Macau tycoon Lawrence Ho’s family office expands into space sector in de-SPAC deal
The business combination with Singapore-based Astrum Space could set the stage for a New York Stock Exchange debut by the end of the year
Under the agreement, Singapore-based Astrum Space will combine with special-purpose acquisition company (SPAC) Black Spade Acquisition III, or BIII, at an equity value of about US$1 billion. The combined entity, Astrum Space Company, would seek a listing on the New York Stock Exchange, according to a press release published on Thursday.
“Over the years, the space sector has evolved into one of today’s most dynamic industries and continues to play an increasingly important role in everyday life,” said Dennis Tam, executive chairman of the board and co-CEO of BIII, in the statement.
“This partnership with Astrum reflects our belief in the power of enabling technologies to create meaningful impact.”
Founded in 2023, Astrum is developing a next-generation satellite-to-device (S2D) broadcast network for the Asia-Pacific region. The company operates a wholesale business model targeting mobile network operators, broadcasters, governments and enterprise clients.
Zhou Qingzhi, Astrum’s founder, promised financial backing of up to US$168 million to support the firm’s operations, investments and financial activities, including its satellite development milestones, according to a Thursday document filed by the company to the US Securities and Exchange Commission.
The proposed combination with BIII is expected to strengthen our ability to execute our commercialisation strategy and expand strategic partnerships across the region