Black Spade Acquisition Files for $150M IPO

Black Spade Acquisition registered to offer 15 million units at $10 each. A unit consists of one Class A ordinary share and one-half of one redeemable warrant, with whole warrants exercisable at $11.50.

The new SPAC expects to focus on Asia-based companies engaged in technology, lifestyle brands, products, or services, and entertainment media.

Black Spade is led by Chairman and Co-CEO Dennis Tam, president and CEO of Black Spade Capital. Prior to joining Black Spade, Tam was the group finance director of Melco International. Co-CEO Kester Ng also serves as the CEO of GRE Investment Advisors, a company providing private equity investment advisory and asset management services to institutions, ultra-high net worth individuals and family offices. GRE is licensed by the Hong Kong Securities & Futures Commission.

Citigroup is sole book-running manager. Jones Trading and Loop Capital Markets are co-managers. The underwriters have a 45-day option to purchase up to an additional 2.25 million units to cover over-allotments, if any.

The SPAC has applied for a NYSE listing under BSAQU. Read more.

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