Astrum Space Inc has entered into a business combination agreement with Black Spade Acquisition III Co (NYSE: BIII) to go public. The transaction values the satellite communications company at approximately $1 billion in equity value.

Upon completion, the combined entity will be renamed Astrum Space Company and its ordinary shares will be listed on the New York Stock Exchange. The deal is expected to close by the end of 2026, subject to regulatory and shareholder approvals.

Transaction Structure

The proposed equity value of $1 billion excludes cash from BIII’s trust account, which holds approximately $172.5 million. This cash amount assumes no BIII shareholders elect to have their shares redeemed for cash, as permitted under the terms of the business combination.

Existing shareholders of Astrum will hold over 80% of the combined company after the transaction closes, assuming no redemptions by BIII shareholders.

Business Overview

Astrum is developing a wholesale satellite-to-device (S2D) broadcast and data-distribution network targeting the Asia-Pacific region. The company operates a current in-orbit geostationary (GEO) satellite and holds 25 MHz of contiguous L-band spectrum at 1467–1492 MHz. It also controls spectrum and orbital resources associated with the strategic 105°E GEO position.

Astrum is currently developing the NEASTAR-1 satellite, manufactured by SWISSto12. Launch and orbital-delivery services have been contracted with Impulse Space, with a planned launch window between late 2028 and first-quarter 2029.

Strategic Outlook

Michael Do, President and CEO of Astrum Space Inc, stated that the company has assembled the necessary spectrum, orbital resources, and satellite infrastructure to develop a differentiated S2D broadcast platform. He noted that the combination with BIII is expected to strengthen the ability to execute the commercialization strategy and expand strategic partnerships across the region.

Dennis Tam, Executive Chairman and Co-CEO of Black Spade Acquisition III Co, highlighted the evolution of the space sector into a dynamic industry. He emphasized that the partnership reflects a belief in enabling technologies that create meaningful impact through advanced S2D connectivity.

What the Numbers Show

The transaction structure indicates significant dilution protection for existing Astrum shareholders, who will retain over 80% ownership despite the public listing. The $172.5 million in trust cash from BIII provides immediate liquidity for the combined entity, assuming zero redemptions, which supports near-term capital requirements for the development of the NEASTAR-1 satellite.

Advisors and Regulatory Filings

Cohen & Company Capital Markets served as financial advisor to BIII. Latham & Watkins LLP acted as U.S. legal counsel to BIII, while Loeb & Loeb LLP served as U.S. legal counsel to Astrum.

The business combination agreement was filed with the Securities and Exchange Commission (SEC) on August 27, 2026, in BIII’s Current Report on Form 8-K. A registration statement including a proxy statement will also be filed with the SEC.