AIR Limited (see Pulse 2.0 profile here) announced it has publicly filed a Form F-4 registration statement with the U.S. Securities and Exchange Commission as it moves forward with its planned merger with Cantor Equity Partners III, a special purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald. The filing marks a key step toward AIR becoming a publicly traded company on the Nasdaq under the proposed ticker symbol “AIIR.”
The Dubai-based hookah and inhalation technology company continues to report steady financial growth ahead of the transaction. For the year ended December 31, 2025, AIR generated approximately $400 million in revenue, up about 6 percent from $377 million the prior year. Profit for the year rose to $47 million from $34 million, while adjusted EBITDA increased 7 percent to roughly $139 million.
The proposed business combination, first announced in November 2025, is expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions. Upon completion, the combined entity, AIR Global PLC, will be listed on Nasdaq, providing the company with greater access to capital markets and institutional investors.
AIR, founded in 1999, operates in more than 90 markets and owns a portfolio of brands including Al Fakher, one of the largest hookah brands globally, along with Hookah.com and OOKA, a charcoal-free shisha device. The company has emphasized product innovation and scientific research as part of its long-term growth strategy, particularly as global demand for hookah products continues to expand, including in the United States.
The F-4 filing includes a preliminary proxy statement and prospectus related to the merger. Shareholders of Cantor Equity Partners III will receive additional materials ahead of a vote to approve the transaction.
AIR stated that the listing is expected to enhance its financial flexibility, support expansion initiatives, and strengthen its credibility in global capital markets as it continues scaling its operations and product offerings.
KEY QUOTE:
“The filing of the F-4 is an important milestone as we take another step closer to becoming a public company. We’re continuing to perform well and execute our business strategy, and we are optimistic about the rising popularity of hookah globally and especially in the U.S. With Al Fakher, our flagship brand and the largest hookah brand in the world, along with our other research-based products and world-class management team, we look forward to the strong capital foundation, financial flexibility and institutional credibility we expect from becoming publicly listed in the U.S.”
Stuart Brazier, CEO of AIR Limited
