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Black Spade Acquisition III Co insider TAM CHI WAI DENNIS, a director and officer, filed an initial ownership report showing direct beneficial ownership of 200,000 Class B ordinary shares as of 01/05/2026. These Class B shares will automatically convert into Class A ordinary shares on a one-for-one basis, concurrently with or immediately following the company’s initial business combination, and they have no expiration date. Up to 26,087 of the reported Class B shares may be surrendered to the company for no consideration after the closing of the initial public offering, depending on how much of the underwriters’ over-allotment option is exercised.