Nasdaq Sees Launch of Black Spade Capital's Second SPAC

Black Spade Acquisition II Listed on Nasdaq

Black Spade Capital, the family office of Macau casino operator Melco Resorts & Entertainment’s chairman Lawrence Ho Yau-lung, has successfully listed its second special purpose acquisition company (SPAC) on Nasdaq this Wednesday.

Details of the SPAC Offering

• Black Spade Acquisition II priced its initial public offering (IPO) at USD 10 each, consisting of 15 million units.
• Each unit comprises one class A ordinary share and one-third of one redeemable warrant.
• Investors can exercise each whole warrant to purchase a class A ordinary share at USD 11.50, subject to adjustments.

The units are listed under the ticker symbol BSIIU.

Investment Focus and Future Plans

SPACs, or blank-cheque companies, aim to raise capital for asset acquisitions, typically led by notable public figures. Black Spade Acquisition II is targeting opportunities in the entertainment, lifestyle, and technology sectors, particularly in artificial intelligence.

• The management team previously operated another SPAC, Black Spade Acquisition (BSAQ), completing a USD 169 million IPO on Nasdaq in August 2021.
• In August 2023, BSAQ finalized a USD 23 billion merger with electric vehicle manufacturer VinFast Auto, part of Vingroup led by Vietnam’s richest man Pham Nhat Vuong.

Looking ahead, Black Spade's management team remains focused on growth possibilities, including the expansion of Macau’s traditional casino business into diversified hospitality and entertainment sectors in regions like the Philippines and Russia.