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Completed · 14 Aug 2023BSAQU · NYSECIK 1851908Sponsor at IPO: Black Spade Sponsor LLC

Black Spade Acquisition Co

$169MTrust raised at IPO · 8% of public shares left after its last counted vote

Merged with VinFast Auto Ltd. (VFS) · Industrials and transport

  1. IPO15 Jul 2021
  2. Searching24 months
  3. Deal announcedAgreement signed
  4. Closed14 Aug 2023

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Smaller than 78% of 2021’s SPAC IPOs.

    $169M raised, against a median of $239M for the 610 SPACs that priced in 2021.

  2. 02

    92% of public shares redeemed across 2 votes.

    1 extension vote and the merger vote, counted from the SPAC’s 8-Ks. 8% of the public shares remained after the last one.

  3. 03

    Closed its merger 25 months after its IPO.

    The combined company is VinFast Auto Ltd. (VFS). Sector: Industrials and transport.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2021 SPAC IPOs →
IPO priced
15 Jul 2021
IPO closed
20 Jul 2021
Raised
$169M1
Units sold
16,900,0002
Trust raised
$169M3
Trust per unit
$10.004
Unit
1 sh + ½ warrant5
Months to complete
246
Deadline before extensions
20 Jul 2023
Over-allotment
Exercised in part

Each unit: “one Class A ordinary share and one-half of one redeemable warrant”

How it compares

Black Spade Acquisition Co against the 610 SPACs that priced in 2021.

Raised
$169M
78% of 2021 SPACs are above it
2021 median: $239M
Trust per unit
$10.00
63% of 2021 SPACs match it
2021 median: $10.00
Months to complete
24
56% of 2021 SPACs match it
2021 median: 24
Redeemed across its votes
92%
56% of 2021 SPACs are above it
2021 median: 94%

Trust and redemptions

  1. Extension vote · 13 Jul 202314,150,715 of 16,900,000 redeemed (84%)
  2. Merger vote · 10 Aug 20231,440,385 of 2,749,285 redeemed (52%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Underwriters’ counsel

Other SPACs from Black Spade

Black Spade’s track record →

Black Spade has brought 3 SPACs to market since 1 January 2019, $495M in all: 2 completed, 1 searching. 2 of the 2 that reached an end completed a merger.

SPACIPORaisedStatusOutcomeMonths
Black Spade Acquisition III Co5 Jan 2026$173MSearching——
Black Spade Acquisition II Co27 Aug 2024$153MCompletedThe Generation Essentials Group (TGE)9
Black Spade Acquisition Co This SPAC15 Jul 2021$169MCompletedVinFast Auto Ltd. (VFS)25

Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.

Peers

Other 2021 SPAC IPOs with Citigroup Global Markets Inc. as bookrunner.

SPACIPORaisedUnitStatus
Ahren Acquisition Corp.14 Dec 2021$300M1 sh + ½ warrantLiquidated
Investcorp Europe Acquisition Corp I14 Dec 2021$345M1 sh + ½ warrantSearching
Athena Technology Acquisition Corp. II9 Dec 2021$254M1 sh + ½ warrantDeal announced
Healthcare AI Acquisition Corp.9 Dec 2021$216M1 sh + ½ warrantDeal announced
Emerging Markets Horizon Corp.8 Dec 2021$288M1 sh + ½ warrantLiquidated

Sources

  1. PFinal prospectus: 0001193125-21-217273
  2. 1Gross proceeds: 0001193125-21-265951with a total gross proceeds of $169,000,000, may elect to separately trade the Class A ordinary shares and warrants included in the units.
  3. 2Units sold: 0001193125-21-265951holders of the units sold in the Company’s initial public offering of 16,900,000 units (including 1,900,000 units sold in connection with the partial exercise of the underwriter’s over-allotment option)
  4. 3Trust raised: 0001193125-21-240008A total of $169,000,000 of the proceeds from the sale of the Units, the Option Units, the Private Placement Warrants and the Additional Private Placement Warrants was initially placed in a U.S.-based trust account
  5. 4Trust per unit: 0001193125-21-217273$150,000,000, or $172,500,000 if the underwriters’ over-allotment option is exercised in full ($10.00 per unit in either case), will be deposited into a trust account
  6. 5Unit composition: 0001193125-21-217273Each unit has an offering price of $10.00 and consists of one Class A ordinary share
  7. 6Months to complete: 0001193125-21-217273If we do not complete our initial business combination within 24 months from the closing of this offering, we will redeem 100% of the public shares

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.