When ye divorce women, and they fulfil the term of their (‘Iddat), either take them back on equitable terms or set them free on equitable terms; but do not take them back to injure them, (or) to take undue advantage; if any one does that; He wrongs his own soul. Do not treat Allah’s Signs as a jest, but solemnly rehearse Allah’s favours on you, and the fact that He sent down to you the Book and Wisdom, for your instruction. And fear Allah, and know that Allah is well acquainted with all things.
So if the third monthly course is completed, and the man never pronounced ‘divorce’ a third time, then the couple can either decide to renew their marriage or go their separate ways in dignity and honor If the man did pronounce ‘divorce’ three times by this point, there is no chance for reconciliation, and the divorce is mandatory and irrevocable (unless they both remarry and divorce another).
When the Prophet heard of a man who pronounced ‘divorce’ three times in a row, he got angry and said, “Are you turning the Book of God into a joke, even while I’m still here among you!” (Nisa’i)
Emerick, Yahiya. The Meaning of the Holy Qur’an in Today’s English (p. 827). Unknown. Kindle Edition.