Quarterly ResultMay 12, 2026, 04:07 PM
Black Spade Acquisition III Q1 Net Income $1.087M
AI Summary
Black Spade Acquisition III Co filed its Q1 2026 10-Q, reporting a net income of $1.087 million for the three months ended March 31, 2026. This follows the completion of its Initial Public Offering (IPO) on January 7, 2026, which raised $172.5 million and placed $173.9 million in a Trust Account. The company, an early-stage SPAC, has not commenced operations and is focused on identifying a target for a business combination, with management noting a substantial doubt about its ability to continue as a going concern.
Key Highlights
- Net income for the three months ended March 31, 2026, was $1,087,209.
- Cash held in Trust Account as of March 31, 2026, amounted to $173,917,095.
- Total Assets as of March 31, 2026, were $174,815,626.
- Total Liabilities as of March 31, 2026, were $7,127,462.
- Initial Public Offering (IPO) completed on January 7, 2026, raising gross proceeds of $172,500,000.
- Sale of Private Placement Warrants generated gross proceeds of $4,075,000.
- Transaction costs for the IPO amounted to $9,912,668, including a $6,876,000 deferred underwriting fee.
- Basic and diluted net income per share for both Class A and Class B ordinary shares was $0.05.