Black Spade Acquisition III prices $150 million IPO

Black Spade Acquisition III Co, a special purpose acquisition company sponsored by an affiliate of Black Spade Capital Limited, priced its initial public offering of 15 million units at $10.00 per unit. The units are expected to begin trading on the New York Stock Exchange under ticker symbol "BIIIU" on January 6, 2026.

Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant can be exercised to purchase one Class A ordinary share at $11.50 per share. Once the securities begin separate trading, the Class A ordinary shares and warrants are expected to trade under ticker symbols "BIII" and "BIIIW" respectively.

The offering is expected to close on January 7, 2026, subject to customary closing conditions. The company granted underwriters a 45-day option to purchase up to an additional 2.25 million units to cover over-allotments.

The company's management team includes Dennis Tam as Executive Chairman and Co-CEO, Kester Ng as Co-CEO and CFO, and Richard Taylor as Co-CEO and COO. All three previously served as executive directors or advisors to Black Spade Acquisition Co and Black Spade Acquisition II Co, two prior SPACs sponsored by affiliates of Black Spade Capital Limited.

Black Spade Acquisition Co completed a $23 billion business combination with Vietnamese automaker VinFast in August 2023. Black Spade Acquisition II Co completed a $488 million business combination with The Generation Essentials Group in June 2025, less than 10 months after its IPO.

Cohen & Company Capital Markets and Chardan are serving as joint book-running managers for the offering. The information is based on a company press release statement.

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