Black Spade Acquisition II Co Announces Closing Of $150 Million Initial Public Offering
Black Spade Acquisition II Co (NASDAQ: BSIIU) has successfully closed its initial public offering of 15,000,000 units at $10.00 per unit, raising $150 million in gross proceeds. The units, trading under 'BSIIU', consist of one Class A ordinary share and one-third of a redeemable warrant. Once separated, shares and warrants will trade as 'BSII' and 'BSIIW' respectively.
The company, a special purpose acquisition company (SPAC), is sponsored by an affiliate of Black Spade Capital , the private investment arm of Lawrence Ho, Chairman & CEO of Melco Resorts & Entertainment. Clear Street and Cohen & Company Capital Markets acted as joint book-running managers. The SPAC aims to pursue merger opportunities in the entertainment, lifestyle, and technology industries, with a focus on AI beneficiaries.
Black Spade Acquisition II Co (NASDAQ: BSIIU) ha chiuso con successo la sua offerta pubblica iniziale di 15.000.000 unità a 10,00 $ per unità, raccogliendo 150 milioni di dollari in proventi lordi. Le unità, scambiate con il ticker 'BSIIU', sono composte da una azione ordinaria di Classe A e un terzo di un warrant rimborsabile. Una volta separate, azioni e warrant verranno scambiati come 'BSII' e 'BSIIW', rispettivamente.
La società, una società di acquisizione a scopo speciale (SPAC), è sponsorizzata da un'affiliata di Black Spade Capital, il braccio di investimento privato di Lawrence Ho, Presidente e CEO di Melco Resorts & Entertainment. Clear Street e Cohen & Company Capital Markets hanno agito come gestori congiunti dell'offerta. La SPAC mira a perseguire opportunità di fusione nei settori dell'intrattenimento, dello stile di vita e della tecnologia, con un focus sui beneficiari dell'IA.
Black Spade Acquisition II Co (NASDAQ: BSIIU) ha cerrado con éxito su oferta pública inicial de 15.000.000 de unidades a $10.00 por unidad, recaudando $150 millones en ingresos brutos. Las unidades, que se negocian bajo el nombre 'BSIIU', consisten en una acción ordinaria de Clase A y un tercio de un warrant redimible. Una vez separadas, las acciones y los warrants se negociarán como 'BSII' y 'BSIIW', respectivamente.
La compañía, una compañía de adquisición de propósito especial (SPAC), está patrocinada por una afiliada de Black Spade Capital, el brazo de inversión privada de Lawrence Ho, Presidente y CEO de Melco Resorts & Entertainment. Clear Street y Cohen & Company Capital Markets actuaron como gerentes de libro conjuntos. La SPAC tiene como objetivo buscar oportunidades de fusión en las industrias de entretenimiento, estilo de vida y tecnología, con un enfoque en los beneficiarios de la IA.
Black Spade Acquisition II Co (NASDAQ: BSIIU)는 15,000,000 단위를 단위당 $10.00에 성공적으로 상장공모를 마감하며 1억 5천만 달러의 총 수익을 올렸습니다. 'BSIIU'라는 이름으로 거래되는 이 단위는 클래스 A 보통주 1주와 환매 가능한 워런트의 3분의 1로 구성됩니다. 분리된 후 주식과 워런트는 각각 'BSII'와 'BSIIW'로 거래됩니다.
이 회사는 목적 특별 인수 회사(SPAC)로, Melco Resorts & Entertainment의 회장 겸 CEO인 Lawrence Ho의 사모 펀드인 Black Spade Capital의 자회사에서 후원하고 있습니다. Clear Street와 Cohen & Company Capital Markets가 공동 북스매니저로 활동했습니다. 이 SPAC은 엔터테인먼트, 라이프스타일 및 기술 산업에서 AI 수혜자를 중심으로 합병 기회를 추구하는 것을 목표로 하고 있습니다.
Black Spade Acquisition II Co (NASDAQ: BSIIU) a réussi à clôturer son introduction en bourse de 15 000 000 d'unités à 10,00 $ par unité, levant 150 millions de dollars de recettes brutes. Les unités, négociées sous le symbole 'BSIIU', se composent d'une action ordinaire de Classe A et d'un tiers d'un bon de souscription remboursable. Une fois séparées, les actions et les bons de souscription seront négociés comme 'BSII' et 'BSIIW' respectivement.
L'entreprise, une société d'acquisition à but spécial (SPAC), est sponsorisée par une filiale de Black Spade Capital, le bras d'investissement privé de Lawrence Ho, Président et CEO de Melco Resorts & Entertainment. Clear Street et Cohen & Company Capital Markets ont agi en tant que co-managers de livre. La SPAC vise à rechercher des opportunités de fusion dans les secteurs de l'entertainment, du lifestyle et de la technologie, avec un accent sur les bénéficiaires de l'IA.
Black Spade Acquisition II Co (NASDAQ: BSIIU) hat erfolgreich sein börsennotiertes Angebot von 15.000.000 Einheiten zu je 10,00 $ abgeschlossen und dabei 150 Millionen Dollar brutto erlöst. Die Einheiten, die unter dem Symbol 'BSIIU' gehandelt werden, bestehen aus einer ordentlichen Klasse-A-Aktie und einem Drittel eines einlösbaren Warrants. Nach der Trennung werden die Aktien und Warrants unter 'BSII' und 'BSIIW' gehandelt.
Das Unternehmen, eine Special Purpose Acquisition Company (SPAC), wird von einer Tochtergesellschaft von Black Spade Capital, der privatem Investmentarm von Lawrence Ho, dem Vorsitzenden und CEO von Melco Resorts & Entertainment, gesponsert. Clear Street und Cohen & Company Capital Markets fungierten als gemeinsame Buchführer. Die SPAC zielt darauf ab, Fusionsmöglichkeiten in den Unterhaltungs-, Lifestyle- und Technologiebranchen zu verfolgen, mit einem Schwerpunkt auf AI-Profiteuren.
- Successfully raised $150 million through IPO
- Backed by experienced sponsor affiliated with Lawrence Ho, a prominent figure in the entertainment industry
- Management team has prior experience with SPAC transactions
- Targeting high-growth sectors: entertainment, lifestyle, and technology with AI focus
- As a SPAC, success depends on finding suitable acquisition targets
- Potential dilution for investors due to warrant structure
- 45-day option for underwriters to purchase additional units may further dilute shareholders
Insights
The $150 million IPO for Black Spade Acquisition II Co (BSIIU) represents a significant capital raise in the SPAC market. With units priced at
This IPO signals continued interest in the SPAC market, particularly in high-growth sectors like AI and entertainment. The $10 unit price is standard, but the one-third warrant structure is less dilutive than some recent SPACs, which could be attractive to potential merger targets. The team's previous SPAC experience (BSAQ) is a positive, but investors should scrutinize that deal's performance. The 45-day over-allotment option provides flexibility to gauge market demand. Key metrics to watch:
- Time to find a target
- Quality of potential merger candidates
- Post-merger performance compared to sector peers
The successful completion of Black Spade Acquisition II Co's IPO indicates compliance with SEC regulations, a important factor in the current regulatory environment for SPACs. The effective registration statement and proper disclosure through the prospectus are positive signs. However, investors should be aware of potential legal risks inherent in SPAC structures, including:
- Heightened SEC scrutiny on forward-looking statements
- Potential conflicts of interest in target selection
- Compliance with de-SPAC transaction requirements
The involvement of reputable legal counsel (Latham & Watkins) is reassuring, but doesn't eliminate all risks. As the SPAC market evolves, regulatory changes could impact BSIIU's operations and investors' rights. Careful monitoring of legal developments in this space is crucial.
The units began trading on The Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “BSIIU” on August 28, 2024. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of
The Company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at an offering price of
The Company is sponsored by an affiliate of Black Spade Capital Limited, the private investment arm of Mr. Lawrence Ho, Chairman & CEO of Melco Resorts & Entertainment Limited (NASDAQ: MLCO) and Director of Studio City International Holdings Limited (NYSE: MSC). All officers and directors of the Company participated in the Initial Public Offering and subsequent business combination of Black Spade Acquisition Co (“BSAQ”), a SPAC also sponsored by an affiliate of Black Spade Capital Limited.
Clear Street LLC and Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as joint book-running managers. Latham & Watkins LLP served as legal counsel to the Company. Loeb & Loeb LLP served as legal counsel to the underwriters.
The public offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from Clear Street, Attn: Syndicate Department, 150 Greenwich Street, 45th floor,
A registration statement relating to the securities has been filed with the
About Black Spade Acquisition II Co
Black Spade Acquisition II Co is the second SPAC of its founder, Black Spade Capital and its management team incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or assets. While the Company may pursue an acquisition or a business combination with a target in any business or industry, it believes that the entertainment, lifestyle and technology industries, particularly those that are major beneficiaries of artificial intelligence (“AI”), provide ample business combination opportunities.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering, the anticipated use of the net proceeds, and the search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's initial public offering filed with the SEC. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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Investor Contact:
IR@blackspadeacquisitionii.com
Source: Black Spade Acquisition II Co
FAQ
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