CGCTU Factorial Energy Inc.
Price Chart
Executive Summary
Factorial Energy Inc. (formerly Cartesian Growth Corp III, ticker CGCTU) completed its de-SPAC business combination with Factorial Inc. on June 5, 2026, transforming into a publicly traded solid-state battery company. The combined entity received gross proceeds of ~$112.1M, adopted a 2026 Equity Incentive Plan with 21M shares reserved, and reported improved Q1 2026 net loss of -$8.575M vs -$12.87M YoY, though remaining pre-revenue with a $228.6M stockholders' deficit.
Key Financial Metrics
Actionable Insight
Monitor initial trading under new ticker (FAC) for price discovery and volume. Watch for milestones in solid-state battery development with PowerCo and Karma Automotive, as well as potential further capital raises given the pre-revenue stage. The removal of the de-SPAC risk is a positive catalyst, but the company's path to commercialization remains long.
Key Facts
- De-SPAC merger closed June 5, 2026; Factorial Energy Inc. now trades under new ticker (expected: FAC).
- Gross proceeds of approximately $112.1 million from de-SPAC and PIPE sale of Series A Common Stock.
- Implied Factorial equity value of approximately $1.1 billion.
- 2026 Equity Incentive Plan adopted with initial reserve of 21 million shares of Series A Common Stock.
- Q1 2026 net loss improved to -$8.575M (from -$12.87M in Q1 2025), R&D and SG&A decreased significantly.
- Cash and cash equivalents of $25.4M as of March 31, 2026; going concern doubt alleviated post-closing.
- Preferred stock and warrants converted into Series A Common Stock at a conversion ratio of ~3.67.
- Dr. Dieter Zetsche appointed to Board of Directors; partnership with PowerCo (Volkswagen) and Karma Automotive announced.
Financial Impact
Gross proceeds of ~$112.1M; implied equity value $1.1B; Q1 2026 revenue $0 (pre-revenue), net loss -$8.575M.
Risk Factors
- Pre-revenue with significant accumulated deficit ($264M) and ongoing operating losses.
- Dependence on successful commercialization of solid-state battery technology and OEM partnerships.
- Potential dilution from outstanding options and RSUs (5.5M options at weighted avg $4.03, 1.4M RSUs).
- Arbitration with a vendor seeking $4.9M in damages (ongoing).
Market Snapshot
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-072433 |
| Document: tm2617149d1_ex10-17.htm | 0001104659-26-072433 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 10, 2026
4d ago
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8-K
| — | awaiting T+5 | — | — |
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Jun 5, 2026
9d ago
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25-NSE
| $12.96 awaiting T+5 | awaiting T+5 | — | — |
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Jun 5, 2026
9d ago
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8-K
| $12.96 awaiting T+5 | awaiting T+5 | — | — |
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May 11, 2026
4w ago
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425
| $11.30 $10.84 | ▼ −4.07% | ▼ −3.99% | — |
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May 11, 2026
4w ago
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8-K
| $11.30 $10.84 | ▼ −4.07% | ▼ −3.99% | — |
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May 7, 2026
5w ago
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EFFECT
| $11.30 $11.10 | ▼ −1.77% | ▼ −3.27% | — |
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Apr 23, 2026
7w ago
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425
| $10.82 $11.30 | ▲ +4.44% | ▲ +2.96% | — |
US Market Status
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