Black Spade Acquisition III (BIII) is a SPAC — a blank check company with no operations — that raised $172.5M in its IPO in January 2026 and placed those proceeds in a trust account while it searches for a merger target. The SPAC is sponsored by Black Spade Capital, the private investment arm of Lawrence Ho, chairman and CEO of Melco Resorts & Entertainment. Black Spade is focused on targets in entertainment and adjacent sectors, including enabling technology, lifestyle brands, entertainment media, and businesses at the intersection of entertainment and digital infrastructure. This is Black Spade's third SPAC: the first (BSAQ) completed a merger with VinFast in 2023, and the second (BSII) completed a merger with TGE, a French media and entertainment platform, in 2025. The business model is straightforward: public investors contribute capital at $10 per share, proceeds sit in trust invested in U.S. government securities, and the sponsor receives founder shares at a nominal cost that become valuable only if a deal closes. Black Spade has 24 months to complete a business combination; if it fails, trust proceeds are returned to public shareholders at ~$10 per share. If a deal is completed, public shareholders can redeem at trust value or retain shares in the combined company. The $172.5M trust sets the baseline deal size, though Black Spade can raise additional capital via PIPE deals or debt to fund larger transactions or offset shareholder redemptions.