A special purpose acquisition company (SPAC) is a company formed with the sole purpose of raising money through a public offering to buy or merge with an existing private business. It acts like a vehicle that allows private companies to go public more quickly and with less complexity. For investors, it offers an opportunity to invest early in a potential acquisition, though it also carries risks if the intended deal doesn’t materialize.
over-allotment optionfinancial
An over-allotment option is a special agreement that allows underwriters to sell more shares than initially planned if demand is high. Think of it like a retailer offering extra units of a popular product to meet additional customer interest. This option helps ensure the full sale is completed and can also give investors extra shares if they want more.
redeemable warrantfinancial
A redeemable warrant is a financial tool that gives its holder the right to buy shares of a company at a fixed price within a certain period. If the holder chooses to do so, the company can buy back or cancel the warrant before it expires, often to encourage investment or manage share issuance. For investors, it provides an option to potentially buy shares at a favorable price while offering some flexibility for the issuing company.
registration statementregulatory
A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.
prospectusregulatory
A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.
forward-looking statementsregulatory
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
quantum computingtechnical
Quantum computing is a type of advanced technology that uses the principles of quantum physics to perform calculations much faster than traditional computers. It can process vast amounts of information simultaneously, potentially solving complex problems that are currently impossible or take too long with regular computers. For investors, this technology could lead to breakthroughs in areas like cryptography, data analysis, and optimization, impacting financial markets and security systems.
HONG KONG--(BUSINESS WIRE)--
Black Spade Acquisition III Co (the “Company”) (NYSE: BIIIU), a special purpose acquisition company (“SPAC”), sponsored by an affiliate of Black Spade Capital Limited, announced today the closing of its initial public offering of 17,250,000 units, which includes 2,250,000 units issued pursuant to the full exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in aggregate gross proceeds to the Company of $172,500,000.
The units began trading on The New York Stock Exchange (“NYSE”) under the ticker symbol “BIIIU” on January 6, 2026. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the ticker symbols “BIII” and “BIIIW”, respectively.
The Company’s management team is led by Dennis Tam, Executive Chairman & Co-CEO, Kester Ng, Co-CEO & CFO and Richard Taylor, Co-CEO & COO, each of who served as executive director of or advisor to Black Spade Acquisition Co (“BSAQ”) and Black Spade Acquisition II Co (“BSII”), two prior SPACs also sponsored by affiliates of Black Spade Capital Limited.
Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC and Chardan acted as joint book-running managers. Latham & Watkins LLP served as legal counsel to the Company. Loeb & Loeb LLP served as legal counsel to the underwriters.
The public offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, Attention: Prospectus Department, 3 Columbus Circle, 24th floor, New York, NY 10019, or by email at capitalmarkets@cohencm.com, or by contacting Chardan, One Pennsylvania Plaza, Suite 4800, New York, NY 10119, or by email at prospectus@chardan.com, or from the SEC website at www.sec.gov.
A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission and became effective on January 5, 2026. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Black Spade Acquisition III Co
Black Spade Acquisition III Co is the third SPAC sponsored by an affiliate of Black Spade Capital Limited. It was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or assets. While the Company may pursue a business combination in any industry, it sees the leisure and entertainment space as one of its core focus areas. Of note, the Company is encouraged by how the application of AI, robotic and quantum computing elevates user experience in this field. It looks forward to further looking into the opportunities arising from the growing acceptance of digital assets within the lifestyle and entertainment sector.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds and the search for an initial business combination. No assurance can be given that the net proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the Company's initial public offering filed with the SEC. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
