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SPAC Black Spade Acquisition II files for a $150 million IPO, following VinFast merger

June 21, 2024

Black Spade Acquisition II, a blank check company targeting the entertainment, lifestyle, and tech industries, filed on Friday with the SEC to raise up to $150 million in an initial public offering.

The Hong Kong-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Black Spade Acquisition II would command a market value of $188 million.

Black Spade Acquisition II is led by Co-CEO and Chairman Dennis Tam, the CEO of Black Spade Capital; Co-CEO, CFO, and Director Kester Ng, the CEO of GRE Investment Advisors; and Co-CEO, COO, and Director Richard Taylor, who previously served as a Managing Director at GRE. The SPAC plans to target the entertainment, lifestyle, and technology industries, particularly those that are major beneficiaries of artificial intelligence.

Management's previous SPAC, Black Spade Acquisition, completed its combination with Vietnamese EV maker VinFast Auto (VFS; -57% from $10 offer price) in August 2023. Valued at about $27 billion, VinFast's SPAC merger was the largest of 2023 and the third largest in the past five years.

Black Spade Acquisition II was founded in 2024 and plans to list on the Nasdaq under the symbol BSIIU. Clear Street and Cohen & Company Securities are the joint bookrunners on the deal.