Black Spade Acquisition III Co (BIII.W) Warrant
Each BIII.W warrant gives the holder the right to buy 1 share of Black Spade Acquisition III Co at $11.50 per share, for five years after the company completes its merger. The stock last closed at $10.05, below the strike, so the warrant is out of the money. Black Spade Acquisition III Co has a market value of about $231.15M. Black Spade Acquisition III Co is a SPAC (deal signed with Astrum Space Inc). It must complete a deal by April 7, 2028 or the warrants expire worthless. There are 5.75M listed warrants; exercising all of them would add 25.0% to the 23.00M shares outstanding.
BIII vs strike, last 12 months
No share-price history for BIII yet.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- allowed
- Break-even stock price
- $11.88
From the issuer's S-1/A (2025-12-18).
Company and stock
- Company
- Black Spade Acquisition III Co
- Underlying stock
- BIII
- Share price
- $10.05
- Market cap
- $231.15M
- Shares outstanding
- 23.00M
- Value of all listed warrants
- $2.19M (0.9% of market cap)
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.3800
- Price / model
Get Pro to see whether BIII.W is cheap or rich against our model.
Dilution
- Shares outstanding
- 23.00M
- Listed warrants
- 5.75M
- Dilution if all exercised
- 25.0%
Warrant count from filing iXBRL: PublicWarrantsMember.
SPAC deal
- Status
- deal signed
- Target
- Astrum Space Inc
- Deal announced
- 2026-08-27
- Deadline
- 2028-04-07
- Latest possible deadline
- 2028-04-07
- Trust per share
- $10.17
- Sponsor
- Black Spade Sponsor LLC III
- Sponsor's earlier SPACs
- 2 (2 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about BIII.W
When does the BIII.W warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of BIII.W?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many BIII.W warrants are outstanding?
5.75M listed warrants, equal to 25.0% dilution if all are exercised.