BIII.U Dives 0.40% to Record Low After IPO Pricing Amid Market Volatility

The share price of Black Spade Acquisition III-U (BIII.U) fell to a record low on Jan. 7, with an intraday decline of 0.40%.

The stock’s performance follows the pricing of its $150 million IPO on Jan. 6, which raised capital through 15 million units priced at $10.00 each. The offering includes warrants exercisable at $11.50 per share, offering potential upside if the SPAC’s post-merger valuation rises. The management team, led by Dennis Tam and Kester Ng, has a proven track record in SPACs, having executed high-profile deals such as the $23 billion VinFast acquisition in 2023 and the $488 million Generation Essentials Group merger in 2025. These successes have historically bolstered investor confidence in the firm’s ability to identify and execute strategic business combinations.

Despite the management’s credibility, the SPAC’s stock faces downward pressure amid broader market volatility and regulatory scrutiny of SPAC structures. The firm’s two-year window to complete a merger by Jan. 2028 adds time-sensitive pressure, as delays or suboptimal deals could erode shareholder value. While the IPO’s smaller size compared to prior transactions may attract investors seeking mid-sized opportunities, the current decline suggests cautious sentiment.

The SPAC’s future trajectory will hinge on its ability to secure a compelling target and navigate a still-evolving regulatory environment, with warrants and liquidity provisions offering limited near-term relief.