Black Spade Capital's third SPAC "BIIIU" will be listed, seeking to enhance user entertainment experience through AI and quantum computing

The chairman of Melco International (200), Ho Yau Lung, announced that his family office, Black Spade Capital, has priced the initial public offering of its special purpose acquisition company (SPAC) "Black Spade Acquisition III" at 15 million units at $10 per unit, totaling $150 million (approximately HKD 1.17 billion), and is expected to be listed on the New York Stock Exchange on January 6, with the stock code "BIIIU". Each unit of Black Spade Acquisition III consists of one share of Class A common stock and one-third of a redeemable warrant, subject to certain adjustments, with each full warrant allowing the purchase of one share of Class A common stock at an exercise price of $11.50 per share. When the securities comprising the relevant units begin to trade separately, the Class A common stock and warrants are expected to be listed on the NYSE under the stock codes "BIII" and "BIIIW," respectively. Exploring Opportunities for Digital Assets in the Leisure and Entertainment Industry The SPAC indicated that while it may seek business combinations in any industry, it still considers lifestyle and entertainment as one of its core focus areas, particularly encouraged by how user experiences in this field can be enhanced through the applications of artificial intelligence (AI), robotics, and quantum computing, and looks forward to further exploring the opportunities brought by the increasing acceptance of digital assets in the leisure and entertainment industry. Previous Two SPAC Executives The company's management team is led by Executive Chairman and Co-CEO Tan Zhiwei, Co-CEO and Chief Financial Officer Wu Shengzu, and Co-CEO and Chief Operating Officer Richard Taylor, all of whom have served as executive directors or advisors for other SPACs under Black Spade Capital, including Black Spade Acquisition (BSAQ) and Black Spade Acquisition II (BSII). BSAQ completed a $23 billion business combination with Vietnamese automaker VinFast in August 2023, marking the third-largest SPAC business combination (de-SPAC) ever calculated by transaction value at that time. BSII completed a $488 million business combination with The Generation Essentials Group in June of last year, less than 10 months after its listing. Tan Zhiwei, Executive Chairman and Co-CEO of Black Spade Acquisition III, stated that this SPAC is one of the first new stocks for 2026, aimed at expanding its series of special purpose acquisition companies. He noted that Black Spade's strong background in lifestyle and entertainment, along with its business network and expertise, forms the cornerstone of its third special purpose acquisition company