Black Spade Acquisition III Co Prices $150 Million IPO, Kicking Off One of 2026’s First SPAC Listings
Black Spade Acquisition III Co, a special purpose acquisition company sponsored by an affiliate of Black Spade Capital Limited, has priced its initial public offering of 15 million units at $10.00 per unit, raising $150 million.The units are expected to begin trading on the New York Stock Exchange on January 6, 2026, under the ticker symbol “BIIIU.” Each unit includes one Class A ordinary share and one-third of a redeemable warrant. Each whole warrant will be exercisable to purchase one Class A ordinary share at $11.50 per share, subject to adjustments. No fractional warrants will be issued.
Once the units separate, the Class A ordinary shares and warrants are expected to trade on the NYSE under the symbols “BIII” and “BIIIW,” respectively. The offering is expected to close on January 7, 2026, subject to customary closing conditions. The company has also granted underwriters a 45-day option to purchase up to an additional 2.25 million units to cover potential over-allotments.
Black Spade Acquisition III is led by a seasoned management team, including Executive Chairman and Co-CEO Dennis Tam, Co-CEO and CFO Kester Ng, and Co-CEO and COO Richard Taylor. All three previously served as executives or advisors to Black Spade Acquisition Co and Black Spade Acquisition II Co, earlier 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, one of the largest de-SPAC transactions on record. More recently, in June 2025, Black Spade Acquisition II merged with The Generation Essentials Group in a $488 million deal completed less than 10 months after its IPO.
We are very excited to extend our SPAC franchise with the launch of Black Spade Acquisition III Co as one of the first IPOs in 2026,” said Dennis Tam. “Our strong background in lifestyle and entertainment, combined with our proprietary network and expertise, provides a solid foundation for our third SPAC.”
Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, and Chardan are serving as joint book-running managers for the offering.The IPO is being conducted pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission, which became effective on January 5, 2026. The offering is being made only by means of a prospectus, available through the underwriters or the SEC’s website.
About Black Spade Acquisition III Co
Black Spade Acquisition III Co is the third SPAC sponsored by an affiliate of Black Spade Capital Limited. It was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or assets. While the Company may pursue a business combination in any industry, it sees the leisure and entertainment space as one of its core focus areas. Of note, the Company is encouraged by how the application of AI, robotic and quantum computing elevates user experience in this field. It looks forward to further looking into the opportunities arising from the growing acceptance of digital assets within the lifestyle and entertainment sector.
