Black Spade Acquisition II Co., incorporated on May 9, 2024, completed its Initial Public Offering (IPO) on August 29, 2024, selling 15,000,000 units at $10.00 each, generating gross proceeds of $150 million. An additional 300,000 units were sold under an over-allotment option on September 26, 2024, bringing total gross proceeds to $153 million. The company also sold 11,000,000 private placement warrants at $0.50 each, yielding $5.5 million.
As of September 30, 2024, Black Spade reported a net income of $711,859 for the third quarter, with a net income of $658,680 from inception through the same date. The net income for the three months ended September 30, 2024, was primarily driven by interest earned on cash held in the Trust Account, totaling $675,282, and a change in the over-allotment liability, which contributed $221,227. General and administrative costs amounted to $184,650 for the quarter.
The company’s financial position showed a total shareholders’ deficit of $(2,048,633) as of September 30, 2024, reflecting an accumulated deficit of $(2,049,015). This is a significant improvement from a total shareholders’ deficit of $(28,179) as of June 30, 2024, and $(25,000) at inception. The increase in net income during the third quarter was a key factor in this change.
Black Spade's cash position included $2,128,294 available for working capital and $153,675,282 held in the Trust Account, which is invested in U.S. government securities. The company has sufficient funds to meet its working capital needs for at least one year and does not anticipate needing additional funds prior to its initial business combination.
The company is classified as a shell company and is currently focused on identifying a target for a business combination, with a 24-month period from the IPO to complete this transaction, extendable to 27 months under certain conditions. As of September 30, 2024, Black Spade had 15,300,000 Class A ordinary shares and 3,825,000 Class B ordinary shares outstanding. The basic net income per share for Class A ordinary shares was $0.10 for the third quarter and $0.08 for the period from inception through September 30, 2024.
No significant operational activities have been reported, as the company has not generated revenues to date, focusing instead on IPO preparations and strategic planning for future acquisitions.
About Black Spade Acquisition II Co
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