Black Spade Acquisition Co (BSAQ), a Special Purpose Acquisition Company (SPAC) dedicated to effecting a business combination, announced today its decision to transfer the listing of its units, Class A ordinary shares, and warrants from the New York Stock Exchange (NYSE) to the NYSE American. This strategic move is driven by various factors, including the NYSE American’s more favorable thresholds for continued listing following potential redemptions of Class A ordinary shares. The transfer is expected to take place on June 21, 2023, with BSAQ’s trading symbols remaining unchanged.
The decision to transfer to the NYSE American reflects BSAQ’s commitment to optimize its listing status and ensure a seamless transition for its investors. By leveraging the more favorable thresholds for continued listing on the NYSE American, BSAQ aims to align its listing requirements with potential redemptions of Class A ordinary shares related to the vote to extend the initial business combination deadline. This strategic move provides BSAQ with a flexible framework to navigate the evolving SPAC landscape.
Trading Transition and Delisting from NYSE: BSAQ expects to commence trading on the NYSE American under its current symbols “BSAQU,” “BSAQ,” and “BSAQWS” for units, Class A ordinary shares, and warrants, respectively, starting from the market open on June 21, 2023. The company will continue trading on the NYSE until the close of trading on June 20, 2023. Following the transfer, BSAQ will be delisted from the NYSE in connection with its listing on the NYSE American, streamlining its presence on a single exchange.
Pursuing Dynamic Investment Opportunities BSAQ, established as a blank check company, operates under the guidance of Black Spade Capital, known for its diverse cross-border investment portfolio. With a commitment to adding new investment projects and opportunities, BSAQ is dedicated to facilitating a successful business combination that aligns with its overarching investment strategy. By merging with a target company, BSAQ aims to unlock value and deliver returns for its investors.
Black Spade Acquisition Co’s transfer of listing to the NYSE American represents a strategic move to optimize its business combination efforts. The shift to the NYSE American provides BSAQ with more favorable listing criteria, ensuring a smoother journey as the company explores potential redemptions of Class A ordinary shares. As BSAQ commences trading on the NYSE American, investors will closely monitor the company’s progress in identifying a suitable merger partner and driving value for shareholders in the dynamic SPAC landscape.