Black Spade Acquisition III, a blank check company focusing on the leisure, entertainment, and digital asset sectors, filed on Tuesday 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 $10.00. Each unit contains 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 (VFS; -68% from $10 offer price) in August 2023, as well as Black Spade Acquisition II, which merged with The Generation Essentials Group (TGE; -79%) in June 2025.
The Hong Kong-based company was founded in 2025 and plans to list on the NYSE under the symbol BIIIU. Cohen & Company Securities and Chardan Capital Markets are the joint bookrunners on the deal.
