Tue, Nov 12, 8:52 PM (97 days ago)
For the quarter ending September 30, 2024, Black Spade Acquisition II Co (BSII) reported a net income of $711,859, primarily driven by $675,282 in interest income from its Trust Account and a gain of $221,227 on the over-allotment liability. The company, which went public on August 29, 2024, raised $150 million from its Initial Public Offering (IPO) and an additional $3 million from the partial exercise of an over-allotment option. As of September 30, 2024, total assets were approximately $156 million, with $153.7 million held in trust, earmarked for future business combinations. The company has not yet commenced operations and does not expect to generate revenues until it completes a business combination. Operating expenses included $184,650 for general and administrative costs, leading to a loss from operations. The company has sufficient liquidity to cover operational costs for at least one year, but uncertainties persist regarding the successful identification and acquisition of a target business, especially amid current geopolitical tensions affecting global markets. The firm remains classified as an emerging growth company, allowing it to leverage certain regulatory exemptions.