Business
Lawrence Ho-Backed SPAC, Black Spade Acquisition II, Raises $150 Million on Nasdaq, Eyes AI-Related Industries
The SPAC supported by Melco's chairman, Lawrence Ho, has generated US$150 million on Nasdaq. The funds raised from the initial public offering (IPO) by Black Spade Acquisition II will be used to merge with companies in the entertainment, lifestyle, and tech sectors, with a special focus on those involved in artificial intelligence.
Black Spade Capital, the private investment firm of Lawrence Ho Yau-lung, the chairman of Macau's casino operator Melco Resorts & Entertainment, launched its second Special Purpose Acquisition Company (SPAC) on Nasdaq this Wednesday.
The SPAC known as Black Spade Acquisition II, backed by a branch of Black Spade Capital, set the price for its initial public offering (IPO) of 15 million units at $10 each.
Every unit is composed of a single Class A common stock and one-third of a redeemable warrant. Each complete warrant gives the holder the right to buy a Class A common stock for a rate of $11.50 per stock. This is, however, subject to some changes, as per an announcement from Black Spade.
The units will be traded under the ticker symbol BSIIU.
SPACs, also known as shell corporations, are established usually by notable public personalities like celebrities, athletes, and renowned business individuals. Their main goal is to generate funds for the purchase of assets within a set timeframe.
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