SPAC Black Spade Acquisition II prices $150 million IPO
Black Spade Acquisition II, a SPAC focused on entertainment, lifestyle, and tech, has raised $150 million by offering 15 million units at $10 each, with each unit containing one share and one-third of a warrant exercisable at $11.50. The SPAC is led by Dennis Tam, Kester Ng, and Richard Taylor, and plans to list on Nasdaq under the symbol BSIIU. The previous SPAC of the same management, Black Spade Acquisition, completed a merger with VinFast Auto, valued at $23 billion, marking the largest SPAC merger of 2023.
Black Spade Acquisition II, a blank check company targeting the entertainment, lifestyle, and tech industries, raised $150 million by offering 15 million Units at $10, as expected. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
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; -63% 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 plans to list on the Nasdaq under the symbol BSIIU. Clear Street and Cohen & Company Securities acted as joint bookrunners on the deal.
