Black Spade Acquisition III Co

Overview

Black Spade Acquisition III Co is a Cayman Islands exempted company formed as a special purpose acquisition company (SPAC). Target focus areas include entertainment-related sectors with enabling technology, lifestyle brands/products/services, entertainment media, and opportunities at the intersection of entertainment and digital infrastructure.

Core business model

• Identify and complete a single initial business combination within the specified completion window, then operate the combined public company.
• Possible transaction structures include 100% acquisitions of a target’s assets or equity, or alternative structures that create a publicly listed post-transaction company.
• Public shareholders have redemption rights for cash in connection with a proposed or completed business combination. Consideration may be structured as cash, stock, or a mix to suit a target’s needs.

Financial snapshot (disclosed in the filing)

• IPO:
  • Completed January 7, 2026.
  • 17,250,000 units sold at $10.00 per unit, gross proceeds of $172,500,000.
• Private placement warrants:
  • 8,150,000 private placement warrants issued concurrently with the IPO.
  • 7,000,000 warrants issued to the sponsor at $0.50 per warrant (gross $3,500,000).
  • 1,150,000 warrants issued to the underwriters at $0.50 per warrant (gross $575,000).
  • Total private placement gross proceeds: $4,075,000.
• Trust and outside funds:
  • After closing, approximately $172,500,000 of net proceeds from the IPO and private placement were placed in a U.S.-based trust account held by a trustee.
  • Approximately $1,105,000 of funds were available outside the trust for working capital and other expenses at closing.
• Outstanding securities (as of February 27, 2026):
  • Class A ordinary shares: 17,250,000 outstanding.
  • Class B ordinary shares: 5,750,000 outstanding.
• Founders and insiders:
  • Sponsor: Black Spade Sponsor LLC III; sponsor purchased founder shares.
  • On September 5, 2025, the sponsor paid $25,000 for 5,750,000 founder shares.
  • On December 9, 2025, the sponsor transferred 630,000 founder shares to directors, officers and certain employees of the sponsor’s affiliates.
  • On January 7, 2026, the over-allotment option was exercised and founder shares previously subject to forfeiture were fully issued.
• Management and officers:
  • Three executive officers are disclosed as the company’s current management team.
• Headquarters and contact:
  • Principal offices: Suite 2902, 29/F, The Centrium, 60 Wyndham Street, Central, Hong Kong.
  • Phone: +852 3955 1316.

Corporate and listing details

• Jurisdiction: Cayman Islands.
• Type: Exempted company; classified as an emerging growth company and a smaller reporting company under applicable U.S. securities regulations.
• Initial listing and trading:
  • Units trade on the New York Stock Exchange as BIIIU.
  • When separated, Class A ordinary shares trade as BIII and warrants as BIIIW.
• Capital structure and dilution:
  • Founder shares convert to Class A ordinary shares on a one-for-one basis at closing of the initial business combination, subject to anti-dilution adjustments.
  • The company may issue additional Class A ordinary shares or other securities in connection with a future business combination, which could dilute existing shareholders.
• Business timing and risk:
  • The SPAC has a defined completion window to consummate a business combination or face liquidation and redemptions.

Employment and operations

• The company’s disclosed management consists of three executive officers.
• Office space is provided by the sponsor and management team in Hong Kong.

Target sector rationale

The company seeks targets that can apply the management team’s network and experience in entertainment, with a preference for opportunities tied to enabling technology, digital infrastructure, and cross-border entertainment/media opportunities.