EL SEGUNDO, Calif., August 27 — Astrum Space Inc (“Astrum” or the “Company”), a satellite communications company developing a wholesale satellite-to-device (“S2D”) broadcast and data-distribution network, and Black Spade Acquisition III Co (NYSE: BIII, “BIII”) announced today that they have entered into a business combination agreement. Upon the completion of the transactions contemplated by the business combination agreement, the combined company will be renamed as “Astrum Space Company” and its ordinary shares will be listed on the New York Stock Exchange.
The business combination values Astrum at an equity value of approximately US$1 billion, not including cash from BIII’s approximately US$172.5 million of cash in trust (assuming no BIII shareholders elect to have their BIII shares redeemed for cash as permitted).
The transaction is expected to close by the end of 2026, subject to regulatory and shareholder approvals, and other customary closing conditions. After the transaction, assuming no BIII shareholders elect to have their BIII shares redeemed for cash as permitted, existing shareholders of Astrum will hold over 80% of the combined company.
Mr. Dennis Tam, Executive Chairman of the Board and Co-Chief Executive Officer of Black Spade Acquisition III Co, said: “We are delighted to support Astrum in its efforts to advance S2D connectivity across the Asia Pacific region. We have been encouraged by the dedication and long-term vision of Astrum’s management team as they develop services designed to broaden connectivity across the region. Astrum has developed a satellite network and a spectrum position intended to support its connectivity and broadcast initiatives. Over the years, the space sector has evolved into one of today’s most dynamic industries and continues to play an increasingly important role in everyday life. This partnership with Astrum reflects our belief in the power of enabling technologies to create meaningful impact.”
Mr. Michael Do, President and Chief Executive Officer of Astrum Space Inc, said: “Astrum has reached an important inflection point. We have assembled the spectrum, orbital resources and satellite infrastructure to develop a differentiated S2D broadcast platform across Asia-Pacific. With our NEASTAR-1 satellite under development and launch and orbital-delivery services secured from Impulse Space, we believe we have a clear path toward deployment of our next-generation geostationary platform. The proposed combination with Black Spade Acquisition III Co is expected to strengthen our ability to execute our commercialization strategy and expand strategic partnerships across the region.”
Additional information about the proposed transaction, including a copy of the business combination agreement, is available in BIII’s Current Report on Form 8-K, filed on August 27, 2026, with the Securities and Exchange Commission (“SEC”) at www.sec.gov.
More information about the proposed transaction will also be described in a registration statement that includes BIII’s proxy statement relating to the business combination, which BIII and Astrum will file with the SEC.