Black Spade Acquisition III Co 8-K

What Happened Black Spade Acquisition III Co announced (in an 8-K filed Jan 26, 2026) that holders of the Units sold in the company's Jan 7, 2026 IPO may elect to separate the Units into Class A ordinary shares and warrants, with separate trading to begin on January 29, 2026. The Company completed its IPO on Jan 7, 2026, selling 17,250,000 Units at $10.00 per Unit for gross proceeds of $172,500,000. Each Unit contains one Class A ordinary share and one-third of one redeemable warrant; each whole warrant allows purchase of one Class A share at $11.50.

Key Details

• IPO: 17,250,000 Units sold on Jan 7, 2026 at $10.00 per Unit, raising $172,500,000 (gross).
• Unit composition: 1 Class A ordinary share + 1/3 of a warrant; whole warrants exercise price = $11.50.
• Trading symbols: Units will continue trading as "BIIIU"; separated Class A shares will trade as "BIII" and separated warrants as "BIIIW".
• Mechanics: No fractional warrants will be issued on separation; only whole warrants will trade. Holders must have their brokers contact Continental Stock Transfer & Trust Company (the transfer agent) to separate Units.

Why It Matters This change gives investors flexibility: they can hold or trade the combined Unit or split it into a share and a warrant, potentially realizing different values for the equity and the warrant. Separate trading can affect liquidity and price discovery for the shares and warrants individually. Investors who want separated securities should coordinate with their broker and note that fractional warrants will not be issued—fractional interests will not trade unless rounded to whole warrants.