Black Spade Capital, the family office of the chairman of Macau casino operator Melco Resorts & Entertainment, Lawrence Ho Yau-lung, listed its second special purpose acquisition company (SPAC) on the Nasdaq on Wednesday.
Black Spade Acquisition II, the SPAC sponsored by an affiliate of Black Spade Capital, priced 15 million units at $10 each in its initial public offering (IPO).
Each unit consists of one share of Class A common stock and one-third of one redeemable warrant, with each whole warrant entitling the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to certain adjustments.
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The units are listed under the ticker symbol BSIIU.
SPACs (blank check companies) are created with the goal of raising capital to purchase assets within a specific time period and are typically led by well-known public figures, including celebrities, sports icons and famous entrepreneurs.
Lawrence Ho, Chairman of Melco Resorts, has successfully facilitated the listing of two SPACs. Photo: Jonathan Wong alt=Lawrence Ho, Chairman of Melco Resorts, has successfully facilitated the listing of two SPACs. Photo: Jonathan Wong>
Black Spade Acquisition II said the entertainment, lifestyle and technology industries, particularly those related to artificial intelligence, offer numerous opportunities for business combinations.
The company’s management team also served in various capacities at another SPAC, Black Spade Acquisition (BSAQ). BSAQ, which was sponsored by an affiliate of Black Spade Capital, completed its $169 million IPO on the Nasdaq in August 2021, the statement said.
In August 2023, BSAQ completed a $23 billion merger with electric car maker VinFast Auto, controlled by the Vingroup of Vietnam’s richest man, Pham Nhat Vuong.
In 2022, Hong Kong-based Black Spade Asia Acquisition, a SPAC backed by Melcos Ho, filed to raise capital in the city, but the company is not yet listed there.
In Hong Kong, a SPAC must raise at least HK$1 billion (US$128 million) and announce a deal within 24 months.
Ho, whose net worth was estimated at $1.2 billion as of April 4 last year Forbeswho ranks 46th among Hong Kong’s 50 richest people, is the son of Macau casino tycoon Stanley Ho Hung-sun, who died in May 2020.
The younger Ho said in an interview with The Post in December 2017 that his goal was to transform Macau’s traditional casino business into a hospitality and entertainment industry and expand his reach to the Philippines and Russia.
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