Black Spade Acquisition II Co., incorporated on May 9, 2024, is classified as a shell company and has reported its financial performance for the period from inception through June 30, 2024. The company has issued 15,300,000 Class A ordinary shares and 3,825,000 Class B ordinary shares as of October 7, 2024. The company reported a net loss of $53,179 for the period, primarily due to general and administrative expenses, and has a total shareholder’s deficit of $(28,179).
The company completed its Initial Public Offering (IPO) on August 29, 2024, selling 15,000,000 units at $10.00 per unit, generating gross proceeds of $150,000,000. Additionally, it sold 11,000,000 private placement warrants at $0.50 each, raising $5,500,000. Following the IPO, underwriters exercised an over-allotment option, purchasing an additional 300,000 units for $3,000,000. The total gross proceeds from these transactions amounted to $153,000,000, which has been placed in a Trust Account for future business combinations.
Transaction costs associated with the IPO totaled $7,395,804, which included a cash underwriting fee of $2,660,000 and a deferred underwriting fee of $4,257,000. The company has no revenues to date and reported a working capital deficit of $361,167 as of June 30, 2024. It anticipates sufficient funds for its working capital needs until at least one year from the issuance date of the financial statements, contingent upon the successful completion of the IPO.
The company has established a 24-month period from the IPO to complete a business combination, extendable to 27 months if a letter of intent is executed within the initial period. If a business combination is not completed within this timeframe, the company will cease operations and redeem public shares based on the Trust Account balance.
As of June 30, 2024, Black Spade Acquisition II Co. had no cash and no outstanding public or private warrants. The company has also entered into an administrative services agreement with the Sponsor for $20,000 per month for office space and support services, effective August 23, 2024. The company has not reported any legal proceedings or material changes to risk factors since its IPO.
About Black Spade Acquisition II Co
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