the transaction of the business includes specified groups of directors appointed by the key shareholder groups. An alternate director shall be counted in a quorum.
Meetings of the Board	Meetings of the Pubco Board	Meetings of the AIR Board
A director may, or other officer on the direction of a director shall, call a meeting of the directors by at least two days’ notice in writing to every director which notice shall set forth the general nature of the business to be considered unless notice is waived by all the directors either at, before or after the meeting is held.	A Pubco director may, and the secretary of Pubco on the requisition of a Pubco director shall, at any time summon a meeting of the Pubco Board. To summon a meeting of the directors, at least 24 hours of meeting notice must be given to each director and alternate director provided that any meeting may be convened at shorter notice and in such manner as each Director or their alternate Director shall approve, provided further that, unless otherwise resolved by the Directors, notices of Directors’ meetings need not be in writing.	A chairman of the Air Board shall, if requested by a director, summon a meeting of the AIR Board by giving a notice of the meeting or by authorizing the secretary of AIR to give that notice. To summon a meeting of the directors, at least ten working days' notice must be given to each director, or any lesser notice as all the directors may agree generally or in respect of any specific meeting. Meeting may be called with 24 hours of meeting notice if the chairman reasonably believes that it is required to decide an urgent matter, but a lesser notice period may be agreed by all the directors.
Annual General Meetings	Shareholders’ Meetings	Shareholders’ Meetings
An annual meeting of CAEP Shareholders is held at such place, either within or outside the Cayman Islands, and time and on such date as shall be determined by the CAEP Board and stated in the notice of the meeting. At each annual meeting, the shareholders entitled to vote on such matters shall vote on appointment of directors whose term expires at that general meeting and may transact any other business as may properly be brought before the meeting.	Jersey Companies Law requires that Pubco shall have an annual general meeting once every calendar year (within a period of not more than 18 months after the last preceding annual general meeting). The Directors may whenever they think fit, and upon a requisition made in writing by Public Shareholders who together hold not less than ten percent of the total voting rights of all Pubco	AIR is not required to hold annual general meetings. The directors may whenever they think fit, and upon a requisition made in writing by AIR Shareholders in accordance with the Jersey Companies Law the directors shall, convene a general meeting of AIR. At least fourteen clear days' notice shall be given of every general meeting.


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
	shareholders entitled to vote at an election of the directors of Pubco, the Directors shall convene a general meeting of Pubco. At least fourteen Clear Days' notice shall be given of every general meeting including without limitation any general meeting called for the passing of a Special Resolution. At any general meeting called pursuant to a requisition, unless such meeting is called by the Directors, only that business stated in the requisition as the objects of the meeting shall be transacted. A general meeting may be held by such electronic means as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and electronic participation in such a meeting shall constitute presence in person at such meeting. The quorum necessary for transacting business at Pubco general meetings is the presence in person (including by electronic means) or by proxy of at least two Pubco shareholders representing at least one-third of the voting power of all of the then outstanding shares of Pubco entitled to vote at an election of the directors of Pubco, but so that not less than two individuals will constitute the quorum, provided that, if at any time all of the issued shares in Pubco are held by one Pubco shareholder, such quorum shall consist of the Pubco shareholder present in person.	The quorum necessary for transacting business at AIR general meetings is the presence of specified groups of directors appointed by the key shareholder groups, provided that if at any time all of the issued shares in AIR are held by one AIR Shareholder, such quorum shall consist of the AIR Shareholder present in person.
Extraordinary General Meetings	General Meetings	General Meetings
Extraordinary general meetings of CAEP Shareholders’, for any purpose or purposes, may be called only by the Chairman of the CAEP Board, CAEP’s Chief Executive Officer, or the CAEP Board pursuant to a resolution adopted by a majority of the CAEP Board, and may not be called by any other person. For the avoidance of doubt, holders of CAEP Ordinary Shares shall not have the ability to call general meetings. Extraordinary general meetings of Shareholders shall be held at such place, either within or outside the Cayman Islands, and at such time and on such date as shall be determined by the board and stated in CAEP’s notice of the meeting.	There is only one class of shareholders' meetings under the A&R Pubco Articles, which is general meetings discussed above. A&R Pubco Articles do not expressly provide for any extraordinary or special general meetings. A general meeting of shareholders of Pubco, which is not the annual general meeting, is conventionally referred to as extraordinary general meeting.	There is only one class of shareholders' meetings under the AIR Articles, which is general meetings discussed above. AIR Articles do not expressly provide for any extraordinary or special general meetings. A general meeting of shareholders of AIR, which is not the annual general meeting, is conventionally referred to as extraordinary general meeting.
Convocation Requirements for a Shareholders’ Meeting	Convocation Requirements for a Shareholders’ Meeting	Convocation Requirements for a Shareholders’ Meeting
At least five (5) clear days’ notice shall be given of any general meeting.	At least 14 clear days’ notice of a general meeting of the holders of Pubco	At least 14 clear days’ notice of a general meeting of the holders of AIR


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
Every notice shall specify the place, the day and the hour of the meeting and the general nature of the business to be conducted at the general meeting and shall be given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by CAEP, provided that a general meeting of CAEP shall, whether or not the notice specified in the CAEP Memorandum and Articles has been given and whether or not the provisions of the CAEP Memorandum and Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed: (a) in the case of an annual general meeting, by all of the shareholders entitled to attend and vote at the meeting; and (b) in the case of an extraordinary general meeting, by a majority in number of the shareholders having a right to attend and vote at the meeting, together holding not less than 95% in par value of the shares giving that right. The accidental omission to give notice of a general meeting to, or the non-receipt of notice of a general meeting by, any person entitled to receive such notice shall not invalidate the proceedings of that general meeting.	Ordinary Shares (other than an adjourned meeting where adjournment was fewer than thirty days) shall be given to each holder of Pubco Ordinary Shares entitled to attend and vote thereat, stating the date and time at which the meeting is to be held, and stating (so far as is possible) the business to be conducted at such meeting. Notice of meetings of the holders of Pubco Ordinary Shares shall be in writing delivered by mail or courier to the address of the Pubco Ordinary Shares detailed on the Pubco register of members, or in any manner agreed in advance by any such member, and any notice so posted shall be deemed to be served one Clear Day after the day it was posted. The Pubco Board may postpone or cancel any general meeting called in accordance with the A&R Pubco Articles (other than a meeting requisitioned under the A&R Pubco Articles) provided that notice of postponement or cancellation is given to each shareholder before the time for such meeting. Fresh notice of the date, time and place for a postponed meeting shall be given to the shareholders in accordance with the A&R Pubco Articles.	Ordinary Shares (other than an adjourned meeting where adjournment was fewer than thirty days or more than thirty days) shall be given to each holder of AIR Ordinary Shares entitled to attend and vote thereat, stating the date and time at which the meeting is to be held, and stating the general nature of the business to be conducted at such meeting. Notice of meetings of the holders of AIR Ordinary Shares shall be in writing delivered by mail, or in electronic form. Any notice sent by post shall be treated as received by the holder of AIR Ordinary Shares 48 hours after being posted in a correctly addressed envelope or if, sent to an address outside British Islands, 96 hours after it is posted. Any notice sent by email, shall be deemed to be received when the email is sent (provided there is no notice of delivery failure).
Quorum and Actions	Quorum and Actions	Quorum and Actions
The holders of a majority of the Shares being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorized representative or proxy shall be a quorum. If a quorum is not present within half an hour from the time appointed for the meeting to commence, the meeting shall stand adjourned to the same day in the next week at the same time and/or place or to such other day, time and/or place as the Directors may determine, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting to commence, the CAEP Shareholder present shall be a quorum.	The quorum necessary for transacting business at a meeting of the holders of Pubco Ordinary Shares is the presence in person (including by electronic means) or by proxy of at least two holders of Pubco Ordinary Shares representing at least one-third of the voting power of all the then outstanding shares of Pubco entitled to vote at an election of the directors of Pubco, provided that not less than two individuals will constitute the quorum, and provided that, if at any time, all of the issued shares in Pubco are held by one shareholder, such quorum shall consist of such shareholder present in person. If within half an hour from the time appointed for the meeting a quorum is not present, or if during the meeting a quorum ceases to be present, then, in the case of a meeting convened on a requisition, the meeting shall be deemed dissolved and, in any other case, the meeting shall stand adjourned to the same day one week later, at the same time and place or to such other day, time or place as the directors may determine. If the meeting shall be adjourned for fewer than 30 days, it shall not be necessary to give notice of the adjourned meeting.	The quorum necessary for transacting business at AIR general meetings is the presence of specified groups of directors appointed by the key shareholder groups, provided that if at any time all of the issued shares in AIR are held by one AIR Shareholder, such quorum shall consist of the AIR Shareholder present in person. If within half an hour from the time appointed for the meeting a quorum is not present, or if during the meeting a quorum ceases to be present, then, in the case of a meeting convened on a requisition, the meeting shall be deemed dissolved and, in any other case, the chairman of the meeting must adjourn it, such day, time or place as the chairman may determine. If the meeting shall be adjourned for more than 30 days, AIR must give at least seven clear days' notice of it.
Written Resolutions of CAEP Shareholders	Written Resolutions of Pubco Shareholders	Written Resolutions of AIR Shareholders


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
The CAEP Memorandum and Articles provide that a resolution (including a special resolution) in writing (in one or more counterparts) signed by or on behalf of all of the CAEP Shareholders for the time being entitled to receive notice of and to attend and vote at general meetings (or, being corporations or other non-natural persons, signed by their duly authorized representatives) shall be as valid and effective as if the resolution had been passed at a general meeting of CAEP duly convened and held.	Article 95 of the Jersey Companies Law provides that subject to the memorandum and articles of association of a company, anything which may be done by resolution of a company in general meeting may be done by resolution in writing. The A&R Pubco Articles provide that shareholders may not pass resolutions in writing.	Article 95 of the Jersey Companies Law provides that subject to the memorandum and articles of association of a company, anything which may be done by resolution of a company in general meeting may be done by resolution in writing. The AIR Articles provide that shareholders may pass resolutions in writing in accordance with Jersey law, and any such written resolution is as valid as if passed at a duly convened general meeting.
Indemnification of Directors and Officers and Limitation of Liability	Indemnification of Directors and Officers and Limitation of Liability	Indemnification of Directors and Officers and Limitation of Liability
Cayman Islands law does not limit the extent to which a company’s articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against fraud or the consequences of committing a crime. The CAEP Memorandum and Articles provide that every director and officer (which for the avoidance of doubt, shall not include auditors of CAEP), together with every former director and former officer (each an “Indemnified Person”) shall be indemnified out of the assets of CAEP against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud, willful neglect or willful default. No Indemnified Person shall be liable to CAEP for any loss or damage incurred by CAEP as a result (whether direct or indirect) of the carrying out of their functions unless that liability arises through the actual fraud, willful neglect or willful default of such Indemnified Person. No person shall be found to have committed actual fraud, willful neglect or willful default unless or until a court of competent jurisdiction shall have made a finding to that effect.	The Jersey Companies Law does not contain any provision permitting Jersey companies to limit the liabilities of directors for breach of fiduciary duty. However, a Jersey company may exempt from liability, and indemnify directors and officers, for liabilities: • incurred in defending any civil or criminal legal proceedings where: • judgment is given in the person’s favor or the person is acquitted; • the proceedings are discontinued other than by reason of such person (or someone on their behalf) giving some benefit or suffering some detriment; or • the proceedings are settled on terms that such person (or someone on their behalf) gives some benefit or suffers some detriment but in the opinion of a majority of the disinterested directors, the person was substantially successful on the merits in the person’s resistance to the proceedings; • incurred to anyone other than to the company if the person acted in good faith with a view to the best interests of the company; • incurred in connection with an application made to the court for relief from liability for negligence, default, breach of duty or breach of trust under Article 212 of the Jersey Companies Law in	The Jersey Companies Law does not contain any provision permitting Jersey companies to limit the liabilities of directors for breach of fiduciary duty. However, a Jersey company may exempt from liability, and indemnify directors and officers, for liabilities: • incurred in defending any civil or criminal legal proceedings where: • judgment is given in the person’s favor or the person is acquitted; • the proceedings are discontinued other than by reason of such person (or someone on their behalf) giving some benefit or suffering some detriment; or • the proceedings are settled on terms that such person (or someone on their behalf) gives some benefit or suffers some detriment but in the opinion of a majority of the disinterested directors, the person was substantially successful on the merits in the person’s resistance to the proceedings; • incurred to anyone other than to the company if the person acted in good faith with a view to the best interests of the company; • incurred in connection with an application made to the court for relief from liability for negligence, default, breach of duty or breach of trust under Article 212 of the Jersey Companies Law in


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
	which relief is granted to the person by the court; or • incurred in a case in which the company normally maintains insurance for persons other than directors. The A&R Pubco Articles provide that every director, secretary and officer (which for the avoidance of doubt, shall not include auditors of Pubco), together with their personal representatives (each an “Indemnified Person”) shall be indemnified out of the assets of Pubco against any liability, action, proceeding, claim, demand, costs, damages or expenses, which such Indemnified Person incurred or sustained as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of such Indemnified Person's own dishonesty, willful default or fraud, in or about the conduct of the Pubco's business or affairs or in the execution or discharge of their duties, powers, authorities or discretions. No Indemnified Person shall be liable for any loss or damage incurred by Pubco unless that liability arises through the dishonesty, willful default or fraud of such Indemnified Person.	which relief is granted to the person by the court; or • incurred in a case in which the company normally maintains insurance for persons other than directors.
Dissolution/Liquidation	Liquidation	Liquidation
The CAEP Memorandum and Articles provide that it will have only 24 months from the consummation of the CAEP IPO to complete its business combination. If it has not completed its business combination within such time period or during any extended period as may be approved by the shareholders of CAEP by way of special resolution, it will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the CAEP Class A Ordinary Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to CAEP (less taxes payable), divided by the number of then CAEP Class A Ordinary Shares in issue, which redemption will completely extinguish public CAEP Shareholder rights as CAEP Shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of	Under Jersey Companies Law, a Jersey company may be voluntarily dissolved, liquidated or wound up by a special resolution of the shareholders. In addition, a company may be wound up by the courts of Jersey if the court is of the opinion that it is just and equitable to do so or that it is expedient in the public interest to do so. Alternatively, a creditor with a claim against a Jersey company of not less than £3,000 may apply to the Royal Court of Jersey for the property of that company to be declared en désastre (being the Jersey law equivalent of a declaration of bankruptcy). Such an application may also be made by the Jersey company itself without having to obtain any shareholder approval.	Under Jersey Companies Law, a Jersey company may be voluntarily dissolved, liquidated or wound up by a special resolution of the shareholders. In addition, a company may be wound up by the courts of Jersey if the court is of the opinion that it is just and equitable to do so or that it is expedient in the public interest to do so. Alternatively, a creditor with a claim against a Jersey company of not less than £3,000 may apply to the Royal Court of Jersey for the property of that company to be declared en désastre (being the Jersey law equivalent of a declaration of bankruptcy). Such an application may also be made by the Jersey company itself without having to obtain any shareholder approval.


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
CAEP’s remaining shareholders and its board of directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
Rights of Inspection	Rights of Inspection	Rights of Inspection
CAEP Board shall determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of CAEP or any of them shall be open to the inspection of members not being directors and no member (not being a director) shall have any right of inspecting any account or book or document of CAEP except as conferred by the Companies Act or authorized by CAEP Board or by CAEP in general meeting.	The register of shareholders and books containing the minutes of general meetings or of meetings of any class of shareholders of a Jersey company must during business hours be open to the inspection of a shareholder of the company without charge. The register of directors and secretaries must during business hours (subject to such reasonable restrictions as the company may by its articles of association or in general meeting impose, but so that not less than two hours in each business day be allowed for inspection) be open to the inspection of a shareholder or director of the company without charge.	The register of shareholders and books containing the minutes of general meetings or of meetings of any class of shareholders of a Jersey company must during business hours be open to the inspection of a shareholder of the company without charge. The register of directors and secretaries must during business hours (subject to such reasonable restrictions as the company may by its articles of association or in general meeting impose, but so that not less than two hours in each business day be allowed for inspection) be open to the inspection of a shareholder or director of the company without charge.
Derivative Shareholder Suits	Derivative Shareholder Suits	Derivative Shareholder Suits
Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such actions. In principle, CAEP will normally be the proper plaintiff in any claim based on a breach of duty owed to it, and a claim against (for example) CAEP’s officers or directors usually may not be brought by a shareholder. However, based on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which: • a company is acting, or is proposing to act, illegally or beyond the scope of its authority; • the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes which have actually been obtained; or • those who control CAEP are perpetrating a “fraud on the minority.” A shareholder may have a direct right of action against CAEP where the individual rights of that shareholder have been infringed or are about to be infringed.	Under Article 141 of the Jersey Companies Law, a shareholder may apply to court for relief on the ground that the conduct of a company’s affairs, including a proposed or actual act or omission by a company, is “unfairly prejudicial” to the interests of shareholders generally or of some part of shareholders, including at least the shareholder making the application. There may also be customary law personal actions available to shareholders. Under Article 143 of the Jersey Companies Law (which sets out the types of relief a court may grant in relation to an action brought under Article 141 of the Jersey Companies Law), the court may make an order regulating the affairs of a company, requiring a company to refrain from doing or continuing to do an act complained of, authorizing civil proceedings and providing for the purchase of shares by a company or by any of its other shareholders.	Under Article 141 of the Jersey Companies Law, a shareholder may apply to court for relief on the ground that the conduct of a company’s affairs, including a proposed or actual act or omission by a company, is “unfairly prejudicial” to the interests of shareholders generally or of some part of shareholders, including at least the shareholder making the application. There may also be customary law personal actions available to shareholders. Under Article 143 of the Jersey Companies Law (which sets out the types of relief a court may grant in relation to an action brought under Article 141 of the Jersey Companies Law), the court may make an order regulating the affairs of a company, requiring a company to refrain from doing or continuing to do an act complained of, authorizing civil proceedings and providing for the purchase of shares by a company or by any of its other shareholders.
Conflict of Interest Transactions	Conflicts of Interest	Conflicts of Interest
As a matter of Cayman Islands law, a director is in a fiduciary relationship to	An interested director must disclose to the company the nature and extent of	An interested director must disclose to the company at a meeting of the

         Rights of CAEP Shareholders

         Rights of Pubco Shareholders

         Rights of AIR Shareholders

         the company. Fiduciary duties may be described as being those of loyalty, honesty and good faith owed to the company. One of these duties is that directors must not place themselves in a position in which there is a conflict between their duty to the company and their personal interests. The Cayman Islands law allows this duty to be varied by the memorandum and articles.  CAEP Memorandum and Articles allow a director to hold other paid roles with CAEP, provide professional services for remuneration, and hold offices or interests in other companies connected with CAEP without being accountable to CAEP for benefits received from those roles. A director is at liberty to vote in respect of any contract or transaction in which they are interested provided that the nature of the interest of any director in any such contract or transaction is disclosed by them at or prior to its consideration and any vote thereon.

         any interest in a transaction with the company, or one of its subsidiaries, which to a material extent conflicts or may conflict with the interests of the company and of which the director is aware.
Failure to disclose an interest entitles the company or a shareholder to apply to the court for an order setting aside the transaction concerned and directing that the director account to the company for any profit.
A transaction is not voidable and a director is not accountable notwithstanding a failure to disclose an interest if the transaction is confirmed by special resolution of shareholders and the nature and extent of the director’s interest in the transaction are disclosed in reasonable detail in the notice calling the meeting at which the resolution is passed.
Although it may still order that a director account for any profit, a court will not set aside a transaction unless it is satisfied that the interests of third parties who have acted in good faith would not thereby be unfairly prejudiced and the transaction was not reasonable and fair in the interests of the company at the time it was entered into.
The A&R Pubco Articles provide that  subject to the Jersey Companies Law, the rules and regulations of the Designated Stock Exchange, the SEC and/or any other competent regulatory authority or otherwise under applicable law, and provided that they have disclosed to the directors the nature and extent of any of their interests which conflict or may conflict to a material extent with the interests of the Pubco at the first meeting of the Pubco Board at which a transaction is considered or as soon as practical after that meeting by notice in writing to the secretary of Pubco or has otherwise previously disclosed that they are to be regarded as interested in a transaction with a specific person, a director of Pubco notwithstanding their office (a) may be a party to, or otherwise interested in, any transaction or arrangement with Pubco or in which Pubco is otherwise interested; (b) may be a director or other officer of, or employed by, or a party to any transaction or arrangement with, or otherwise interested in, any body corporate promoted by Pubco or in which Pubco is otherwise interested; and (c) shall not, by reason of their office, be accountable to Pubco for any benefit which they derive from any such office or employment or 

         directors or in such other manner as the director resolve, the nature and extent of any interest in a transaction with the company, or one of its subsidiaries, which to a material extent conflicts or may conflict with the interests of the company and of which the director is aware.
Failure to disclose an interest entitles the company or a shareholder to apply to the court for an order setting aside the transaction concerned and directing that the director account to the company for any profit.
A transaction is not voidable and a director is not accountable notwithstanding a failure to disclose an interest if the transaction is confirmed by special resolution of shareholders and the nature and extent of the director’s interest in the transaction are disclosed in reasonable detail in the notice calling the meeting at which the resolution is passed.
Although it may still order that a director account for any profit, a court will not set aside a transaction unless it is satisfied that the interests of third parties who have acted in good faith would not thereby be unfairly prejudiced and the transaction was not reasonable and fair in the interests of the company at the time it was entered into.
The AIR Articles allow a director who has declared the nature and extent of any interest listed in the AIR Artiles to hold other paid roles with AIR, provide professional services for remuneration, and hold offices or interests in other companies connected with AIR without being accountable to AIR for benefits received from those roles. A director is at liberty to vote in respect of any contract or transaction in which they are interested provided that the nature of the interest of any director in any such contract or transaction is disclosed by them at or prior to its consideration and any vote thereon.


Rights of CAEP Shareholders	Rights of Pubco Shareholders	Rights of AIR Shareholders
	from any such transaction or arrangement or from any interest in any such body corporate and no such transaction or arrangement shall be liable to be avoided on the ground of any such interest or benefit.
Listing	Listing	Listing
Following consummation of the Business Combination, the CAEP Class A Ordinary Shares will be delisted from Nasdaq and CAEP will be deregistered under the Exchange Act.	Pubco Ordinary Shares are expected to trade on Nasdaq.	AIR Ordinary Shares are not expected to trade on Nasdaq or any other stock exchange.
Anti-Takeover Provisions	Anti-Takeover Provisions	Anti-Takeover Provisions
CAEP Memorandum and Articles provide that the board of directors is classified into two classes of directors. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual general meetings. CAEP’s authorized but unissued ordinary shares and preference shares are available for future issuances without shareholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved ordinary shares and preference shares could render more difficult or discourage an attempt to obtain control of CAEP by means of a proxy contest, tender offer, merger or otherwise.	Jersey law prescribes no specific anti-takeover provisions. The A&R Pubco Articles provide that the board of directors is classified into three classes of directors. As a result, in most circumstances, a person can gain control of Pubco Board only by successfully engaging in a proxy contest at three or more annual general meetings. Pubco’s authorized but unissued Pubco Ordinary Shares and Pubco Preferred Shares are available for future issuances without shareholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued Pubco Ordinary Shares and Pubco Preferred Shares could render more difficult or discourage an attempt to obtain control of Pubco by means of a proxy contest, tender offer, merger or otherwise. The A&R Pubco Articles further provide that Pubco Board may issue one or more series of preferred shares which may provide for a variety of special rights, including the right to appoint and remove additional directors of Pubco or the right to receive dividends at a certain rate.	Jersey law prescribes no specific anti-takeover provisions. The AIR Articles do not provide for any anti-takeover provisions.

De-SPAC Transaction, Accounting Treatment [Text Block]

Anticipated Accounting Treatment of the Business Combination

De-SPAC, Federal Income Taxes Consequences, SPAC [Text Block]

Material U.S. Federal Income Tax Considerations

The following description addresses the U.S. federal income tax considerations generally applicable to (i) U.S. Holders and Non-U.S. Holders (each as defined below) that elect to have their Public Shares redeemed for cash if the Business Combination is completed, (ii) U.S. Holders and Non-U.S. Holders that participate in the Cayman Merger and (iii) U.S. Holders and Non-U.S. Holders of owning and disposing of Pubco Ordinary Shares after the Business Combination. This discussion is based on provisions of the Code, its legislative history, final, temporary and proposed treasury regulations promulgated thereunder (“Treasury Regulations”), published rulings and court decisions, all as currently in effect and all of which are subject to differing interpretations or change, possibly with retroactive effect.

For purposes of this description, a “U.S. Holder” means a beneficial owner of Public Shares or Pubco Ordinary Shares that is for U.S. federal income tax purposes:

•

an individual citizen or resident of the U.S.;

•

a corporation (or other entity treated as a corporation) that is created or organized (or treated as created or organized) in or under the laws of the U.S., any state thereof or the District of Columbia;

•

an estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or

•

a trust if (i) a U.S. court can exercise primary supervision over the trust’s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

A “Non-U.S. Holder” means a beneficial owner of Public Shares, or Pubco Ordinary Shares that is not a U.S. Holder, but generally does not include an individual who is present in the U.S. for 183 days or more in the taxable year of disposition. A holder that is such an individual should consult its tax advisor regarding the U.S. federal income tax consequences.

This description does not address all aspects of U.S. federal income taxation that may be relevant to any particular holder based on such holder’s individual circumstances. In particular, this description considers only holders that hold Public Shares or Pubco Ordinary Shares as capital assets within the meaning of Section 1221 of the Code. This description does not address the alternative minimum tax, the Medicare tax on net investment income, or the U.S. federal income tax consequences to holders that are subject to special rules, including:

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financial institutions or financial services entities;

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broker-dealers;

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persons that are subject to the mark-to-market accounting rules under Section 475 of the Code;

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tax-exempt entities;

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governments or agencies or instrumentalities thereof;

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insurance companies;

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regulated investment companies;

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real estate investment trusts;

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specified expatriates or former long-term residents of the U.S.;

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persons that hold Public Shares as part of a straddle, constructive sale, hedging, redemption or other integrated transaction;

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persons whose functional currency is not the U.S. dollar;

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controlled foreign corporations;

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passive foreign investment companies;

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partnerships (or other entities classified as partnership for U.S. federal income tax purposes) or partners in such partnerships or entities classified for U.S. federal income tax purposes as a “disregarded entity”;

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persons required to accelerate the recognition of any item of gross income with respect to Public Shares as a result of such income being recognized on an applicable financial statement;

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persons who actually or constructively own 5% or more of the Public Shares by vote or value (except as specifically provided below); or

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the Sponsor or its Affiliates.

This description does not address any tax laws other than the U.S. federal income tax law, such as gift or estate tax laws, state, local or non-U.S. tax laws or, except as described herein, any tax reporting obligations of a holder of Public Shares or Pubco Ordinary Shares. Additionally, this description does not address the tax treatment of partnerships or other pass-through entities or entities classified for U.S. federal income tax purposes as a “disregarded entity” or persons who hold Public Shares or Pubco Ordinary Shares through such entities. If a partnership (or other entity classified as a partnership or treated as a disregarded entity for U.S. federal income tax purposes) is the beneficial owner of Public Shares, the U.S. federal income tax treatment of a partner in the partnership or owner of the disregarded entity will generally depend on the status of the partner or owner and the activities of the partnership or disregarded entity. This description also assumes that any distribution made (or deemed made) on Public Shares or Pubco Ordinary Shares and any consideration received (or deemed received) by a holder in consideration for the sale or other disposition of Public Shares or Pubco Ordinary Shares is made in U.S. dollars.

THE U.S. FEDERAL INCOME TAX TREATMENT OF THE BENEFICIAL OWNERS OF PUBLIC SHARES OR PUBCO ORDINARY SHARES MAY BE AFFECTED BY MATTERS NOT DESCRIBED HEREIN AND DEPENDS IN SOME INSTANCES ON DETERMINATIONS OF FACT AND INTERPRETATIONS OF COMPLEX PROVISIONS OF U.S. FEDERAL INCOME TAX LAW FOR WHICH NO CLEAR PRECEDENT OR AUTHORITY MAY BE AVAILABLE. CAEP URGES BENEFICIAL OWNERS OF PUBLIC SHARES WHO CHOOSE TO EXERCISE THEIR REDEMPTION RIGHTS OR WHO CHOOSE TO PARTICIPATE IN THE CAYMAN MERGER TO CONSULT THEIR TAX ADVISOR REGARDING THE SPECIFIC TAX CONSEQUENCES TO SUCH HOLDER OF THE CAYMAN MERGER AND OWNING AND DISPOSING OF PUBLIC SHARES AS A RESULT OF ITS PARTICULAR CIRCUMSTANCES, INCLUDING THE U.S. FEDERAL, STATE, LOCAL AND FOREIGN INCOME AND OTHER TAX CONSEQUENCES THEREOF.

U.S. Holders

Tax Consequences of the Cayman Merger and the Jersey Merger to U.S. Holders

In the opinion of DLA Piper (US), counsel to CAEP, the Cayman Merger, taken together with other relevant Transactions (including the Jersey Merger, collectively, with the Cayman Merger, the “Transactions”) should qualify as exchanges described in Section 351 of the Code for U.S. federal income tax purposes, subject to the assumptions, qualifications and limitations described herein and in the opinion to be included as Exhibit 8.1 hereto. In rendering this opinions, counsel may require and rely upon assumptions, representations, warranties and covenants provided by CAEP, AIR, Pubco, Jersey Merger Sub, and Cayman Merger Sub, including those contained in the Business Combination Agreement and in representation letters to be provided by the parties to counsel. If any of the assumptions, representations, warranties or covenants upon which the opinion is based is inconsistent with the actual facts, the conclusions reached in the opinion could be adversely affected. The opinion will not be binding on the IRS or the courts. Neither Pubco nor CAEP has requested, and neither intends to request, any ruling from the IRS as to the U.S. federal tax consequences of the Cayman Merger. Consequently, no assurance can be given that the IRS will not assert, or that a court would not sustain, a position contrary to any of those set forth below. It should also be noted that although counsel to CAEP expects to deliver the opinion, the delivery of the opinion is not a condition to the closing of the Cayman Merger. Accordingly, each CAEP Shareholder should consult its own tax advisor with respect to the particular tax consequences of the Cayman Merger, including the consequences if the IRS successfully challenged the qualification of the Transactions as exchanges described in Section 351 of the Code.

U.S. Holders exchanging Public Shares for Pubco Ordinary Shares

Subject to the discussion below in the sections entitled “— Effects of PFIC Rules on U.S. Holders,” and “— Effects of Section 367 to U.S. Holders,” a U.S. Holder will not recognize gain or loss upon the exchange of its Public Shares solely for Pubco Ordinary Shares pursuant to the Cayman Merger. A U.S. Holder’s aggregate tax basis in the Pubco Ordinary Shares received in connection with the Cayman Merger will generally be the same as its aggregate tax basis in the of Public Shares surrendered in the transaction. In addition, the holding period of Pubco Ordinary Shares received in the Cayman Merger will generally include the holding period of Public Shares surrendered in the Cayman Merger. U.S. Holders of Public Shares are urged to consult their tax advisors regarding the proper U.S. federal income tax treatment of the Cayman Merger.

Effects of PFIC Rules on U.S. Holders

Even if the Cayman Merger and the Jersey Merger, taken together, qualify as a transaction described in Section 351 of the Code, Section 1291(f) of the Code requires that, to the extent provided in regulations, a U.S. person that disposes of stock of a PFIC must recognize gain notwithstanding any other provision of the Code. No final Treasury Regulations are in effect under Section 1291(f). Proposed Treasury Regulations under Section 1291(f) were promulgated in 1992, with a retroactive effective date once they become finalized. If finalized in their present form, those regulations would require (i) taxable gain recognition by a U.S. Holder with respect to its exchange of Public Shares for Pubco Ordinary Shares in the Cayman Merger if CAEP were classified as a PFIC at any time during such U.S. Holder’s holding period in the Public Shares. Any such gain would be treated as an “excess distribution” made during the year of the respective Cayman Merger or Jersey Merger, and subject to the special tax and interest charge rules described below under “Definition and General Taxation of a PFIC.” It is difficult to predict whether, in what form, and with what effective date, final Treasury Regulations under Section 1291(f) of the Code may be adopted and how any such

Treasury Regulations would apply. Therefore, U.S. Holders that have not made a timely QEF election (or a QEF election along with a purging election) or a MTM election (each as defined and described below) may, pursuant to the proposed Treasury Regulations, be subject to taxation under the PFIC rules on the Cayman Merger with respect to their Public Shares in the manner set forth below. The proposed Treasury Regulations under Section 1291(f) would not apply to an Electing Shareholder (as defined below) with respect to its Public Shares for which a timely QEF election, QEF election with a purging election, or MTM election is made.

Definition and General Taxation of a PFIC

A non-U.S. corporation will be a PFIC if either (a) at least 75% of its gross income in a taxable year, including its pro rata share of the gross income of any corporation in which it owns or is considered to own at least 25% of the shares by value, is passive income (the “gross income test”) or (b) at least 50% of its assets in a taxable year, ordinarily determined based on fair market value and averaged quarterly over the year, including its pro rata share of the assets of any corporation in which it owns or is considered to own at least 25% of the shares by value, are held for the production of, or produce, passive income (the “asset test”). Passive income generally includes dividends, interest, rents and royalties (other than certain rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets. The determination of whether a foreign corporation is a PFIC is made annually. Based upon the composition of its income and assets, CAEP believes that it would likely be considered a PFIC for its current taxable year.

If CAEP is determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder and the U.S. Holder did not make either (a) a timely “qualified election fund” (“QEF”) election for CAEP’s first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) Public Shares, (b) a QEF election along with a “purging election,” or (c) a “mark-to-market” (“MTM”) election, all of which are described further below, such U.S. Holder will generally be subject to special rules with respect to any gain recognized by the U.S. Holder on the sale or other disposition of its Public Shares and any “excess distribution” made to the U.S. Holder. Excess distributions are generally any distributions to such U.S. Holder during a taxable year of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of the Public Shares during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder’s holding period for the Public Shares.

Under these rules, the U.S. Holder’s gain or excess distribution will be allocated ratably over the U.S. Holder’s holding period for the Public Shares. The amount allocated to the U.S. Holder’s taxable year in which the U.S. Holder recognized the gain or received the excess distribution, or to the period in the U.S. Holder’s holding period before the first day of CAEP’s first taxable year in which it qualified as a PFIC, will be taxed as ordinary income. The amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed at the highest tax rate in effect for that year and applicable to the U.S. Holder. The interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other taxable year of the U.S. Holder.

In general, if CAEP is determined to be a PFIC, a U.S. Holder may avoid the tax consequences described above with respect to its Public Shares by making a timely QEF election, a QEF election along with a purging election, or an MTM election, all as described below.

Impact of PFIC Rules on Certain U.S. Holders

The impact of the PFIC rules on a U.S. Holder will depend on whether the U.S. Holder has made a timely and effective election to treat CAEP as a QEF, under Section 1295 of the Code, for CAEP’s first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) Public Shares, the U.S. Holder made a QEF election along with a “purging election,” or if the U.S. Holder made an MTM election, all as described below. A U.S. Holder of a PFIC that made either a timely and effective QEF election, a QEF election along with a purging election, or an MTM election is hereinafter referred to as an “Electing Shareholder.”

A U.S. Holder’s ability to make a QEF election with respect to its Public Shares is contingent upon, among other things, the provision by CAEP of certain information that would enable the U.S. Holder to make and maintain a QEF election. In order to comply with the requirements of a QEF election, a U.S. Holder must receive a PFIC annual information statement from us. If we determine we are a PFIC for any taxable year, upon written request, we will endeavor to provide to a U.S. Holder such information as the IRS may require, including a PFIC annual information statement, in order to enable a U.S. Holder to make and maintain a QEF election. There is also no assurance that we will have timely knowledge of our status as a PFIC in the future or of the required information to be provided.

As indicated above, if a U.S. Holder has not made a timely and effective QEF election with respect to CAEP’s first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) Public Shares, such U.S. Holder generally may nonetheless qualify as an Electing Shareholder by filing on a timely filed U.S. income tax return (including extensions) a QEF election and a purging election to recognize under the rules of Section 1291 of the Code any gain that it would otherwise recognize if the U.S. Holder sold its Public Shares for their fair market value on the “qualification date.” The qualification date is the first day of CAEP’s tax year in which CAEP qualifies as a QEF with respect to such U.S. Holder. The purging election can only be made if such U.S. Holder held Public Shares on the qualification date. The gain recognized by the purging election will be subject to the special tax

and interest charge rules treating the gain as an excess distribution, as described above. As a result of the purging election, the U.S. Holder will increase the adjusted tax basis in its Public Shares by the amount of the gain recognized and will also have a new holding period in the Public Shares for purposes of the PFIC rules.

Alternatively, if a U.S. Holder, at the close of its taxable year, owns shares in a PFIC that are treated as marketable shares, the U.S. Holder may make an MTM election with respect to such shares for such taxable year. If the U.S. Holder makes a valid MTM election for the first taxable year of the U.S. Holder in which the U.S. Holder holds (or is deemed to hold) Public Shares and for which CAEP is determined to be a PFIC, such holder will not be subject to the PFIC rules described above in respect of its Public Shares. Instead, the U.S. Holder will include as ordinary income each year the excess, if any, of the fair market value of its Public Shares at the end of its taxable year over the adjusted basis in its Public Shares. The U.S. Holder also will be allowed to take an ordinary loss in respect of the excess, if any, of the adjusted basis of its Public Shares over the fair market value of its Public Shares at the end of its taxable year (but only to the extent of the net amount of previously included income as a result of the mark-to-market election). The U.S. Holder’s basis in its Public Shares will be adjusted to reflect any such income or loss amounts and any further gain recognized on a sale or other taxable disposition of the Public Shares will be treated as ordinary income. The MTM election is available only for shares that are regularly traded on a national securities exchange that is registered with the Securities and Exchange Commission, including Nasdaq, or on a foreign exchange or market that the IRS determines has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. U.S. Holders should consult their own tax advisers regarding the availability and tax consequences of an MTM election in respect to Public Shares under their particular circumstances.

The rules dealing with PFICs and with the timely QEF election, the QEF election with a purging election, and the MTM election are very complex and are affected by various factors in addition to those described above. Accordingly, a U.S. Holder should consult its own tax advisor concerning the application of the PFIC rules to such securities under such holder’s particular circumstances.

THE RULES DEALING WITH PFICS IN THE CONTEXT OF THE CAYMAN MERGER ARE VERY COMPLEX AND ARE IMPACTED BY VARIOUS FACTORS. ALL U.S. HOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS CONCERNING THE CONSEQUENCES TO THEM OF THE PFIC RULES, AND WHETHER A QEF ELECTION, A MARK-TO-MARKET ELECTION OR ANY OTHER ELECTION IS AVAILABLE AND THE CONSEQUENCES TO THEM OF ANY SUCH ELECTION, AND THE IMPACT OF ANY PROPOSED OR FINAL PFIC TREASURY REGULATIONS.

Effects of Section 367 to U.S. Holders

Section 367(a) of the Code and the Treasury Regulations promulgated thereunder, in certain circumstances described below, impose additional requirements for a U.S. Holder to qualify for tax-deferred treatment under Section 351 of the Code with respect to the exchange of Public Shares for Pubco Ordinary Shares. Specifically, a U.S. Holder that is a “five-percent transferee shareholder” with respect to Pubco immediately after the transfer may be required to enter into a gain recognition agreement with respect to the exchange of its Public Shares in order to obtain non-recognition treatment in the Cayman Merger.

In general, a “five-percent transferee shareholder” is a U.S. Holder who holds Pubco ordinary Shares and will own directly, indirectly or constructively through attribution rules, at least five percent of either the total voting power or total value of Pubco stock immediately after the Business Combination. The attribution rules for determining ownership are complex, and neither AIR, CAEP, nor Pubco can offer any assurance that a U.S. Holder will not be a five-percent transferee shareholder based on its particular facts and circumstances.

U.S. Holders of Holdco ordinary shares are strongly urged to consult their tax advisors concerning the application of these rules to the Business Combination under their particular circumstances, including whether the U.S. Holder will be a five-percent transferee shareholder and the possibility of entering into a gain recognition agreement under applicable Treasury Regulations.

All U.S. Holders are urged to consult their tax advisors with respect to the effect of Section 367 of the Code to their particular circumstances.

Tax Consequences for U.S. Holders of Owning and Disposing of Pubco Ordinary Shares

Distributions on Pubco Ordinary Shares

Subject to the PFIC rules discussed above “— Impact of PFIC Rules on Certain U.S. Holders,” the gross amount of any distribution on Pubco Ordinary Shares that is made out of Pubco’s current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will generally be taxable to a U.S. Holder as ordinary dividend income on the date such distribution is actually or constructively received by such U.S. Holder. Any such dividends paid to corporate U.S. Holders generally will not qualify for the dividends received deduction that may otherwise be allowed under the Code.

Dividends received by non-corporate U.S. Holders, including individuals, from a “qualified foreign corporation” may be eligible for reduced rates of taxation, provided that certain holding period requirements and other conditions are satisfied. For these

purposes, a non-U.S. corporation will be treated as a qualified foreign corporation with respect to dividends paid by that corporation on shares that are readily tradable on an established securities market in the United States. U.S. Treasury Department guidance indicates that shares listed on Nasdaq (on which Pubco intends to apply to list the Pubco Ordinary Shares) will be considered readily tradable on an established securities market in the U.S. Even if the Pubco Ordinary Shares are listed on NASDAQ, there can be no assurance that the Pubco Ordinary Shares will be considered readily tradable on an established securities market in future years. Non-corporate U.S. Holders that do not meet a minimum holding period requirement or that elect to treat the dividend income as “investment income” pursuant to Section 163(d)(4) of the Code (dealing with the deduction for investment interest expense) will not be eligible for the reduced rates of taxation regardless of Pubco’s status as a qualified foreign corporation. In addition, the rate reduction will not apply to dividends if the recipient of a dividend is obligated to make related payments with respect to positions in substantially similar or related property. This disallowance applies even if the minimum holding period has been met. Finally, Pubco will not constitute a qualified foreign corporation for purposes of these rules if it is a PFIC for the taxable year in which it pays a dividend or for the preceding taxable year. See the discussion above under “— Definition and General Taxation of a PFIC.”

The amount of any dividend paid in foreign currency will be the U.S. dollar value of the foreign currency distributed by Pubco, calculated by reference to the exchange rate in effect on the date the dividend is includible in the U.S. Holder’s income, regardless of whether the payment is in fact converted into U.S. dollars on the date of receipt. Generally, a U.S. Holder should not recognize any foreign currency gain or loss if the foreign currency is converted into U.S. dollars on the date the payment is received. However, any gain or loss resulting from currency exchange fluctuations during the period from the date the U.S. Holder includes the dividend payment in income to the date such U.S. Holder actually converts the payment into U.S. dollars will be treated as ordinary income or loss. That currency exchange income or loss (if any) generally will be income or loss from U.S. sources for foreign tax credit limitation purposes.

To the extent that the amount of any distribution made by Pubco on the Pubco Ordinary Shares exceeds Pubco’s current and accumulated earnings and profits for a taxable year (as determined under U.S. federal income tax principles), the distribution will first be treated as a tax-free return of capital, causing a reduction in the adjusted basis of the U.S. Holder’s Pubco Ordinary Shares, and to the extent the amount of the distribution exceeds the U.S. Holder’s tax basis, the excess will be taxed as capital gain recognized on a sale or exchange as described below under “— Gain on Disposition of Pubco Ordinary Shares.” However, Pubco may not calculate earnings and profits in accordance with U.S. federal income tax principles. In such event, a U.S. Holder should expect to generally treat distributions Pubco makes as dividends.

Gain on Disposition of Pubco Ordinary Shares

Subject to the discussion above under “— Definition and General Taxation of a PFIC.,” a U.S. Holder will generally recognize gain or loss on any sale, exchange, redemption, or other taxable disposition of Pubco Ordinary Shares in an amount equal to the difference between the amount realized on the disposition and such U.S. Holder’s adjusted tax basis in such Pubco Ordinary Shares. Any gain or loss recognized by a U.S. Holder on a taxable disposition of Pubco Ordinary Shares will generally be capital gain or loss and will be long-term capital gain or loss if the holder’s holding period in the Pubco Ordinary Shares exceeds one year at the time of the disposition. Preferential tax rates may apply to long-term capital gains of non-corporate U.S. Holders (including individuals). The deductibility of capital losses is subject to limitations. Any gain or loss recognized by a U.S. Holder on the sale or exchange of Pubco Ordinary Shares will generally be treated as U.S. source gain or loss.

Tax Consequences to U.S. Holders That Elect to Have Their Public Shares Redeemed for Cash

This section is addressed to U.S. Holders that elect to have their Public Shares redeemed for cash in accordance with the terms of the CAEP Memorandum and Articles, the Business Combination Agreement, and applicable Cayman Islands law. This section is subject in its entirety to the description of the PFIC rules as discussed above under the sections entitled “— Effects of PFIC Rules on U.S. Holders” and “ — Impact of PFIC Rules on Certain U.S. Holders,” as well as Section 367 considerations as discussed above under the section entitled “— Effects of Section 367 to U.S. Holders.” For purposes of this description, a “Redeeming U.S. Holder” is a U.S. Holder that so redeems its Public Shares into cash.

Except as described in the following paragraph and as described in the PFIC rules above, a Redeeming U.S. Holder will generally recognize capital gain or loss equal to the difference between the amount of cash received on the redemption and such shareholder’s adjusted basis in the Public Shares exchanged if the redemption completely terminates the Redeeming U.S. Holder’s interest in CAEP (taking into account certain constructive ownership rules). A U.S. Holder’s adjusted tax basis in its Public Shares will generally be equal to the cost of such Public Shares. A U.S. Holder who purchased Public Shares in the CAEP IPO will generally have a tax basis in the Public Shares equal to their purchase price of the Public Shares. This gain or loss will be long-term capital gain or loss if the holding period of such Public Shares is more than one year at the time of the redemption. It is possible that because of the redemption rights associated with the Public Shares, the holding period of such shares may not be considered to begin until the date of such redemption (and thus it is possible that long-term capital gain or loss treatment may not apply). The deductibility of capital losses is subject to limitations. CAEP Shareholders who hold different blocks of Public Shares (generally, Public Shares purchased or acquired on different dates or at different prices) should consult their tax advisors to determine how the above rules apply to them.

Cash received upon redemption that does not completely terminate the Redeeming U.S. Holder’s interest will still give rise to capital gain or loss, if the redemption is either (i) “substantially disproportionate” or (ii) “not essentially equivalent to a dividend.” In determining whether the redemption is substantially disproportionate or not essentially equivalent to a dividend with respect to a Redeeming U.S. Holder, that Redeeming U.S. Holder is deemed to own not only Public Shares actually owned, but also, in some cases, Public Shares in respect of which such holder holds an option to acquire any Public Shares owned by certain family members, certain estates and trusts of which the Redeeming U.S. Holder is a beneficiary and certain corporations and partnerships.

Generally, the redemption will be “substantially disproportionate” with respect to the Redeeming U.S. Holder if (i) the Redeeming U.S. Holder’s percentage ownership (including constructive ownership) of the outstanding voting shares (including all classes that carry voting rights) of CAEP is reduced immediately after the redemption to less than 80% of the Redeeming U.S. Holder’s percentage ownership (including constructive ownership) in such shares immediately before the redemption; and (ii) the Redeeming U.S. Holder owns (including constructive ownership), immediately after the redemption, less than 50% of the total combined voting power of all classes of shares of CAEP entitled to vote. Whether the redemption will be considered “not essentially equivalent to a dividend” with respect to a Redeeming U.S. Holder will depend upon the particular circumstances of that U.S. Holder. At a minimum, however, the redemption must result in a meaningful reduction in the Redeeming U.S. Holder’s actual or constructive percentage ownership of CAEP. If the shareholder’s relative interest in the corporation is minimal and the shareholder does not have meaningful control over the corporation, and taking into account the effect of redemptions by other Public Shareholders, its percentage ownership (including constructive ownership) is reduced as a result of the redemptions, such U.S. Holder would generally be regarded as having a meaningful reduction in its interest. For example, the IRS has indicated in a published ruling that even a small reduction in the proportionate interest of a small minority shareholder in a publicly held corporation who exercises no control over corporate affairs may constitute such a “meaningful reduction.” A U.S. Holder should consult with its own tax advisors as to the tax consequences to it of any redemption of its Public Shares.

If none of the tests described above applies and subject to the PFIC rules described above, the consideration paid to the Redeeming U.S. Holder will be treated as dividend income for U.S. federal income tax purposes to the extent of CAEP’s current or accumulated earnings and profits. Any distribution in excess of earnings and profits will reduce the Redeeming U.S. Holder’s basis in the Public Shares (but not below zero) and any remaining excess will be treated as gain realized on the sale or other disposition of the Public Shares. U.S. Holders considering exercising their redemption rights should consult their own tax advisors as to whether the redemption will be treated as a sale or as a distribution under the Code.

ALL U.S. HOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS AS TO THE TAX CONSEQUENCES TO THEM OF A REDEMPTION OF ALL OR A PORTION OF THEIR PUBLIC SHARES PURSUANT TO AN EXERCISE OF REDEMPTION RIGHTS.

Non-U.S. Holders

This section applies to Non-U.S. Holders that are beneficial owners (other than a partnership or entity treated as a partnership for U.S. federal income tax purposes) of Public Shares, AIR Ordinary Shares, or Pubco Ordinary Shares who or that is not a U.S. Holder.

Tax Consequences of the Cayman Merger to Non-U.S. Holders

We do not expect the Cayman Merger to result in any U.S. federal income tax consequences to Non-U.S. Holders.

Tax Consequences for Non-U.S. Holders of Owning and Disposing of Pubco Ordinary Shares

The following brief discussion is a summary of material U.S. federal income tax consequences of the ownership and disposition of Pubco Ordinary Shares to U.S. Holders who receive such Pubco Ordinary Shares pursuant to the Business Combination.

Distributions on Pubco Ordinary Shares

Distributions of cash or property to a Non-U.S. Holder in respect of Pubco Ordinary Shares received in the Cayman Merger is not expected to result in any U.S. federal income tax consequences to Non-U.S. Holders.

Gain on Disposition of Pubco Ordinary Shares

Any gain realized by a Non-U.S. Holder on the taxable disposition of Pubco Ordinary Shares will generally not be subject to U.S. federal income tax unless:

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the gain is effectively connected with a trade or business of the Non-U.S. Holder in the U.S. (and, if required by an applicable income tax treaty, is attributable to a U.S. permanent establishment of the Non-U.S. Holder);

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the Non-U.S. Holder is an individual who is present in the U.S. for a period or periods aggregating 183 days or more in the taxable year of the disposition, and certain other conditions are met; or

An individual Non-U.S. Holder described in the first bullet point immediately above will be subject to tax on the net gain derived from the sale under regular graduated U.S. federal income tax rates. An individual Non-U.S. Holder described in the second bullet point immediately above will be subject to a flat 30% tax on the gain derived from the sale, which may be offset by U.S. source capital losses, even though the individual is not considered a resident of the U.S., provided that the individual has timely filed U.S. federal income tax returns with respect to such losses. If a Non-U.S. Holder that is a foreign corporation falls under the first bullet point immediately above, it will be subject to tax on its net gain in the same manner as if it were a U.S. person as defined under the Code and, in addition, may be subject to the branch profits tax equal to 30% (or such lower rate as may be specified by an applicable income tax treaty) of its effectively connected earnings and profits, subject to adjustments.

Tax Consequences to Non-U.S. Holders That Elect to Have Their Public Shares Redeemed for Cash

This section is addressed to Non-U.S. Holders that elect to have their Public Shares redeemed for cash in accordance with the terms of the CAEP Memorandum and Articles, the Business Combination Agreement, and applicable Cayman Islands law. For purposes of this description, a “Redeeming Non-U.S. Holder” is a Non-U.S. Holder that so redeems its Public Shares.

Except as otherwise described in this section, a Redeeming Non-U.S. Holder who elects to have its Public Shares redeemed for cash will generally be treated in the same manner as a Redeeming U.S. Holder for U.S. federal income tax purposes. See the description above under “— U.S. Holders — Tax Consequences to U.S. Holders That Elect to Have Their Public Shares Redeemed for Cash.”

A Redeeming Non-U.S. Holder will not be subject to U.S. federal income tax on any gain recognized as a result of the exchange unless:

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such Redeeming Non-U.S. Holder is an individual who is present in the U.S. for 183 days or more during the taxable year in which the redemption takes place and certain other conditions are met; or

•

such Redeeming Non-U.S. Holder is engaged in a trade or business within the U.S. and any gain recognized in the exchange is treated as effectively connected with such trade or business (and, if required by an applicable income tax treaty, the gain is attributable to a U.S. permanent establishment of such Non-U.S. Holder), in which case the Redeeming Non-U.S. Holder will generally be subject to the same treatment as a Redeeming U.S. Holder with respect to the exchange, and a Redeeming Non-U.S. Holder that is classified as a corporation for U.S. federal income tax purposes may be subject to an additional branch profits tax at a 30% rate (or lower rate as may be specified by an applicable income tax treaty).

Non-U.S. Holders considering exercising their redemption rights should consult their own tax advisors as to whether the redemption of their shares will be treated as a sale or as a distribution under the Code.

De-SPAC, Federal Income Taxes Consequences, SPAC Security Holders [Text Block]

U.S. Holders

Tax Consequences of the Cayman Merger and the Jersey Merger to U.S. Holders

U.S. Holders exchanging Public Shares for Pubco Ordinary Shares

Effects of PFIC Rules on U.S. Holders

Definition and General Taxation of a PFIC

Impact of PFIC Rules on Certain U.S. Holders

Effects of Section 367 to U.S. Holders

All U.S. Holders are urged to consult their tax advisors with respect to the effect of Section 367 of the Code to their particular circumstances.

Tax Consequences for U.S. Holders of Owning and Disposing of Pubco Ordinary Shares

Distributions on Pubco Ordinary Shares

Gain on Disposition of Pubco Ordinary Shares

Tax Consequences to U.S. Holders That Elect to Have Their Public Shares Redeemed for Cash

ALL U.S. HOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS AS TO THE TAX CONSEQUENCES TO THEM OF A REDEMPTION OF ALL OR A PORTION OF THEIR PUBLIC SHARES PURSUANT TO AN EXERCISE OF REDEMPTION RIGHTS.

Non-U.S. Holders

Tax Consequences of the Cayman Merger to Non-U.S. Holders

We do not expect the Cayman Merger to result in any U.S. federal income tax consequences to Non-U.S. Holders.

Tax Consequences for Non-U.S. Holders of Owning and Disposing of Pubco Ordinary Shares

Distributions on Pubco Ordinary Shares

Gain on Disposition of Pubco Ordinary Shares

Any gain realized by a Non-U.S. Holder on the taxable disposition of Pubco Ordinary Shares will generally not be subject to U.S. federal income tax unless:

•

the Non-U.S. Holder is an individual who is present in the U.S. for a period or periods aggregating 183 days or more in the taxable year of the disposition, and certain other conditions are met; or

Tax Consequences to Non-U.S. Holders That Elect to Have Their Public Shares Redeemed for Cash

A Redeeming Non-U.S. Holder will not be subject to U.S. federal income tax on any gain recognized as a result of the exchange unless:

•

such Redeeming Non-U.S. Holder is an individual who is present in the U.S. for 183 days or more during the taxable year in which the redemption takes place and certain other conditions are met; or

•

De-SPAC Transactions, Shareholder Rights [Line Items]

De-SPAC, Security Holders are Entitled to Redemption Rights [Flag]

true

De-SPAC, Security Holders are Entitled to Appraisal Rights [Flag]

true

De-SPAC, Security Holders Redemption Rights Summary [Text Block]

Redemption Rights

De-SPAC, Security Holders Appraisal Rights Summary [Text Block]

Appraisal or Dissenters’ Rights

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net income (loss)	$ 3,604,562	$ (61,126)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
General and administrative expenses paid by related party	352,236	0
Interest income on investments held in the Trust Account	(5,868,869)	0
Changes in operating assets and liabilities:
Deferred offering costs	105,806	(105,806)
Prepaid expenses	194,583	2,740
Other assets	(70,554)	0
Accrued expenses	1,652,507	93,652
Net cash used in operating activities	(29,729)	(70,540)
Cash flows from investing activities:
Maturity of available-for-sale debt securities held in Trust Account	281,730,000	0
Purchase of available-for-sale debt securities held in Trust Account	(557,729,932)	0
Net cash used in investing activities	(275,999,932)	0
Cash flows from financing activities:
Proceeds received from initial public offering	276,000,000	0
Proceeds received from private placement	5,800,000	0
Offering costs paid	(5,084,771)	0
Deferred offering costs paid by related party	(209,992)	0
Proceeds from Notes payable – related party	414,645	70,540
Payment on Notes payable – related party	(173,402)	0
Payment on Payable to related party	(691,819)	0
Net cash provided by financing activities	276,054,661	70,540
Net change in Cash	25,000	0
Cash – beginning of the period	0	0
Cash – end of the period	25,000	0
Supplemental disclosure of non-cash activities:
Deferred offering costs included in Accrued expenses	$ 0	$ 75,306

S-K 1603(a) SPAC Sponsor - Cantor EP Holdings III, LLC [Member]	Mar. 27, 2026 USD ($) $ / shares shares
SPAC Sponsor [Line Items]
SPAC Sponsor, Affiliate, or Promoter	Sponsor
SPAC Sponsor Name	Cantor EP Holdings III, LLC
SPAC Sponsor Form of Organization	Limited Liability Company
SPAC Sponsor, Compensation [Line Items]
SPAC Sponsor, Nature of Reimbursement	• The Sponsor, CAEP’s officers and directors and their Affiliates are entitled to reimbursement for any out-of-pocket expenses incurred by them in connection with certain activities on CAEP’s behalf, such as identifying, investigating, negotiating and completing a business combination. If CAEP does not complete a business combination by the end of the Combination Period, CAEP may not have the cash necessary to reimburse these expenses. As of December 31, 2025, none of the Sponsor, CAEP’s officers and directors or their Affiliates has incurred any such expenses which would be reimbursed at Closing; and
Securities Issued or to be Issued, Shares \| shares	6,900,000
Price Paid or to be Paid for Securities, Total Amount \| $	$ 25,000
Price Paid or to be Paid for Securities, Per Share \| $ / shares	$ 10

S-K 1603(b) Conflicts of Interest	Mar. 27, 2026
Sponsor and Affiliates [Member]
SPAC Sponsor, Conflict of Interest [Line Items]
Conflict of Interest, Description [Text Block]	What interests do the Sponsor, CAEP’s directors and executive officers and their Affiliates have in the Business Combination? A: When Public Shareholders consider the recommendation of the CAEP Board in favor of approval of the Business Combination and other Proposals, Public Shareholders should keep in mind that the Sponsor and CAEP’s directors and officers have interests in the Proposals that are different from or in addition to (and which may conflict with), the interests of a Public Shareholder as a CAEP Shareholder. These interests include, among other things: • As of the date hereof, the Sponsor is the record holder of 6,900,000 CAEP Founder Shares and 580,000 CAEP Private Placement Shares. The following persons have material interests in the Sponsor: Cantor is the sole member of the Sponsor; CFGM is the managing general partner of Cantor; and Brandon G. Lutnick is the controlling trustee of the trusts owning all of the voting shares of CFGM and the Chairman and Chief Executive Officer of CFGM and Cantor. As of the date hereof, each of Cantor, CFGM and Brandon G. Lutnick may be deemed to have beneficial ownership of the CAEP Ordinary Shares held directly by the Sponsor. Each such entity or person disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly. As of the date hereof, other than Brandon G. Lutnick (as described above) and Danny Salinas (who has a minority limited partnership interest in Cantor), none of CAEP’s other directors or executive officers has a direct or indirect ownership interest in the Sponsor and none of CAEP’s directors or executive officers has beneficial ownership of the CAEP Ordinary Shares held directly by the Sponsor; • The Sponsor paid $25,000, or approximately $0.004 per share, for the 6,900,000 CAEP Founder Shares, and $5,800,000, or $10.00 per share, for the 580,000 CAEP Private Placement Shares. Pursuant to the Sponsor Support Agreement, the Sponsor has agreed to surrender, for no consideration, which CAEP will cancel, 3,400,000 CAEP Founder Shares immediately prior to, and subject to the consummation of, the Cayman Merger, resulting in the Sponsor owning 3,500,000 CAEP Founder Shares immediately after such surrender. As of December 31, 2025, the aggregate value of shares held by the Sponsor is estimated to be approximately $41.6 million, assuming the per share value of the shares is the same as the $10.20 closing price of the CAEP Class A Ordinary Shares on Nasdaq on December 31, 2025. As a result, the Sponsor may be able to recover its investment in CAEP and realize a profit even if the value of Pubco Ordinary Shares declines following Closing; • The 6,900,000 CAEP Founder Shares and 580,000 CAEP Private Placement Shares held by the Sponsor and purchased by the Sponsor for $5,825,000 will be worthless if a business combination is not consummated by CAEP by the end of the Combination Period; • Pursuant to the Insider Letter, the Sponsor agreed that, subject to limited exceptions, the 580,000 CAEP Private Placement Shares it holds will not be sold or transferred until 30 days after CAEP has completed a business combination and that the 6,900,000 CAEP Founder Shares it holds will not be sold or transferred until the earlier of (a) the one-year anniversary of CAEP’s initial business combination, (b) subsequent to CAEP’s initial business combination, (i) if the last reported sale price of the CAEP Class A Ordinary Shares equals or (ii) exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after CAEP’s initial business combination, and (c) the date on which CAEP completes certain material transactions that result in all of its shareholders having the right to exchange their shares for cash, securities or other property. The Sponsor Support Agreement supersedes the lock-up provided for in the Insider Letter and provides that the lock-up will apply to the Post-Combination Founder Shares until the earlier of (x) six months after the Cayman Closing Date and (y) an early release event as set forth in the Sponsor Support Agreement; • Pursuant to the Sponsor Support Agreement, the Sponsor has agreed that 1,500,000 of the Post-Combination Founder Shares will be subject to the Sponsor Earnout Conditions; • CF&Co., an affiliate of the Sponsor and Cantor, is a party to the CF&Co. M&A Engagement Letter, pursuant to which CAEP has engaged CF&Co. as its exclusive financial advisor in connection with the Transactions. For the services provided thereto, CF&Co. will receive a cash fee at Closing equal to approximately $24.235 million, being equal to 1.5% of the enterprise value of AIR less $2 million, which fee will be reduced by an amount equal to the lesser of (a) $1.98 million and (b) the product of: (i) 5.5%, (ii) $10.00 and (iii) the number of Public Shares redeemed in connection with the Transactions. In addition, CF&Co. previously entered into the Business Combination Marketing Agreement, pursuant to which CF&Co. will receive a $10.38 million cash fee at Closing. Payment of the foregoing fees are contingent on Closing; • The Sponsor and CAEP’s officers and directors have agreed not to redeem any CAEP Ordinary Shares held by them in connection with a shareholder vote to approve a proposed business combination, including the Business Combination; • The CAEP Memorandum and Articles provide that, to the fullest extent permitted by applicable law: (a) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as CAEP; and (b) CAEP renounces any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and CAEP, on the other. In the course of their other business activities, CAEP’s officers and directors may have, or may become aware of, other investment and business opportunities which may be appropriate for presentation to CAEP as well as the other entities with which they are affiliated. CAEP’s management has pre-existing fiduciary duties and contractual obligations and if there is a conflict of interest in determining to which entity a particular business combination opportunity should be presented, any pre-existing fiduciary obligation will be presented the business combination opportunity before CAEP is presented with it. CAEP does not believe that the pre-existing fiduciary duties or contractual obligations of its officers and directors materially impacted its search for an acquisition target; • CAEP has until the end of the Combination Period to consummate a business combination. If the Business Combination with Pubco and AIR is not consummated and CAEP does not consummate another business combination by the end of the Combination Period, CAEP will cease all operations except for the purpose of winding up, redeeming 100% of the issued and outstanding Public Shares for cash and, subject to the approval of its remaining shareholders and the CAEP Board, dissolving and liquidating, subject in each case above to CAEP’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In such event, the 6,900,000 CAEP Founder Shares and 580,000 CAEP Private Placement Shares held by the Sponsor would be worthless because the Sponsor has waived its right to participate in any redemption or distribution with respect to such CAEP Ordinary Shares, and CF&Co. will not receive any of the fees described above; • CAEP has issued the Sponsor Loan to the Sponsor in respect of the up to $1,750,000, in loans the Sponsor has made, and will make, to CAEP to fund CAEP’s expenses relating to investigating and selecting an acquisition target and other working capital requirements. The Sponsor Loan does not bear interest and is repayable by CAEP to the Sponsor upon consummation of a business combination; provided that, at the Sponsor’s option, at any time on or prior to the consummation of the Business Combination, all or any portion of the amount outstanding under the Sponsor Loan may be converted into CAEP Class A Ordinary Shares at a conversion price of $10.00 per share. Otherwise, the Sponsor Loan would be repaid only out of funds held outside of the Trust Account. As of December 31, 2025, CAEP had $311,783 outstanding under the Sponsor Loan. If the Business Combination or another business combination is not consummated by the end of the Combination Period, the Sponsor Loan may not be repaid to the Sponsor, in whole or in part. Pursuant to the Sponsor Support Agreement, the Sponsor has agreed that upon consummation of the Business Combination, all the amounts owed by CAEP to it under the Sponsor Loan will be repaid in the form of newly issued CAEP Class A Ordinary Shares, rather than in cash, at $10.00 per share; • CAEP has also issued the Sponsor Note to the Sponsor in respect of the up to $4,140,000 in loans that the Sponsor may make to CAEP in connection with each Redemption Event, such that an amount equal to $0.15 redeemed per Public Share in connection with the applicable Redemption Event will be added to the Trust Account and paid to the holders of the applicable redeemed Public Shares on such Redemption Event. The Sponsor Note does not bear interest and is repayable by CAEP to the Sponsor; provided that, at the Sponsor’s option, at any time on or prior to the consummation of the Business Combination, all or any portion of the amount outstanding under the Sponsor Note may be converted into CAEP Class A Ordinary Shares at a conversion price of $10.00 per share. If CAEP is unable to consummate the Business Combination, the Sponsor Note would be repaid only out of funds held outside of the Trust Account. As of December 31, 2025, CAEP did not have any accounts outstanding under the Sponsor Note. • If CAEP is unable to complete a business combination by the end of the Combination Period and to the extent there are claims by a third party for services rendered or products sold to CAEP or by a prospective acquisition target with which CAEP has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, in each case, reduce the amount of redemption amount to below the lesser of (a) the sum of (i) $10.00 per Public Share and (ii) $0.15 per redeemed Public Share pursuant to the funding of the Sponsor Note in connection with a Redemption Event, and (b) the sum of (i) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less interest released to pay taxes, and (ii) $0.15 per redeemed Public Share pursuant to the funding of the Sponsor Note in connection with a Redemption Event, then the Sponsor may be liable to CAEP pursuant to the Insider Letter, provided that such liability will not apply to any claims by a third party or prospective acquisition target who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under CAEP’s indemnity of the underwriters of the CAEP IPO against certain liabilities, including liabilities under the Securities Act not to claims brought by CAEP’s public auditor; • The Sponsor, CAEP’s officers and directors and their Affiliates are entitled to reimbursement for any out-of-pocket expenses incurred by them in connection with certain activities on CAEP’s behalf, such as identifying, investigating, negotiating and completing a business combination. If CAEP does not complete a business combination by the end of the Combination Period, CAEP may not have the cash necessary to reimburse these expenses. As of December 31, 2025, none of the Sponsor, CAEP’s officers and directors or their Affiliates has incurred any such expenses which would be reimbursed at Closing; and • CAEP’s officers and directors will be eligible for continued indemnification and continued coverage under a tail policy for CAEP’s directors’ and officers’ liability insurance policy for up to a six-year period from and after Closing for events occurring prior to Closing, which tail policy is to be paid for by Pubco at Closing pursuant to the Business Combination Agreement. If the Business Combination does not close, CAEP’s officers and directors may not receive this tail insurance coverage.

Fair Value Measurement on a Recurring Basis - Schedule of Assets that are Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Assets:
Total	$ 281,884,195	$ 0
Fair Value, Recurring [Member]
Assets:
Total	281,884,195
Fair Value, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Total	281,884,195
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Assets:
Total	0
Fair Value, Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member]
Assets:
Total	0
Fair Value, Recurring [Member] \| U.S. government debt securities [Member]
Assets:
Total	281,884,195
Fair Value, Recurring [Member] \| U.S. government debt securities [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Total	281,884,195
Fair Value, Recurring [Member] \| U.S. government debt securities [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Assets:
Total	0
Fair Value, Recurring [Member] \| U.S. government debt securities [Member] \| Significant Other Unobservable Inputs (Level 3) [Member]
Assets:
Total	$ 0

Summary of Significant Accounting Policies - Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Class A – Public shares [Member]

Numerator:

Allocation of net income (loss)

$ 2,442,635

$ 0

Denominator:

Basic weighted average number of ordinary shares outstanding

14,215,890

Diluted weighted average number of ordinary shares outstanding

14,215,890

Basic net income (loss) per ordinary share

$ 0.17

$ 0

Diluted net income (loss) per ordinary share

$ 0.17

$ 0

Class A – Private placement shares [Member]

Numerator:

Allocation of net income (loss)

$ 51,331

$ 0

Denominator:

Basic weighted average number of ordinary shares outstanding

298,740

Diluted weighted average number of ordinary shares outstanding

298,740

Basic net income (loss) per ordinary share

$ 0.17

$ 0

Diluted net income (loss) per ordinary share

$ 0.17

$ 0

Class B – Ordinary shares [Member]

Numerator:

Allocation of net income (loss)

$ 1,110,596

$ (61,126)

Denominator:

Basic weighted average number of ordinary shares outstanding

^[1]

6,463,562

6,000,000

^[2]

Diluted weighted average number of ordinary shares outstanding

6,463,562

6,000,000

Basic net income (loss) per ordinary share

$ 0.17

$ (0.01)

Diluted net income (loss) per ordinary share

$ 0.17

$ (0.01)

[1]

[2]

This number has been retroactively adjusted to reflect the recapitalization of the Company in the form of the cancellation of 9,375,000 Class B ordinary shares on June 6, 2024 (See Note 7).

Initial Public Offering

12 Months Ended

Dec. 31, 2025

Initial Public Offering [Abstract]

Initial Public Offering

Note 3—Initial Public Offering

Pursuant to the Initial Public Offering, the Company sold 27,600,000 Class A ordinary shares, including 3,600,000 Class A ordinary shares issued pursuant to the full exercise of the underwriter’s over-allotment option, at a price of $10.00 per share.

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Note 4—Related Party Transactions

Founder Shares

In November 2020, the Sponsor purchased 14,375,000 Class B ordinary shares for a purchase price of $25,000. On June 6, 2024, the Sponsor surrendered, for no consideration, 9,375,000 Class B ordinary shares, which the Company cancelled, resulting in a decrease in the total number of Class B ordinary shares outstanding from 14,375,000 shares to 5,000,000 shares. On June 15, 2025, the Company issued 750,000 Class B ordinary shares to the Sponsor in a share capitalization, resulting in an increase in the total number of Class B ordinary shares outstanding from 5,000,000 shares to 5,750,000 shares. On June 25, 2025, the Company issued 1,150,000 Class B ordinary shares to the Sponsor in a share capitalization, resulting in an increase in the total number of Class B ordinary shares outstanding from 5,750,000 shares to 6,900,000 shares (the “Founder Shares”). Prior to the closing of the Initial Public Offering, up to 900,000 of the Founder Shares were subject to surrender by the Sponsor for no consideration depending on the extent to which the underwriter’s over-allotment option was exercised. As a result of the full exercise of the underwriter’s over-allotment option at the closing of the Initial Public Offering, the 900,000 Founder Shares are no longer subject to surrender. The Class B ordinary shares will automatically convert into non-redeemable Class A ordinary shares in connection with the consummation of the Business Combination, as described in Note 5, and are subject to certain transfer restrictions, as described in Note 7. Further, pursuant to the Sponsor Support Agreement, solely in connection with the AIR Business Combination, subject to and conditioned upon the Closing, the Sponsor agreed to surrender, for no consideration, 3,400,000 Founder Shares immediately prior to the consummation of the Cayman Merger.

The Sponsor and the Company’s directors and officers have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the Business Combination or (B) subsequent to the Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 trading day period commencing at least 150 days after the Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property. Pursuant to the Sponsor Support Agreement, in connection with the Closing, the lock-up restriction applicable to the Class B ordinary shares in the Insider Letter will be of no further force and effect and the Post-Combination Founder Shares will be subject to a six month lock-up, subject to early release, as set forth in the Sponsor Support Agreement.

Private Placement Shares

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased 580,000 Private Placement Shares at a price of $10.00 per share ($5,800,000 in the aggregate) in the Private Placement. The net proceeds from the Private Placement were added to the net proceeds from the Initial Public Offering held in the Trust Account. The Sponsor has agreed to waive its redemption rights with respect to the Private Placement Shares in connection with the completion of the Business Combination or otherwise. The Sponsor and the Company’s officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Shares until 30 days after the completion of the Business Combination.

Investments Held in the Trust Account

Starting on June 30, 2025, the Company’s investments in U.S. government treasury bills have been held in the Trust Account that is custodied by CF Secured with Continental acting as trustee.

Underwriter

Cantor Fitzgerald & Co. (“CF&Co.”), the lead underwriter of the Initial Public Offering, is an affiliate of the Sponsor (see Note 5).

Business Combination Marketing Agreement

The Company has engaged CF&Co. as an advisor in connection with the Business Combination to assist the Company in holding meetings with its shareholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities, and assist the Company with its press releases and public filings in connection with the Business Combination. The Company will pay CF&Co. a cash fee of $10,380,000 for such services upon the consummation of the Business Combination.

M&A Engagement Letter

On October 23, 2025, the Company entered into a letter agreement with CF&Co. (the “M&A Engagement Letter”), pursuant to which the Company engaged CF&Co. as its exclusive financial advisor for the AIR Business Combination. Pursuant to the M&A Engagement Letter, for the services provided thereto, CF&Co. will receive a cash fee at the Closing equal to 1.5% of the enterprise value of AIR less $2,000,000, which fee will be reduced by an amount equal to the lesser of (i) $1,980,000 and (ii) the product of: (x) 5.5%, (y) $10.00 and (z) the number of Public Shares redeemed in connection with the AIR Business Combination.

Sponsor Support Agreement

On November 7, 2025, the Company entered into the Sponsor Support Agreement with the Sponsor, Pubco and AIR, as described in Note 1.

Related Party Loans

On June 6, 2024, the Sponsor agreed to loan the Company up to $300,000 to be used for a portion of the expenses of the Initial Public Offering pursuant to the Pre-IPO Note. The Pre-IPO Note was non-interest bearing and was repaid in full upon completion of the Initial Public Offering. As of December 31, 2025 and 2024, the Company had $0 and approximately $71,000, respectively, outstanding under the Pre-IPO Note.

In order to finance transaction costs in connection with the Business Combination, the Sponsor has committed up to $1,750,000 in the Sponsor Loan to be provided to the Company to fund the Company’s expenses relating to investigating and selecting a target business and other working capital requirements, including $10,000 per month for office space, administrative and shared personnel support services that will be paid to the Sponsor. The Sponsor Loan does not bear interest and is repayable by the Company to the Sponsor upon consummation of the Business Combination; provided that, at any time beginning 60 days after the date of the Initial Public Offering, at the Sponsor’s option, all or any portion of the amount outstanding under the Sponsor Loan may be converted into Class A ordinary shares at a conversion price of $10.00 per share. Otherwise, the Sponsor Loan would be repaid only out of

funds held outside the Trust Account. As of December 31, 2025 and 2024, the Company had approximately $312,000 and $0, respectively, outstanding under the Sponsor Loan.

If the Sponsor Loan is insufficient to cover the working capital requirements of the Company, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Any Working Capital Loans will be repayable by the Company upon consummation of the Business Combination out of the proceeds of the Trust Account released to the Company; provided that, at any time beginning 60 days after the date of the Initial Public Offering, at the lender’s option, all or any portion of the amount outstanding under any Working Capital Loans may be converted into Class A ordinary shares at a conversion price of $10.00 per share. If the Company is unable to consummate the Business Combination, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of both December 31, 2025 and 2024, the Company had no borrowings under the Working Capital Loans.

In addition, the Sponsor has agreed to lend the Company up to $4,140,000 pursuant to a promissory note (the “Sponsor Note”) in connection with the consummation of the Business Combination, an extension of time for the Company to consummate the Business Combination or the Company’s liquidation (each, a “Redemption Event”), such that an amount equal to $0.15 per Public Share being redeemed in connection with the applicable Redemption Event will be added to the Trust Account and paid to the holders of the applicable redeemed Public Shares on such Redemption Event. The Sponsor Note does not bear interest and is repayable by the Company to the Sponsor upon consummation of the Business Combination; provided that, at any time beginning 60 days after the date of the Initial Public Offering, at the Sponsor’s option, all or any portion of the amount outstanding under the Sponsor Note may be converted into Class A ordinary shares at a conversion price of $10.00 per share. If the Company is unable to consummate the Business Combination, the Sponsor Note would be repaid only out of funds held outside of the Trust Account. The Sponsor has waived any claims against the Trust Account in connection with the Sponsor Note.

Administrative Services Agreement

The Company has agreed to pay $10,000 a month to the Sponsor for office space, administrative and shared personnel support services. Services commenced on June 26, 2025, the date the Class A ordinary shares were first listed on the Nasdaq Stock Market, and will terminate upon the earlier of the consummation by the Company of the Business Combination or the liquidation of the Company.

During the years ended December 31, 2025 and 2024, the Company incurred approximately $61,000 and $0, respectively, for these services.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Fair Value Measurement on a Recurring Basis (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurement on a Recurring Basis [Abstract]

Schedule of Assets that are Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2025, and indicates the fair value hierarchy of the inputs that the Company utilized to determine such fair value.

December 31, 2025


Description		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Assets held in Trust Account – U.S. government debt securities	$	281,884,195	$	—	$	—	$	281,884,195
Total	$	281,884,195	$	—	$	—	$	281,884,195

Fair Value Measurement on a Recurring Basis

12 Months Ended

Dec. 31, 2025

Fair Value Measurement on a Recurring Basis [Abstract]

Fair Value Measurement on a Recurring Basis

Note 8—Fair Value Measurement on a Recurring Basis

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs to valuation techniques used in measuring fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These three levels of the fair value hierarchy are:

•

Level 1 measurements – unadjusted observable inputs such as quoted prices for identical instruments in active markets;

•

Level 2 measurements – inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

•

Level 3 measurements – unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

December 31, 2025


Description		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Assets held in Trust Account – U.S. government debt securities	$	281,884,195	$	—	$	—	$	281,884,195
Total	$	281,884,195	$	—	$	—	$	281,884,195

As of December 31, 2025, Level 1 assets include a direct investment in the U.S. government treasury bills classified as available-for-sale debt securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

The Company did not hold assets measured at fair value on a recurring basis as of December 31, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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