Black Spade Acquisition III completes $172.5M SPAC IPO; trust funded with $10 per share

Black Spade Acquisition III Co

IPO of 17,250,000 units at $10/unit (includes full over-allotment); gross proceeds $172.5M.
Concurrent private placement of 8,150,000 warrants at $0.50 each to sponsor and underwriters for $4.075M.
Net of $172.5M placed in trust account; transaction costs $9.9M (cash $2.3M, deferred $6.9M, other $0.7M).
Audited balance sheet at Jan 7, 2026: cash $1.045M, trust $172.5M, total assets $173.7M; Class A shares at $10 redemption.
SPAC has 24 months (or 27 with letter of intent) to complete a business combination; no operations yet.

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