Rendering of Astrum Mobile’s Neastar-1 satellite, being developed with Swissto12 on the HummingSat platform. Credit: Swissto12
TAMPA, Fla. — Singapore-based Astrum Space announced plans Aug. 27 to merge with a publicly listed blank-check company in a deal valuing the satellite direct-to-device (D2D) venture at about $1 billion.
The transaction would combine Astrum with Black Spade Acquisition III Co (BIII), a special purpose acquisition company (SPAC) sponsored by Black Spade Capital, the private investment arm of casino magnate Lawrence Ho.
BIII trades on the New York Stock Exchange and has about $172.5 million in cash held in trust, subject to potential shareholder redemptions before the merger closes.
Chinese property investor and Astrum founder Zhou Qingzhi has separately committed up to $168 million to support the company, according to regulatory filings, including development and launch of Neastar-1, the small geostationary satellite ordered last year from Swissto12.
