RP Investment Advisors reports 8.3% stake in Black Spade

Black Spade Acquisition III Co: Amendment No. 1 to a Schedule 13G/A reports institutional holdings by RP Investment Advisors and affiliated funds.

Rhea-AI Filing Summary

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.

Insights

Institutional Ownership Analyst

Large passive ownership disclosed across adviser and funds; ownership is split among multiple funds.

The filing attributes 1,425,000 shares (8.3%) to RP Investment Advisors LP (shared voting/dispositive power) and lists four funds with holdings ranging from 50,255 to 538,165 shares. All percentages are calculated from 17,250,000 shares outstanding as of February 27, 2026.

Beneficial ownership is presented at the adviser and fund level and is declared jointly; the filing includes standard disclaimers about group/beneficial ownership under Sections 13(d)/13(g). Subsequent filings would reveal any changes to these positions.

Corporate Governance Specialist

Disclosure shows shared voting/dispositive power rather than sole control for these holdings.

The cover pages report shared voting power and shared dispositive power for the adviser and funds (e.g., 1,425,000 shared for RP Investment Advisors). The joint filing language clarifies that this should not be construed as admission of group beneficial ownership.

Signatures by the adviser’s CEO accompany a Joint Filing Agreement (Exhibit 99.1), which is the customary governance disclosure for multi-entity holdings.

Key Figures

Shares outstanding: 17,250,000 shares RP Investment Advisors holdings: 1,425,000 shares RP Select Opportunities Master Fund Ltd. holdings: 538,165 shares +3 more

6 metrics

Shares outstanding 17,250,000 shares as of February 27, 2026

RP Investment Advisors holdings 1,425,000 shares shared voting/dispositive power; <b>8.3%</b> of class

RP Select Opportunities Master Fund Ltd. holdings 538,165 shares <b>3.1%</b> of class

RP Debt Opportunities Fund Ltd. holdings 282,965 shares <b>1.6%</b> of class

RP Alternative Global Bond Fund holdings 553,615 shares <b>3.2%</b> of class

RP Alternative Credit Opportunities Fund holdings 50,255 shares <b>0.3%</b> of class

Key Terms

Schedule 13G/A, shared voting power, beneficially owned

3 terms

Schedule 13G/A regulatory

"Amendment No. 1 to a Schedule 13G/A reports institutional holdings"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

shared voting power corporate governance

"Shared Voting Power 1,425,000.00 reported on the cover page"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

beneficially owned regulatory

"The Funds are the record and direct beneficial owners of the securities covered"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does RP Investment Advisors report in BIII?

RP Investment Advisors reports shared voting and dispositive power over 1,425,000 shares, equal to 8.3% of Class A ordinary shares, calculated from 17,250,000 shares outstanding as of February 27, 2026.

Which affiliated funds are listed and what are their holdings?

The filing lists four funds: RP Select Opportunities Master Fund Ltd. (538,165 shares, 3.1%), RP Debt Opportunities Fund Ltd. (282,965 shares, 1.6%), RP Alternative Global Bond Fund (553,615 shares, 3.2%), and RP Alternative Credit Opportunities Fund (50,255 shares, 0.3%).

What outstanding share base is used to calculate percentages?

Percentages are based on 17,250,000 Class A ordinary shares issued and outstanding as of February 27, 2026, as referenced in the filing and used for each percentage calculation.

Who signed the Schedule 13G/A amendment for these holdings?

The filing is signed by Richard Pilosof, Chief Executive Officer of RP Investment Advisors LP (by its general partner RP Investment Advisors GP Inc.), on behalf of the reporting persons, dated May 15, 2026.

Does the filing state the funds are sole beneficial owners?

The filing states that the Funds are the record and direct beneficial owners of the securities covered and that RP Investment Advisors is their investment advisor, with joint-filing disclaimers regarding Section 13(d)/13(g) beneficial ownership characterizations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 01:27 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Black Spade Acquisition III Co

(Name of Issuer)

Class A ordinary shares, $0.0001 par value

(Title of Class of Securities)

G1154S103

(CUSIP Number)

02/04/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G1154S103

1

Names of Reporting Persons

RP Investment Advisors LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,425,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,425,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,425,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.3 %

12

Type of Reporting Person (See Instructions)

PN, IA, FI

Comment for Type of Reporting Person: This calculation is rounded to the nearest tenth and is based upon 17,250,000 Class A ordinary shares issued and outstanding as of February 27, 2026, as reported by the Issuer in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 6, 2026.

SCHEDULE 13G

CUSIP Number(s): G1154S103

1

Names of Reporting Persons

RP Select Opportunities Master Fund Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 538,165.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 538,165.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

538,165.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.1 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: This calculation is rounded to the nearest tenth and is based upon 17,250,000 Class A ordinary shares issued and outstanding as of February 27, 2026, as reported by the Issuer in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 6, 2026.

SCHEDULE 13G

CUSIP Number(s): G1154S103

1

Names of Reporting Persons

RP Debt Opportunities Fund Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 282,965.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 282,965.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

282,965.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.6 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: This calculation is rounded to the nearest tenth and is based upon 17,250,000 Class A ordinary shares issued and outstanding as of February 27, 2026, as reported by the Issuer in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 6, 2026.

SCHEDULE 13G

CUSIP Number(s): G1154S103

1

Names of Reporting Persons

RP Alternative Global Bond Fund

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 553,615.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 553,615.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

553,615.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.2 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: This calculation is rounded to the nearest tenth and is based upon 17,250,000 Class A ordinary shares issued and outstanding as of February 27, 2026, as reported by the Issuer in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 6, 2026.

SCHEDULE 13G

CUSIP Number(s): G1154S103

1

Names of Reporting Persons

RP Alternative Credit Opportunities Fund

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 50,255.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 50,255.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

50,255.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.3 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: This calculation is rounded to the nearest tenth and is based upon 17,250,000 Class A ordinary shares issued and outstanding as of February 27, 2026, as reported by the Issuer in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 6, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Black Spade Acquisition III Co
(b)	Address of issuer's principal executive offices: THE CENTRIUM, SUITE 2902, 29/F, THE CENTRIUM, SUITE 2902, 29/F, CENTRAL, HONG KONG, 00000.
Item 2.
(a)	Name of person filing: This statement is jointly filed by and on behalf of each of RP Investment Advisors LP, RP Select Opportunities Master Fund Ltd., RP Debt Opportunities Fund Ltd., RP Alternative Global Bond Fund and RP Alternative Credit Opportunities Fund. RP Select Opportunities Master Fund Ltd., RP Debt Opportunities Fund Ltd., RP Alternative Global Bond Fund and RP Alternative Credit Opportunities Fund (the "Funds") are the record and direct beneficial owners of the securities covered by this statement. RP Investment Advisors LP is the investment advisor of, and may be deemed to be beneficially own securities owned by, the Funds. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement. Each of the reporting persons may be deemed to be a member of a group with respect to the Issuer or securities of the Issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the reporting persons is 39 Hazelton Avenue, Toronto, Ontario, Canada, M5R 2E3.
(c)	Citizenship: See Item 4 on the cover page(s) hereto.
(d)	Title of class of securities: Class A ordinary shares, $0.0001 par value
(e)	CUSIP No.: G1154S103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 on the cover page(s) hereto.
(b)	Percent of class: See Item 11 on the cover page(s) hereto.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page(s) hereto.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page(s) hereto.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page(s) hereto.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page(s) hereto.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

RP Investment Advisors LP

Signature:	/s/ Richard Pilosof
Name/Title:	Richard Pilosof, Chief Executive Officer, RP Investment Advisors LP by its General Partner RP Investment Advisors GP Inc.
Date:	05/15/2026

RP Select Opportunities Master Fund Ltd.

Signature:	/s/ Richard Pilosof
Name/Title:	Richard Pilosof, Chief Executive Officer, RP Investment Advisors LP by its General Partner RP Investment Advisors GP Inc.
Date:	05/15/2026

RP Debt Opportunities Fund Ltd.

Signature:	/s/ Richard Pilosof
Name/Title:	Richard Pilosof, Chief Executive Officer, RP Investment Advisors LP by its General Partner RP Investment Advisors GP Inc.
Date:	05/15/2026

RP Alternative Global Bond Fund

Signature:	/s/ Richard Pilosof
Name/Title:	Richard Pilosof, Chief Executive Officer, RP Investment Advisors LP by its General Partner RP Investment Advisors GP Inc.
Date:	05/15/2026

RP Alternative Credit Opportunities Fund

Signature:	/s/ Richard Pilosof
Name/Title:	Richard Pilosof, Chief Executive Officer, RP Investment Advisors LP by its General Partner RP Investment Advisors GP Inc.
Date:	05/15/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement (filed herewith).