Black Spade Acquisition III Co, a special purpose acquisition company (SPAC) sponsored by an affiliate of Black Spade Capital – the family office and private investment vehicle of Melco Resorts & Entertainment’s Chairman and CEO Lawrence Ho – announced on Tuesday the pricing of its initial public offering. The company is offering 15 million units at US$10.00 per unit, aiming to raise approximately US$150 million.
The units are expected to begin trading on the New York Stock Exchange (NYSE) on 6 January 2026 under the ticker symbol “BIIIU”. The offering is expected to close on 7 January 2026, subject to customary closing conditions.
Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Subject to certain adjustments, each whole warrant is exercisable to purchase one Class A ordinary share at an exercise price of US$11.50 per share. Once the securities comprising the units begin trading separately, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the ticker symbols “BIII” and “BIIIW”, respectively, Black Spade revealed via an announcement.
The company has also granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units to cover over-allotments, if any, at the initial public offering price less underwriting discounts and commissions.
The management team is led by Dennis Tam as Executive Chairman & Co-CEO, Kester Ng as Co-CEO & CFO, and Richard Taylor as Co-CEO & COO. All three previously served as executive directors or advisers to Black Spade Acquisition Co (BSAQ) and Black Spade Acquisition II Co (BSII), two prior SPACs sponsored by affiliates of Black Spade Capital.
In August 2023, BSAQ completed a US$23 billion business combination with VinFast, a leading Vietnamese automaker, which was at the time the third-largest de-SPAC transaction by deal value. In June 2025, BSII completed a US$488 million business combination with The Generation Essentials Group less than 10 months after BSII’s IPO.
Commenting on the launch, Tam said, “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. Black Spade’s strong background in lifestyle and entertainment, together with our proprietary network and knowhow, forms the bedrock of our third SPAC.”
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