Curated News
By: NewsRamp Editorial Staff
November 07, 2025

AIR Hookah Giant Announces Nasdaq Listing via $1.75B SPAC Deal

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TLDR

  • AIR's Nasdaq listing provides capital advantage to accelerate global expansion and innovation in the $15-20 billion hookah market where it holds 60% US market share.
  • AIR will merge with CAEP through a definitive business combination agreement, creating a publicly listed company with $1.749 billion enterprise value expected to close in H1 2026.
  • AIR's OOKA technology reduces exposure to harmful substances while preserving social rituals that bring people together across cultures worldwide.
  • AIR collaborated with Snoop Dogg on exclusive Al Fakher flavors and developed tea-based tobacco-free hookah options for the OOKA system.

Impact - Why it Matters

This transaction represents a significant development in the evolving social consumption landscape, bringing one of the world's leading hookah companies to public markets at a time when social inhalation is gaining mainstream acceptance. For consumers, AIR's public listing could accelerate innovation in harm reduction technologies like their charcoal-free OOKA system, potentially offering safer alternatives to traditional hookah. Investors gain exposure to a $15-20 billion global market with strong growth potential in Western markets, while the public listing brings greater transparency and regulatory scrutiny to an industry that has historically operated with less oversight. The deal also signals growing institutional acceptance of alternative consumption companies, potentially paving the way for similar businesses to access public capital markets. For the broader market, it represents another milestone in the normalization of social consumption products and demonstrates how traditional cultural practices are being modernized through technology and corporate structuring.

Summary

AIR Limited, the global leader in hookah and pioneer in advanced inhalation technologies, has announced a definitive business combination agreement with Cantor Equity Partners III, Inc. (Nasdaq: CAEP) that will result in the combined company, AIR Global Limited, becoming publicly listed on Nasdaq. This landmark transaction represents a significant milestone for the social inhalation industry, with CEO Stuart Brazier emphasizing how this partnership will elevate AIR's profile and provide crucial financing flexibility to accelerate innovation and global expansion. The company's flagship Al Fakher brand dominates the flavored hookah market, boasting 14 million consumers worldwide and commanding over 60% market share in the United States where hookah has evolved into a major social and lifestyle phenomenon.

The company's impressive financial performance underscores its market leadership, having generated $375 million in net revenue in 2024 with $150 million in Adjusted EBITDA from its core business. AIR's innovation strategy includes more than $115 million invested in new product development since 2019, resulting in over 100 patents across 18 patent families. Key technological breakthroughs include the OOKA system, a revolutionary charcoal-free electronic hookah device that eliminates traditional usage barriers and offers potential harm reduction benefits according to peer-reviewed studies. The company's diverse portfolio also features VANT, a pioneering inhalation system delivering functional ingredients, and strategic brand extensions into adjacent growth categories including nicotine pouches and premium collaborations like the recent partnership with cultural icon Snoop Dogg.

The proposed business combination implies a pro forma enterprise value of $1.749 billion, with completion expected in the first half of 2026 subject to customary closing conditions and regulatory approvals. AIR's scalable global infrastructure includes eight production facilities across the United Arab Emirates and European Union, supporting operations in over 90 markets worldwide through sophisticated omni-channel distribution. The company's regulatory positioning remains favorable, with hookah characterized by occasional social consumption and exemptions from certain flavored tobacco bans in jurisdictions like California. Additional information about the transaction will be available through the SEC website, while Barclays and Cantor Fitzgerald & Co. are serving as financial advisors to their respective parties in this transformative deal.

Source Statement

This curated news summary relied on content disributed by citybiz. Read the original source here, AIR Hookah Giant Announces Nasdaq Listing via $1.75B SPAC Deal

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