Black Spade Acquisition, a blank check company targeting the entertainment industry in China, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering.
The Hong Kong, China-based company plans to raise $150 million by offering 15 million units at $10 per unit. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $188 million.
Black Spade Acquisition is led by co-CEO and Chairman Dennis Tam, President and CEO of Black Spade Capital, co-CEO and Director Kester Ng, CEO of GRE Investment Advisors, and President, CFO, and Director Francis Ng, CIO and Managing Director of Pacific Aegis Capital Management. The company aims to leverage management's experience to target the entertainment industry, with a focus on enabling technology, lifestyle brands, and entertainment media. While the company may pursue opportunities globally, it will focus on those with existing or future growth potential underpinned by the transformative consumption forces in Asia, including the growth of China's middle class.
The company was founded in 2021 and plans to list on the NYSE under the symbol BSAQU. Citi is the sole bookrunner on the deal.
