Black Spade Acquisition III Co

BIIIFinancial·Shell Companies·Hong Kong·Micro·NYSE·Nov 11 • 8:20 AM ET

10.18+0.04 (0.38%)

2026-11-11 14:53 CET

Market cap

233.22 USD m

Revenue, TTM

0.00 USD m

Net income, TTM

2.05 USD m

Free cash flow, TTM

-0.90 USD m

EPS diluted, TTM

0.09

P/E

114.11

Compare

Price

BIII against its 20 and 50-day averages

2050

0.6% under 10.24 on 28 Aug 2026. Last 15 sessions, 1.5% high to low

Profile

BIII

52-week range, 85% of the way up

9.8310.24

Black Spade Acquisition III Co. is a blank check company, which engages in the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or assets. The company was founded on August 21, 2025 and is headquartered in Hong Kong.

Employees	3
IPO	Jan 29, 2026
ATR, 14d	0.03
Rel volume	0.01
Short float	0.01%
Insider own	25.00%
Inst own	65.25%

Snapshot

6 groups

Valuation

Index	-
Market Cap	234.12M
Enterprise Value	233.92M
Income	2.05M
Sales	0.00M
Book/sh	7.34
Cash/sh	0.01
Dividend Est.	-
Dividend TTM	-
Dividend Ex-Date	-
Dividend Gr. 3/5Y	- -
Payout	-
Employees	3
IPO	Jan 29, 2026

Ratios

P/E	114.11
Forward P/E	-
PEG	-
P/S	-
P/B	1.39
P/C	1170.58
P/FCF	-
EV/EBITDA	-
EV/Sales	-
Quick Ratio	0.16
Current Ratio	0.16
Debt/Eq	0.00
LT Debt/Eq	0.00
Option/Short	No / Yes

Earnings

EPS (ttm)	0.09
EPS next Y	-
EPS next Q	-
EPS this Y	-
EPS next Y	-
EPS next 5Y	-
EPS past 3/5Y	- -
Sales past 3/5Y	- -
EPS Y/Y TTM	-
Sales Y/Y TTM	-
EPS Q/Q	880.00%
Sales Q/Q	-
Earnings	-
EPS/Sales Surpr.	- -

Ownership

Insider Own	25.00%
Insider Trans	0.00%
Inst Own	65.25%
Inst Trans	-
ROA	2.31%
ROE	2.43%
ROIC	1.22%
Gross Margin	-
Oper. Margin	-
Profit Margin	-
SMA20	0.75%
SMA50	1.03%
SMA200	2.00%
Trades	-

Technical

Shs Outstand	17.25M
Shs Float	17.25M
Short Float	0.01%
Short Ratio	0.01
Short Interest	0.00M
52W High	10.24 -0.60%
52W Low	9.83 3.55%
Volatility	0.44% 0.21%
ATR (14)	0.03
RSI (14)	68.54
Beta	-
Rel Volume	0.01
Avg Volume	205.66K
Volume	122

Performance

Perf Week	0.68%
Perf Month	0.88%
Perf Quarter	1.89%
Perf Half Y	2.92%
Perf YTD	1.99%
Perf Year	-
Perf 3Y	-
Perf 5Y	-
Perf 10Y	-
Recom	-
Target Price	-
Prev Close	10.14
Price	10.18
Change %	0.38%

Key figures

Revenue, TTM	0.00
Net income, TTM	2.05
EPS diluted, TTM	0.09
EBIT, TTM	-2.52
Free cash flow, TTM	-0.90
Gross margin	-%
Operating margin	-%
Net margin	-%
Market cap	233.22
P/E	114.11
Sales Y/Y, TTM	-

USD millions. TTM from the statement feed.

Quarterly earnings

actual against estimate

Period	Reported	EPS act	EPS est	EPS rep	Sales act	Sales est	Analysts
No quarterly earnings.

Period

Reported

EPS act

EPS est

EPS rep

Sales act

Sales est

Analysts

No quarterly earnings.

Annual earnings

Period	EPS act	EPS est	EPS rep	Sales act	Sales est
No annual earnings.

Period

EPS act

EPS est

EPS rep

Sales act

Sales est

No annual earnings.

Estimate revisions

last 14 periods

Period	Type	Date	Estimates	Up	Down	Mean	Low	High
No estimate revisions.

Period

Type

Date

Estimates

Down

Mean

Low

High

No estimate revisions.

Estimate history

Period	2025	TTM
EPS, annual	-0.004	0.0892
EPS, quarterly	-0.001	-0.003	0.047	0.037	0.008
Period	Q3 '25	Q4 '25	Q1 '26	Q2 '26	Q3 '26
Sales, annual	0	0
Period	2025	TTM
Sales, quarterly	0	0	0	0	0
Period	Q3 '25	Q4 '25	Q1 '26	Q2 '26	Q3 '26
Shares, annual	23	23
Period	2025	MRQ
Shares, quarterly	23	23	23	23	23
Period	Q3 '25	Q4 '25	Q1 '26	Q2 '26	Q3 '26

Income statement, annual

Currency USD, millions
Metric	TTM	2025FY
Total Revenue	0.00	0.00
Cost of Goods Sold Incl. D&A	0.00	0.00
Gross Profit	0.00	0.00
Selling, General and Administrative Excl. Other	2.52	0.09
Other Operating Expense	0.00	0.00
Operating Income	-2.52	-0.09
Unusual Expense	0.00	0.00
Net Income Before Taxes	2.05	-0.09
Income Taxes	0.00	0.00
Consolidated Net Income	2.05	-0.09
Net Income From Continuing Operations	2.05	-0.09
Net Income	2.05	-0.09
EPS (Recurring)	0.09	-0.00
EPS (Basic, Before Extraordinaries)	0.09	-0.00
EPS (Diluted)	0.09	-0.00
EBITDA	-2.52	-0.09
Non-Operating Income (Expense)	4.57	0.00
Other After Tax Adjustments	0.00	0.00
Price To Earnings Ratio	113.68	113.68
Shares Outstanding	23.00	23.00
Market Capitalization	233.22	233.22

Income statement, quarterly

Currency USD, millions
Metric	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q3
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Cost of Goods Sold Incl. D&A	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General and Administrative Excl. Other	1.43	0.70	0.33	0.06	0.02	0.02
Other Operating Expense	0.00	0.00	0.00	0.00	0.00	0.00
Operating Income	-1.43	-0.70	-0.33	-0.06	-0.02	-0.02
Interest Expense	-	-	-	-	-	0.00
Unusual Expense	0.00	0.00	0.00	0.00	0.00	0.00
Net Income Before Taxes	0.18	0.85	1.09	-0.06	-0.02	-0.02
Income Taxes	0.00	0.00	0.00	0.00	0.00	0.00
Consolidated Net Income	0.18	0.85	1.09	-0.06	-0.02	-0.02
Net Income From Continuing Operations	0.18	0.85	1.09	-0.06	-0.02	-0.02
Net Income	0.18	0.85	1.09	-0.06	-0.02	-0.02
EPS (Recurring)	0.01	0.04	0.05	-0.00	-0.00	-0.00
EPS (Basic, Before Extraordinaries)	0.01	0.04	0.05	-0.00	-0.00	-0.00
EPS (Diluted)	0.01	0.04	0.05	-0.00	-0.00	-0.00
EBITDA	-1.43	-0.70	-0.33	-0.06	-0.02	-0.02
Non-Operating Income (Expense)	1.60	1.55	1.42	0.00	0.00	0.00
Other After Tax Adjustments	0.00	0.00	0.00	0.00	0.00	0.00
Price To Earnings Ratio	113.68	-	-	-	-	-
Shares Outstanding	23.00	23.00	23.00	23.00	23.00	20.00
Market Capitalization	233.22	228.85	226.32	226.70	-	-

Balance sheet, annual

Currency USD, millions
Metric	2025FY
Cash & Short Term Investments	3.28
Short Term Receivables	0.00
Inventories	0.00
Other Current Assets	0.00
Total Current Assets	3.28
Net Property, Plant & Equipment	0.00
Total Investments and Advances	0.00
Intangible Assets	0.00
Other Assets	0.38
Total Assets	3.66
Short Term Debt Incl. Current Port. of LT Debt	0.12
Accounts Payable	0.00
Other Current Liabilities	3.60
Total Current Liabilities	3.72
Long Term Debt	0.00
Provision for Risks Charges	0.00
Other Liabilities	0.00
Total Liabilities	3.72
Non-Equity Reserves	0.00
Preferred Stock - Carrying Value	0.00
Common Equity	-0.06
Total Shareholders Equity	-0.06
Accumulated Minority Interest	0.00
Total Equity	-0.06
Total Liabilities & Stockholders Equity	3.66
Book Value Per Share	-0.00
Tangible Book Value Per Share	-0.00
Full-Time Employees	3
Price to Book Ratio	1.38
Quick Ratio	0.88
Current Ratio	0.88

Cash flow, annual

Currency USD, millions
Metric	TTM	2025FY
Net Income	2.05	-0.09
Other Funds (Non Cash)	-4.54	0.05
Funds from Operations	-2.49	-0.04
Extraordinary Item	0.00	0.00
Changes in Working Capital	1.59	0.04
Cash from Operating Activities	-0.90	0.00
Capital Expenditures	0.00	0.00
Net Assets From Acquisitions	0.00	0.00
Sale of Fixed Assets and Businesses	0.00	0.00
Purchase or Sale of Investments	-172.50	0.00
Purchase of Investments	-172.50	0.00
Sale Or Maturity of Investments	0.00	0.00
Other Uses	0.00	0.00
Other Sources	0.00	0.00
Cash from Investing Activities	-172.50	0.00
Cash Dividends Paid	0.00	0.00
Change in Capital Stock	173.80	0.00
Repurchase of Common Pref Stock	0.00	0.00
Sale of Common Pref Stock	173.80	0.00
Proceedsfrom Stock Options	169.72	0.00
Issuance or Reduction of Debt, Net	-0.12	0.00
Change in Long Term Debt	0.00	0.00
Issuance of Long Term Debt	0.00	0.00
Reduction of Long Term Debt	0.00	0.00
Net Financing Active Other Cash Flow	-0.07	3.27
Cash from Financing Activities	173.60	3.27
Net Change in Cash	0.20	3.28
Free Cash Flow	-0.90	0.00
Preferred Dividends (Cash Flow)	-	0.00
Deferred Taxes & Investment Tax Credit	-	0.00

Balance sheet, quarterly

Currency USD, millions
Metric	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q3
Cash & Short Term Investments	0.20	0.64	0.73	3.28	0.00	0.00
Short Term Receivables	0.00	0.00	0.00	0.00	0.00	0.00
Inventories	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Assets	0.08	0.11	0.17	0.00	0.03	0.03
Total Current Assets	0.28	0.75	0.90	3.28	0.03	0.03
Net Property, Plant & Equipment	0.00	0.00	0.00	0.00	0.00	0.00
Total Investments and Advances	177.07	175.47	173.92	0.00	0.00	0.00
Intangible Assets	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	0.00	0.00	0.00	0.38	0.32	0.05
Total Assets	177.35	176.22	174.82	3.66	0.34	0.08
Short Term Debt Incl. Current Port. of LT Debt	0.00	0.00	0.00	0.12	0.05	0.01
Accounts Payable	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Liabilities	1.76	0.81	0.25	3.60	0.29	0.06
Total Current Liabilities	1.76	0.81	0.25	3.72	0.34	0.07
Long Term Debt	0.00	0.00	0.00	0.00	0.00	0.00
Provision for Risks Charges	0.00	0.00	0.00	0.00	0.00	0.00
Other Liabilities	6.88	6.88	6.88	0.00	0.00	0.00
Total Liabilities	8.64	7.69	7.13	3.72	0.34	0.07
Non-Equity Reserves	0.00	0.00	0.00	0.00	0.00	0.00
Preferred Stock - Carrying Value	0.00	0.00	0.00	0.00	0.00	0.00
Common Equity	168.72	168.54	167.69	-0.06	0.00	0.01
Total Shareholders Equity	168.72	168.54	167.69	-0.06	0.00	0.01
Accumulated Minority Interest	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity	168.72	168.54	167.69	-0.06	0.00	0.01
Total Liabilities & Stockholders Equity	177.35	176.22	174.82	3.66	0.34	0.08
Book Value Per Share	7.34	7.33	7.29	-0.00	0.00	0.00
Tangible Book Value Per Share	7.34	7.33	7.29	-0.00	0.00	0.00
Full-Time Employees	-	-	-	3	-	3
Price to Book Ratio	1.38	1.36	-3,685.39	-3,691.61	-	-
Return on Assets	2.31	-	-	-	-	-
Return on Equity	2.43	-	-	-	-	-
Return on Invested Capital	0.11	0.50	0.65	-	-910.10	-224.93
Quick Ratio	0.16	0.93	3.57	0.88	0.07	0.37
Current Ratio	0.16	0.93	3.57	0.88	0.07	0.37

Cash flow, quarterly

Currency USD, millions
Metric	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q3
Net Income	0.18	0.85	1.09	-0.06	-	-
Other Funds (Non Cash)	-1.60	-1.55	-1.42	0.04	-	-
Funds from Operations	-1.43	-0.70	-0.33	-0.03	-	-
Extraordinary Item	0.00	0.00	0.00	0.00	-	-
Changes in Working Capital	0.99	0.62	-0.05	0.03	-	-
Cash from Operating Activities	-0.44	-0.09	-0.38	0.00	-	-
Capital Expenditures	0.00	0.00	0.00	0.00	-	-
Net Assets From Acquisitions	0.00	0.00	0.00	0.00	-	-
Sale of Fixed Assets and Businesses	0.00	0.00	0.00	0.00	-	-
Purchase or Sale of Investments	0.00	0.00	-172.50	0.00	-	-
Purchase of Investments	0.00	0.00	-172.50	0.00	-	-
Sale Or Maturity of Investments	0.00	0.00	0.00	0.00	-	-
Other Uses	0.00	0.00	0.00	0.00	-	-
Other Sources	0.00	0.00	0.00	0.00	-	-
Cash from Investing Activities	0.00	0.00	-172.50	0.00	-	-
Cash Dividends Paid	0.00	0.00	0.00	0.00	-	-
Preferred Dividends (Cash Flow)	0.00	0.00	0.00	0.00	-	-
Change in Capital Stock	0.00	0.00	173.80	0.00	-	-
Repurchase of Common Pref Stock	0.00	0.00	0.00	0.00	-	-
Sale of Common Pref Stock	0.00	0.00	173.80	0.00	-	-
Proceedsfrom Stock Options	0.00	0.00	169.72	0.00	-	-
Issuance or Reduction of Debt, Net	0.00	0.00	-0.12	0.00	-	-
Change in Long Term Debt	0.00	0.00	0.00	0.00	-	-
Issuance of Long Term Debt	0.00	0.00	0.00	0.00	-	-
Reduction of Long Term Debt	0.00	0.00	0.00	0.00	-	-
Net Financing Active Other Cash Flow	0.00	0.00	-3.35	3.27	-	-
Other Financing Activities Uses	0.00	0.00	-3.35	-	-	-
Cash from Financing Activities	0.00	0.00	170.33	3.27	-	-
Net Change in Cash	-0.44	-0.09	-2.55	3.28	-	-
Free Cash Flow	-0.44	-0.09	-0.38	0.00	-	-

Revenue breakdown

Revenue split	-

Short interest

shares short against float, oldest to newest

Settlement	Of float	Shares short	Float	Avg volume
2026-10-30	0.01%	0.0M	17.3M	200.71K
2026-10-15	0.01%	0.0M	17.3M	193.14K
2026-09-30	0.00%	0.0M	17.3M	189.00K
2026-09-15	0.01%	0.0M	17.3M	227.85K
2026-08-31	0.06%	0.0M	17.3M	172.56K
2026-08-14	0.00%	0.0M	17.3M	18.32K
2026-07-31	0.00%	0.0M	17.3M	15.43K
2026-07-15	0.00%	0.0M	17.3M	15.09K
2026-06-30	0.01%	0.0M	17.3M	31.03K
2026-06-15	0.01%	0.0M	16.4M	32.38K
2026-05-29	0.01%	0.0M	17.3M	30.01K
2026-05-15	0.00%	0.0M	17.3M	31.93K
2026-04-30	0.01%	0.0M	17.3M	79.49K
2026-04-15	0.64%	0.1M	17.3M	87.63K
2026-03-31	0.02%	0.0M	17.3M	102.36K
2026-03-13	0.01%	0.0M	17.3M	102.87K
2026-02-27	0.03%	0.0M	17.3M	133.92K
2026-02-13	0.19%	0.0M	17.3M	190.09K
2026-01-30	0.08%	0.0M	17.3M	13.01K

Option chain

expiry 2026-11-11

Type	Strike	Bid	Ask	Last	IV	Open int	Volume	Delta	Theta	Vega
No option chain for this symbol.

Type

Strike

Bid

Ask

Last

Open int

Volume

Delta

Theta

Vega

No option chain for this symbol.

Latest SEC filings

Filed	Form	Description	Period	Link
2026-11-09	SCHEDULE 13G			SEC
2026-11-05	F-4/A			SEC
2026-11-05	10-Q	Quarterly report pursuant to Section 13 or 15(d)	2026-09-30	SEC
2026-11-05	425	Filing under Securities Act Rule 425 of certain prospectuses and communications in connection with business combination transactions.		SEC
2026-11-05	8-K	Current report	2026-11-05	SEC
2026-11-02	8-K	Current report	2026-10-30	SEC
2026-10-15	F-4	Registration statement for securities issued by foreign private issuers in certain business combination transactions		SEC
2026-09-11	DRS			SEC
2026-09-01	425	Filing under Securities Act Rule 425 of certain prospectuses and communications in connection with business combination transactions.		SEC
2026-08-27	425	Filing under Securities Act Rule 425 of certain prospectuses and communications in connection with business combination transactions.		SEC
2026-08-27	8-K	Current report	2026-08-27	SEC
2026-08-25	SCHEDULE 13G			SEC
2026-08-11	10-Q	Quarterly report pursuant to Section 13 or 15(d)	2026-06-30	SEC
2026-05-15	SCHEDULE 13G/A			SEC
2026-05-14	SCHEDULE 13G			SEC
2026-05-13	SCHEDULE 13G			SEC
2026-05-12	10-Q	Quarterly report pursuant to Section 13 or 15(d)	2026-03-31	SEC
2026-03-06	10-K	Annual report pursuant to Section 13 or 15(d)	2025-12-31	SEC
2026-02-19	10-Q	Quarterly report pursuant to Section 13 or 15(d)	2025-09-30	SEC
2026-02-11	SCHEDULE 13G			SEC
2026-01-26	8-K	Current report	2026-01-26	SEC
2026-01-16	8-K/A		2026-01-07	SEC
2026-01-13	8-K	Current report	2026-01-13	SEC
2026-01-09	SCHEDULE 13G			SEC
2026-01-09	8-K	Current report	2026-01-09	SEC
2026-01-07	3	Initial statement of beneficial ownership of securities	2026-01-05	SEC
2026-01-07	424B3			SEC
2026-01-06	3	Initial statement of beneficial ownership of securities	2026-01-05	SEC
2026-01-06	3	Initial statement of beneficial ownership of securities	2026-01-05	SEC
2026-01-06	3	Initial statement of beneficial ownership of securities	2026-01-05	SEC

Insider activity by month

Month	Bought	Buys	Sold	Sells
2026-11	0	0	0	0
2026-10	0	0	0	0
2026-09	0	0	0	0
2026-08	0	0	0	0
2026-07	0	0	0	0
2026-06	0	0	0	0
2026-05	0	0	0	0
2026-04	0	0	0	0
2026-03	0	0	0	0
2026-02	0	0	0	0
2026-01	0	0	0	0
2025-12	0	0	0	0
2025-11	0	0	0	0

Institutional holders

Manager	% owned
ARISTEIA CAPITAL, L.L.C.	4.78%
TENOR CAPITAL MANAGEMENT Co., L.P.	4.35%
Magnetar Financial LLC	4.35%
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	3.59%
AQR Arbitrage LLC	3.31%
MILLENNIUM MANAGEMENT LLC	3.26%
Fort Baker Capital Management LP	3.04%
SONA ASSET MANAGEMENT	2.61%
Wealthspring Capital LLC	2.26%
GLAZER CAPITAL, LLC	2.17%

Funds

Fund	% owned
First Trust Merger Arbitrage Fund	1.32%
HIGH INCOME SECURITIES FUND	0.22%
First Trust Multi-Strategy Fund	0.20%
Special Opportunities Fund, Inc.	0.00%

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