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Black Spade Acquisition III Co (BIII), a SPAC, is pursuing a business combination with Astrum Space Inc, which plans to go public via this transaction, expected to close by the end of 2026 subject to regulatory, shareholder and other customary closing conditions.
Astrum announced a delivery services agreement with Impulse Space for NEASTAR-1, a next-generation GEO L-band transmission satellite manifested on a late 2028 Impulse Caravan rideshare mission. After launch on a SpaceX Falcon 9 to low Earth orbit, Impulse’s Helios kick-stage is planned to carry NEASTAR-1 over 20,000 miles to geostationary Earth orbit, targeting operations at the 105°E orbital position.
NEASTAR-1, manufactured by SWISSto12, is designed with a 5-meter unfurlable L-band reflector antenna, configurable regional service beams, and an expected on-orbit life of more than 16 years to support Astrum’s wholesale satellite-to-device broadcast network across the Asia-Pacific region. Astrum’s architecture is intended to leverage 25 MHz of contiguous L-band spectrum and integrate with evolving 5G Multicast Broadcast Service and non-terrestrial network standards.
Black Spade Acquisition III Co (BIII) entered into a Business Combination Agreement with Astrum Space Inc and its Singapore subsidiary under which Astrum will merge into BIII, which will survive as “Astrum Space Company” and list its Class A ordinary shares (“Listco Shares”) on the NYSE under a new ticker.
Astrum Space Holding Inc, Astrum’s sole shareholder, will have its Astrum shares cancelled in exchange for 100,000,000 Listco Shares, and may receive up to 25,500,000 additional Performance Shares if NEASTAR-1 satellite milestones are met between February 2028 and June 2029. Astrum’s founder has committed up to US$168,000,000 of funding for the Astrum group.
At closing, BIII’s sponsor is entitled to a US$3,500,000 transaction bonus. BIII will adopt an equity incentive plan covering up to 20% of fully diluted Listco Shares. The deal includes extensive lock-ups for Astrum Holding and the sponsor, NYSE listing and shareholder approval conditions, and an outside termination date of May 27, 2027.
Black Spade Acquisition III Co (BIII) entered into a Business Combination Agreement with Astrum Space Inc and its Singapore subsidiary under which Astrum will merge into BIII, which will survive and be renamed “Astrum Space Company,” with its ordinary shares expected to trade on the NYSE under a new ticker.
At closing, Astrum’s parent, Astrum Space Holding Inc, will exchange its Astrum shares for 100,000,000 Listco Shares, and, assuming no redemptions, Astrum’s existing shareholders are expected to own over 80% of the combined company. BIII currently has approximately US$172.5 million of cash in trust. All BIII units will separate into Class A shares and warrants, and existing Class B shares will convert into Class A before the merger. All BIII warrants will become exercisable for Listco Shares on existing terms.
The agreement includes an earn-out of up to 25,500,000 Performance Shares for Astrum Holding tied to NEASTAR-1 satellite milestones, an equity incentive plan reserving up to 20% of post-closing fully diluted shares, a founder support commitment of up to US$168,000,000, and a US$3,500,000 sponsor transaction bonus. Closing is subject to NYSE listing approval, shareholder approvals, Form F-4 effectiveness, financing efforts, and customary termination rights, including an outside date of May 27, 2027.
Black Spade Acquisition III Co (BIII) has reported that Black Spade Sponsor LLC III holds a significant stake in the company. As of March 31, 2026, Black Spade Sponsor LLC III may be deemed to beneficially own 5,120,000 Class B Ordinary Shares, representing 22.3% of the total Class A and Class B Ordinary Shares issued and outstanding.
The Class B Ordinary Shares are automatically convertible into Class A Ordinary Shares upon the initial business combination of Black Spade Acquisition III Co, or earlier at the holder’s option, on a one-for-one basis, subject to adjustment. The sponsor has sole voting and dispositive power over these 5,120,000 shares. The three managers of the sponsor, Dennis Tam, Zoe Tse and Sammy Hsieh, state that under the “rule of three” they each disclaim beneficial ownership of these securities.
Black Spade Acquisition III Co., a Cayman Islands SPAC, completed its January 7, 2026 IPO of 17,250,000 units at $10.00 each, placing $172,500,000 into a U.S. Trust Account that held $175,468,775 in cash, including interest, as of June 30, 2026. The company’s purpose is to complete a Business Combination with one or more operating businesses, targeting sectors aligned with digitization of financial infrastructure, and must do so within a 24–27 month Combination Period or liquidate and return funds to public shareholders.
For the quarter ended June 30, 2026, Black Spade reported net income of $848,429, and $1,935,638 for the six-month period, driven by $2,968,775 of interest earned on Trust Account cash, partially offset by $1,033,137 of general and administrative costs. The balance sheet shows $638,930 of cash outside the Trust Account and a working capital deficit of $56,182, with a deferred underwriting fee of $6,876,000 and Class A shares classified as temporary equity at a $10.17 redemption value per share.
Management discloses that additional capital may be needed to fund operations until a Business Combination is completed, noting there is no current financing commitment. This raises substantial doubt about the company’s ability to continue as a going concern within one year of the financial statement issuance date, although Trust Account funds are reserved primarily for a future Business Combination or shareholder redemptions.
Black Spade Acquisition III Co: Amendment No. 1 to a Schedule 13G/A reports institutional holdings by RP Investment Advisors and affiliated funds. The filing lists 1,425,000 shares (8.3%) attributed to RP Investment Advisors and fund-level holdings of 538,165 shares (3.1%), 282,965 shares (1.6%), 553,615 shares (3.2%), and 50,255 shares (0.3%). The calculations reference 17,250,000 Class A ordinary shares outstanding as of February 27, 2026.
The statement is jointly filed by RP Investment Advisors LP (advisor) and four funds that are record owners of the shares; signatures are by Richard Pilosof on behalf of the reporting persons.
Aristeia Capital, L.L.C. reports beneficial ownership of 1,100,000 Class A ordinary shares of Black Spade Acquisition III. The filing states this equals 6.38% of the class based on 17,250,000 shares outstanding as of February 27, 2026 reported in the issuer's 10-K. The Schedule 13G is signed by Andrew B. David on May 14, 2026.
Black Spade Acquisition III Co. reports that Magnetar-related reporting persons each beneficially own 1,000,000 Class A ordinary shares. As of March 31, 2026, that holding represents approximately 5.79% of the outstanding shares, based on a cited 17,250,000 shares outstanding figure from the issuer's Form 10-K.
The 1,000,000 shares are allocated across Magnetar funds as follows: 280,000 for Constellation Master Fund, 200,000 for Lake Credit Fund, 250,000 for Structured Credit Fund, 180,000 for Xing He Master Fund, 10,000 for Capital Master Fund, 40,000 for Waterfront Series A Fund, and 40,000 for Purpose Alternative Credit Fund - T. Shared voting and dispositive power over the 1,000,000 shares is disclosed.
Black Spade Acquisition III Co, a newly formed SPAC, reports its first quarterly results for the period ended March 31, 2026. The company completed its initial public offering of 17,250,000 units, raising gross proceeds of $172.5 million, and placed most of the funds in a U.S.-based trust account. As of quarter-end, the trust held $173.9 million, generating $1.4 million of interest income and contributing to net income of $1.09 million, while general and administrative costs were $329,886. Cash outside the trust was $725,467, and management discloses substantial doubt about the company’s ability to continue as a going concern without additional capital if needed while it searches for a business combination.
Black Spade Acquisition III is a Cayman Islands blank check company formed to merge with a private business, effectively taking it public. It focuses on entertainment-related targets, including enabling technology, lifestyle brands, media and businesses tied to digital financial and entertainment infrastructure.
The company completed an initial public offering of 17,250,000 units at $10.00 each, placing $172,500,000 into a U.S. trust account, or $10.00 per public share. As of February 27, 2026, 17,250,000 Class A ordinary shares and 5,750,000 Class B founder shares were outstanding.
Black Spade III has 24 months from its IPO closing to consummate a business combination, extendable to 27 months if a qualifying deal is signed within 24 months. Public shareholders are offered cash redemption rights at a price tied to the cash held in the trust account.