Announcement • Aug 27
Astrum Space Inc entered into a business combination agreement to acquire Black Spade Acquisition III Co (NYSE:BIII) in a reverse merger transaction for $1 billion. Astrum Space Inc entered into a business combination agreement to acquire Black Spade Acquisition III Co (NYSE:BIII) in a reverse merger transaction for $1 billion on August 27, 2026. Under the terms of the acquisition, Black Spade Acquisition III Co will issue 100 million common shares to the shareholders of Astrum Space Inc. The business combination values Astrum at an equity value of approximately $1 billion. Upon the completion of the transaction, existing shareholders of Astrum will hold over 80% of the combined company, which will be renamed as “Astrum Space Company” and its ordinary shares will be listed on the New York Stock Exchange.
The transaction is subject to approval by regulatory board / committee, approval by the shareholders of Black Spade Acquisition III Co, registration statement effectiveness(S-4 / F-4), listing / approval of new shares on stock exchange and other customary closing conditions. The deal has been unanimously approved by the board of directors of Astrum Space Inc and Black Spade Acquisition III Co. The transaction is expected to close by the end of 2026.
Cohen & Company Capital Markets, LLC acted as financial advisor to Black Spade Acquisition III Co. Sharon Lau and Stacey Wong of Latham & Watkins LLP acted as legal advisor and U.S. legal counsel to Black Spade Acquisition III Co. David J. Levine, Rima Roawad, Joan S. Guilfoyle and Victor Chen of Loeb & Loeb LLP acted as legal advisor to Astrum Space Inc.