Astrum Space Inc to Go Public Through Business Combination With Black Spade Acquisition III Co
- Written by Media Outreach
- Astrum Space Inc ("Astrum") is developing a next-generation satellite-to-device ("S2D") broadcast network to serve the Asia-Pacific region.
- Astrum holds 25 MHz of contiguous L-band spectrum at 1467–1492 MHz and spectrum and orbital resources associated with the strategic 105°E GEO position.
- Astrum currently operates its own in-orbit GEO satellite and is developing the SWISSto12-manufactured NEASTAR-1 satellite, with launch and orbital-delivery services contracted with Impulse Space for a planned late-2028 to first-quarter-2029 launch.
- The proposed business combination values Astrum at an equity value of approximately US$1 billion.
From the left: Mr. Jonathan Wang, CFO of Astrum, Mr. Michael Do, President and CEO of Astrum, Mr. Zhou Qingzhi, founder of Astrum, Mr. Lawrence Ho, founder of Black Spade Capital, Mr. Dennis Tam, Chairman and Co-CEO of Black Spade Acquisition III Co, Mr. Kester Ng, Co-CEO and CFO of Black Spade Acquisition III Co, Mr. Richard Taylor, Co-CEO and COO of Black Spade Acquisition III Co
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. Forward-Looking Statements Legend This document contains certain forward-looking statements within the meaning of U.S. federal securities laws with respect to the proposed transaction between Astrum and BIII, including statements regarding the benefits of the transaction, the anticipated benefits of the transaction, Astrum's development, manufacture, launch, orbital deployment, commissioning, technical performance and commercial operation of NEASTAR-1; the anticipated launch window and mission profile; the capabilities and expected operating life of NEASTAR-1; Astrum's planned satellite-to-device network, services, coverage and commercialization strategy; regulatory and market-access approvals; device and technology compatibility; and Astrum's...