SPAC Black Spade Acquisition III prices $150 million IPO, targeting entertainment and digital assets
IPO Overview
Black Spade Acquisition III, a blank check company focusing on the leisure, entertainment, and digital asset sectors, raised $150 million by offering 15 million units at $10.00. Each unit consists of one share of common stock and one-third of one warrant, exercisable at $11.50.
The SPAC is led by Co-CEO and Chairman Dennis Tam, the President and CEO of Black Spade Capital. He is joined by Co-CEO, CFO, and Director Kester Ng, the CEO of GRE Investment Advisors and a Managing Partner of the NM Strategic Focus Fund, as well as Co-CEO and COO Richard Taylor, who previously served as a Managing Director at GRE Investment Advisors. The SPAC plans to target opportunities in the cross section of entertainment and digital financial infrastructure, including potential targets focused on digital assets, Web3 technologies, financial services infrastructure and blockchain-driven business models.
Management’s previous SPACs include Black Spade Acquisition, which merged with Vinfast Auto （NYSE: VFS; -66% from $10 offer price） in August 2023, as well as Black Spade Acquisition II, which merged with The Generation Essentials Group （TGE; -88%） in June 2025.
Black Spade Acquisition III plans to list on the NYSE under the symbol BIIIU. Cohen & Company Securities and Chardan Capital Markets acted as joint bookrunners on the deal.
About the Company
We are focused on identifying a business combination target that can benefit from the collective network, knowledge and experience of our founder, management team and sponsor. With global operating and investment experience across the Americas, Europe, the Asia-Pacific region and the Middle East, we believe our operating and customer centric background will provide access to high-quality companies and distinguish us from other SPACs that are founded and/or sponsored by financial investors. Our potential targets may exhibit a broad range of business models and financial characteristics that range from very high growth innovative companies to more mature businesses with established recurring revenues and strong cash flows. We may pursue a business combination in any industry. Given our sponsor’s connection to Mr. Ho and the Melco Group and our management team’s deep expertise and proven track record in the leisure and entertainment industry, we expect to explore opportunities that offer strategic synergies within this core focus area. We also believe there are compelling opportunities in sectors aligned with the ongoing digitization of financial infrastructure. We believe the entertainment and leisure sector continues to demonstrate strong growth potential, driven by evolving consumer preferences and increasing demand for innovative experiences.