Here are the 10-Q quarterly reports from Black Spade Acquisition III Co (BIII) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BIII and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BIII filings page.
Black Spade Acquisition III Co reported net income of $2,115,385 for the nine months ended September 30, 2026, with $4,573,722 of Trust Account interest and $2,458,337 of general and administrative costs. At September 30, 2026, the Trust Account held $177,073,722; cash was $201,559 and the working-capital deficit was $1,481,382.
Black Spade III has a proposed business combination agreement with Astrum Space Inc.; Astrum would merge into Black Spade III, which would survive, and Astrum Networks Pte. Ltd. would become a direct wholly owned subsidiary. The transaction is subject to conditions, and the agreement provides for a $3,500,000 sponsor transaction bonus at closing. The agreement was amended November 5, 2026; the companies filed a Form F-4 on October 15, 2026. The combination deadline is April 7, 2028.
Management said additional funding may be needed and disclosed substantial doubt about the company’s ability to continue as a going concern within one year after the statements were issued. A sponsor note issued October 30, 2026, for up to $200,000 had provided $200,000 by November 5, 2026.
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, 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 filed its first quarterly report covering the period from August 21, 2025 (inception) to September 30, 2025. The SPAC recorded a small net loss of $22,525, mainly from general and administrative costs, and had a working capital deficit of $316,883 with no cash on hand at quarter‑end.
After the period, the company completed its IPO on January 7, 2026, selling 17,250,000 units at $10.00 each and placing $172,500,000 into a trust account. It also sold 8,150,000 private placement warrants for $4,075,000. As of February 19, 2026, there were 17,250,000 Class A and 5,750,000 Class B ordinary shares outstanding, and the SPAC is focused on finding a business combination within its defined timeframe.