Astrum Space Inc, a satellite communications company developing a wholesale satellite-to-device ("S2D") broadcast and data-distribution network for the Asia-Pacific region, has agreed to a business combination with Black Spade Acquisition III Co (NYSE: BIII), a special purpose acquisition company.
The proposed transaction values Astrum at an equity value of approximately US$1 billion, excluding BIII’s approximately US$172.5 million of cash in trust, assuming no shareholder redemptions. Following closing, the combined company will be renamed "Astrum Space Company" and is expected to list its ordinary shares on the New York Stock Exchange. Existing Astrum shareholders are expected to hold over 80% of the combined company, again assuming no BIII redemptions. The deal is targeted to close by end-2026, subject to shareholder and regulatory approvals and customary conditions.
Astrum currently operates its own in-orbit GEO satellite, holds 25 MHz of contiguous L-band spectrum at 1467–1492 MHz plus spectrum and orbital resources at the strategic 105°E GEO position, and is developing the NEASTAR-1 satellite with launch and orbital-delivery services contracted with Impulse Space for a planned late-2028 to first-quarter-2029 launch.