Black Spade Acquisition, a blank check company targeting the entertainment industry in Asia and China, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
Black Spade Acquisition is led by Co-CEO and Chairman Dennis Tam, the CEO of Black Spade Capital; Co-CEO and Director Kester Ng, the CEO of GRE Investment Advisors; and President, CFO, and Director Francis Ng, the 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.
Black Spade Acquisition plans to list on the NYSE under the symbol BSAQU. Citi acted as sole bookrunner on the deal.
