Melco chairman Lawrence Ho-backed SPAC raises US$150 million on Nasdaq
Black Spade Acquisition II will use the IPO proceeds to combine with targets in the entertainment, lifestyle and technology industries, particularly those related to AI
Black Spade Capital, the family office of Macau casino operator Melco Resorts & Entertainment’s chairman Lawrence Ho Yau-lung, listed its second special purpose acquisition company (SPAC) on Nasdaq on Wednesday.
Black Spade Acquisition II, the SPAC sponsored by an affiliate of Black Spade Capital, priced its initial public offering (IPO) of 15 million units at US$10 each.
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 US$11.50 per share, subject to certain adjustments, according to a statement from Black Spade.
The units will be listed under the ticker symbol BSIIU.
SPACs, or blank-cheque companies, are created – and typically anchored by well-known public figures, including celebrities, sports icons and famous entrepreneurs – with the objective of raising capital to buy assets within a period.
Black Spade Acquisition II said the entertainment, lifestyle and technology industries, particularly those related to artificial intelligence, provide ample business combination opportunities.
