Astrum Space Inc, a satellite communications company developing a regional broadcast network, agreed to merge with special purpose acquisition company Black Spade Acquisition III Co in a deal valuing Astrum at approximately $1 billion.
The transaction will rename the combined entity Astrum Space Company, with shares to be listed on the New York Stock Exchange. Existing Astrum shareholders are expected to retain over 80% ownership of the combined company, assuming no redemptions of Black Spade’s trust cash. The SPAC holds roughly $172.5 million in trust capital ahead of the merger.
The merger is slated to close by the end of 2026, subject to regulatory and shareholder approvals and customary closing conditions. Astrum’s business centers on a satellite-to-device broadcast network for the Asia-Pacific region, supported by 25 MHz of contiguous L-band spectrum at 1467–1492 MHz and orbital resources at the 105°E geostationary position.
Astrum currently operates an in-orbit geostationary satellite and is developing the NEASTAR-1 satellite in collaboration with SWISSto12. Launch services are contracted with Impulse Space, with a targeted launch window from late 2028 to the first quarter of 2029.
Black Spade Acquisition III, the third SPAC from Black Spade Capital Limited, has completed prior transactions including a $23 billion combination with VinFast Auto Ltd in August 2023 and a $488 million deal with The Generation Essentials Group in June 2025. Black Spade’s shares trade on the NYSE under the ticker BIII.
Financial advisory for Black Spade is provided by Cohen & Company Capital Markets, while U.S. legal counsel is handled by Latham & Watkins LLP for the SPAC and Loeb & Loeb LLP for Astrum. Astrum is headquartered in El Segundo, California.
