BIII: Astrum Space to merge via $1 billion reverse merger

Black Spade Acquisition III (BIII) announced on 27 August 2026 that it has entered a business combination agreement with Astrum Space Inc in a reverse merger valued at $1 billion. In this structure, Astrum Space is the operating company being brought public — BIII, as the SPAC target, provides the listed shell.

For current holders, the deal would convert their BIII shares into equity in the combined Astrum Space entity, subject to the transaction closing. Short interest is negligible at under 0.003% of free float, with only 495 shares shorted and a cost to borrow of 1.36% — the short side is not a meaningful factor here.