July 2026: AIR Strengthens Partnership with Greentank Innovations Through $20 Million Equity Investment
AIR Global has announced a US$20 million strategic equity investment in Canadian vaporization technology company Greentank Innovations, strengthening a partnership that began in 2023 and reinforcing its focus on next-generation inhalation technologies. The investment was made through preferred shares at a pre-money valuation of approximately US$170 million and includes a warrant allowing AIR to increase its ownership stake over the next 24 months.
As part of the agreement, AIR will gain the right to nominate a director to Greentank’s board, receive enhanced commercial terms, access new technologies and secure long-term supply assurances. Greentank’s Quantum Chip platform powers AIR’s Crown Switch electronic vape, which the company is preparing to submit to the U.S. FDA through the Premarket Tobacco Product Application (PMTA) process.
Alongside the investment announcement, AIR released preliminary findings from an independent pilot study indicating that the Greentank-powered Crown Switch produced low or non-detectable levels of several harmful or potentially harmful constituents compared with cigarettes and certain FDA-authorized vaping products. The company said the study will form part of its PMTA submission, while noting that further testing is ongoing.
May 2026: AIR Announces Plans to Open New Manufacturing Facility in Romania
AIR Limited has announced plans to open a new approximately 70,000-square-foot manufacturing facility in Ștefănești, near Bucharest, Romania. The facility is expected to begin operations by Q1 2027. Once fully operational, it is projected to employ more than 150 people and have an annual production capacity exceeding 4,000 tons of flavored shisha molasses. The investment is intended to expand AIR’s manufacturing footprint, increase operational flexibility, and strengthen supply chain resilience amid evolving global geopolitical conditions.
April 2026: AIR and Cantor Equity Partners III move closer to Nasdaq listing after SEC clears F-4 registration
AIR and Cantor Equity Partners III have cleared a key regulatory hurdle in their planned merger after the U.S. Securities and Exchange Commission declared the Form F-4 registration statement effective. This approval advances the transaction toward shareholder voting and the expected creation of a Nasdaq-listed company.
The deal involves AIR, a Dubai-based company focused on inhalation and hookah technology, merging with Cantor Equity Partners III, a special purpose acquisition company (SPAC). Once completed, the combined entity is expected to be renamed AIR Global PLC and list on Nasdaq under the ticker “AIIR.”
The SEC’s effectiveness of the F-4 filing signals that the registration process is complete from a regulatory perspective, allowing shareholders to vote on the merger in the coming weeks. While this is a major milestone, the transaction is still subject to final shareholder approval and closing conditions.
Timeline and key dates
November 7, 2025: AIR and Cantor Equity Partners III announce definitive business combination agreement
March 2026: Form F-4 registration statement filed with the SEC
April 17, 2026: Record date set for shareholder voting eligibility
April 22, 2026: Definitive proxy statement filed with the SEC
April 23, 2026: SEC declares the F-4 registration statement effective
May 12, 2026: Extraordinary General Meeting scheduled for shareholder vote on the merger
The effectiveness of the F-4 does not complete the merger, but it significantly de-risks the transaction by clearing SEC review and enabling the shareholder approval process. If shareholders approve the deal on May 12, 2026, the merger is expected to proceed toward closing, after which AIR would become a publicly listed company on Nasdaq.
April 2026: Al Fakher Enters U.S. Nicotine Pouch Market with Four-Flavor Launch
Al Fakher, widely recognized as one of the leading global shisha tobacco brands, is preparing to enter the U.S. nicotine pouch market with a new product line, marking a significant expansion into smoke-free products. The move is strategically important as the United States accounts for roughly two-thirds of the global nicotine pouch market and has become the primary battleground for both established tobacco companies and new entrants in oral nicotine. Al Fakher is already present in the nicotine pouch category in several Middle Eastern markets, making the U.S. launch a logical next step in its international expansion.
The initial U.S. launch will consist of four distinct flavors, each reflecting the brand’s heritage in bold and fruit-forward shisha flavors.Frosty Apple is described as a crisp apple flavor combined with a cooling sensation, blending sweetness with a refreshing icy finish. Spearmint offers a classic mint profile with a smooth and clean cooling effect, targeting consumers looking for a traditional mint pouch experience. Mango delivers a sweet tropical fruit profile with ripe mango notes, consistent with Al Fakher’s historical strength in fruit flavors. Wintergreen completes the lineup with a stronger, sharper mint profile, featuring cooling and slightly sweet herbal notes typical of wintergreen products.
Each of these four SKUs will be available in two nicotine strengths, 4 mg and 8 mg, resulting in a total of eight variants in the initial product range. This two-strength strategy positions the products to appeal to both newer users and more experienced nicotine pouch consumers. The Recommended Retail Selling Price (RRSP) is $5.99 per can.
The U.S. launch is strategically important because the nicotine pouch category continues to grow rapidly, driven by consumer migration away from cigarettes and other combustible products toward smoke-free alternatives. The entry of a major global shisha brand into the category further illustrates how the nicotine pouch market is expanding beyond traditional cigarette manufacturers, attracting participants from adjacent nicotine categories such as shisha and vaping.
December 2025: AIR acquires Germany-based, NameLess
AIR announced the acquisition of NameLess, a Germany-based supplier of flavored hookah products. NameLess joins Al Fakher, AIR’s flagship hookah brand and the largest hookah brand by sales volume in the world, and its suite of “social inhalation products with indulgent flavors”. AIR plans to leverage its global distribution network – spanning more than 90 markets – to introduce NameLess’ range of flavors, including Black Nana, its best-selling variety offering a grape-mint tobacco blend.
The acquisition allows AIR to further fortify its presence in Germany, a key growth market, and follows on the recent launch of Crown Switch, a rechargeable pod vape system with disposable pods. Crown Switch devices are designed with Greentank’s Quantum Vape and Coldstream technology to provide a breakthrough flavor experience.
November 2025: AIR will go public through merger with a SPAC
Dubai-based owner of hookah brand Al Fakher, Advanced Inhalation Rituals (AIR) is planning a listing on Nasdaq in H1 2026 through a merger with Cantor Equity Partners III, Inc. (Nasdaq: CAEP), a special purpose acquisition company (SPAC) backed by the global investment bank and financial services firm Cantor Fitzgerald. Shares in the merged entity will trade under the ticker AIIR once the merger is completed, pending shareholder and regulatory approvals. The proposed business combination implies a pro-forma enterprise value of $1.749 billion, including AIR’s estimated 2025 year‑end net debt of ~$293 million. AIR was previously listed as Al-Eqbal Investment on the Amman Stock Exchange and was taken private by Kingsway Capital in 2020 in a transaction valuing the company at more than $1.4 billion, including debt.
AIR’s Al Fakher brand is the global market leader in flavored hookah, larger than the next four competitors combined, with 14 million consumers worldwide as of 2024. Al Fakher has over 60% market share in the United States with strong growth momentum driven by hookah becoming a social and lifestyle phenomenon. Estimated global consumer market for flavored hookah molasses is $15-20 billion in 2025.
AIR maintains strong underlying cash flow generation and largely self-financing growth. AIR generated $375 million in net revenue in 2024 with $150 million in adjusted EBITDA from the core business and $149 million net operating cash flow before CAPEX and interest. AIR delivered 5% revenue CAGR, 9% adjusted EBITDA CAGR and over 88% net operating cash flow conversion on average between 2020 and 2024. Moreover, AIR invested more than $115 million in new product innovations since 2019 with 100+ patents across 18 patent families as of date. AIR operates eight production facilities across United Arab Emirates, European Union, and third-party partners, supplying over 90 markets globally with established distribution networks. AIR has in place notable partnerships with third-party brands, celebrities, retail and hospitality venues in the United States, Germany, Africa and the Middle East – including the recently announced collaboration with Snoop Dogg to develop a new line of premium flavors for Al Fakher.
About: AIR (Advanced Inhalation Rituals)
Headquartered in Dubai, AIR is a global leader in the hookah category with presence in over 90 markets worldwide. Its portfolio of companies and assets includes Al Fakher, the world’s leading hookah brand; Hookah.com, North America’s number one B2B e-commerce platform for hookah and shisha by market share; and OOKA, an innovative charcoal-free shisha device, among others. www.air.global
