Business
Lawrence Ho’s SPAC, Black Spade Acquisition II, Raises $150M on NASDAQ for Mergers in Entertainment, Lifestyle, and AI-Related Tech Industries
A Special Purpose Acquisition Company (SPAC) supported by Lawrence Ho, the chairman of Melco, has accumulated $150 million through Nasdaq. Black Spade Acquisition II plans to utilize the funds from its initial public offering to merge with entities from the entertainment, lifestyle, and technology sectors, especially those involved with artificial intelligence.
Black Spade Capital, led by Lawrence Ho Yau-lung who is also the chairman of Melco Resorts & Entertainment in Macau, announced the listing of its second Special Purpose Acquisition Company (SPAC) on Nasdaq this Wednesday.
Black Spade Acquisition II, a SPAC backed by Black Spade Capital's associate, set the price of its initial public offering (IPO) at $10 per unit, selling a total of 15 million units.
Every unit is composed of a single Class A common stock and one-third of a redeemable warrant. Each complete warrant can be used to buy one Class A common stock at a rate of $11.50 per stock, subject to specific changes, as stated by Black Spade.
The shares will be registered under the stock symbol BSIIU.
SPACs, also known as blank-check companies, are established — usually supported by recognizable public personalities like celebrities, sports stars, and notable business founders — with the aim to gather funds to purchase assets within a certain timeframe.
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