Black Spade Acquisition Co
Cash in trust
$175.3M
$175,327,744
Trust per share
$10.00
Redemption value
IPO
Jul 2021
$165.6M raised
Combination deadline
—
Not disclosed
Filings on record
96
Latest Jan 30, 2024
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- May 12, 2023
- Closed
- Aug 14, 2023
Overview
Black Spade Acquisition Co is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0001851908. It completed its initial public offering in Jul 2021, raising $165.6M in gross proceeds. The vehicle is sponsored by Black Spade through Black Spade Sponsor LLC. The mandate targets technology, healthcare, consumer. Business combination closed; the company trades under a new ticker.
“We intend to focus on companies that complement the experience of our management team and that can benefit from the management teams operational expertise.”
Reading the filings
Arithmetic on what Black Spade Acquisition Co has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trust versus the $10 unit
The trust holds $10.00 per public share, effectively the $10.00 the units were sold at, so little or no interest has accrued to the account yet.
Warrant coverage
Each unit carried one-half of one warrant per unit. Warrants are dilution deferred: they cost the holder nothing until exercised, and they overhang the post-combination share count. Thinner coverage is generally a sign of a stronger book at pricing.
Sponsor record
Black Spade has launched 3 vehicles. Of the 2 that have resolved, 2 closed a combination and 0 liquidated, a 100% completion rate. A sponsor's record is not a forecast, but it does tell you whether the team has taken a deal across the line before.
Underwriting
Citigroup led the offering. It has been named on 123 SPAC IPOs, book-running 87 of them, and 12.4% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
SEC filing history
Free tier: filings older than 24 hours- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001569356-24-000001
- 15-12G
Deregistration of securities
Accession 0001193125-23-225427
- 25
FORM 25
Accession 0001193125-23-216408
- 4
Statement of changes in beneficial ownership
Accession 0000950103-23-012090
- 4
Statement of changes in beneficial ownership
Accession 0000950103-23-012011
- 4
Statement of changes in beneficial ownership
Accession 0000950103-23-012010
- 4
Statement of changes in beneficial ownership
Accession 0000950103-23-012009
- 4
Statement of changes in beneficial ownership
Accession 0000950103-23-012008
- 4
Statement of changes in beneficial ownership
Accession 0000950103-23-012006
- 4
Statement of changes in beneficial ownership
Accession 0000950103-23-012005
- 4
Statement of changes in beneficial ownership
Accession 0000950103-23-012004
- 8-K
Entry into a material definitive agreement; Termination of a material definitive agreement; Completion of an acquisition; Notice of delisting or failure to satisfy a listing rule; Regulation FD disclosure
Items 1.01, 1.02, 2.01, 3.01, 3.03, 5.01, 5.02, 7.01, 9.01 · Accession 0001193125-23-212387
- 10-Q
Quarterly report
Accession 0001193125-23-210514
- 425
Business-combination communication
Accession 0001193125-23-209697
- 8-K
Notice of delisting or failure to satisfy a listing rule; Submission of matters to a vote of security holders; Regulation FD disclosure; Other events
Items 3.01, 5.07, 7.01, 8.01, 9.01 · Accession 0001193125-23-209692
- 425
Business-combination communication
Accession 0001193125-23-209673
- SC 13G/A
BSAQ 13G/A
Accession 0001604488-23-000147
- 425
Business-combination communication
Accession 0001193125-23-204365
- 425
Business-combination communication
Accession 0001193125-23-198504
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001193125-23-198499
- 425
Business-combination communication
Accession 0001193125-23-197234
- DEFM14A
Definitive merger proxy statement
Accession 0001193125-23-197067
- SC 13G
Beneficial ownership report (passive)
Accession 0001569356-23-000002
- 8-K
Submission of matters to a vote of security holders; Regulation FD disclosure
Items 5.03, 5.07, 7.01, 9.01 · Accession 0001193125-23-186836
- SC 13G
Beneficial ownership report (passive)
Accession 0001604488-23-000132
- 25
FORM 25
Accession 0001193125-23-174412
- DEF 14A
Definitive proxy statement
Accession 0001193125-23-173056
- UPLOAD
SEC staff comment letter
Accession 0000000000-23-006634
- PRER14A
PRER14A
Accession 0001193125-23-170582
- CERT
Exchange listing certification
Accession 0000876661-23-000505
Black Spade Acquisition Co: questions answered
What is Black Spade Acquisition Co?
Black Spade Acquisition Co is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0001851908. It completed its initial public offering in Jul 2021, raising $165.6M in gross proceeds. The vehicle is sponsored by Black Spade through Black Spade Sponsor LLC. The mandate targets technology, healthcare, consumer. Business combination closed; the company trades under a new ticker.
How much does Black Spade Acquisition Co hold in trust?
Approximately $175,327,744, or about $10.00 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Black Spade Acquisition Co complete a merger?
No combination deadline appears in the filings we have indexed. The date is stated in the charter and repeated in each quarterly report; where our parser could not establish it with confidence we leave it blank rather than infer one.
What happens if Black Spade Acquisition Co does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Black Spade Acquisition Co, and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.00 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
Is the trust value the same as the share price for Black Spade Acquisition Co?
No. Trust per share is a disclosed, contractual figure: what a redeeming holder receives. The market price is whatever the shares change hands at, which can sit above the trust when a deal is well received or below it when the market doubts one will close. We do not have a current quote for this vehicle, so no spread is shown.
How much dilution do Black Spade Acquisition Co's founder shares and warrants create?
Each unit also carried one-half of one warrant per unit, which is dilution deferred until exercise. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors Black Spade Acquisition Co, and what is their track record?
Black Spade Sponsor LLC is the sponsor entity, part of the Black Spade franchise. That franchise has launched 3 vehicles in total, of which 2 closed a combination and 0 liquidated, a 100% completion rate on resolved vehicles. Named principals: Chi Wai Dennis Tam.
Which banks underwrote the Black Spade Acquisition Co IPO?
Citigroup, JonesTrading Institutional Services, Loop Capital Markets. Citigroup was credited as book-running manager on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Black Spade Acquisition Co a good investment?
That is not a question this site answers. Black Spade Acquisition Co is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Black Spade Acquisition Co data come from?
Filings Black Spade Acquisition Co submitted to the SEC under CIK 0001851908: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Sep 4, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
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Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Black Spade: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
Citigroup in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Technology SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All completed de-spac transactions
Business combination closed; the company trades under a new ticker.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.