Black Spade Acquisition III Co (BIII) · Nov 5, 2026 · Material agreement
Listing venue broadened
Black Spade amended its Astrum merger agreement to allow either NYSE or Nasdaq listing, reducing execution rigidity without changing the deal’s core terms.
Astrum is a pre-commercial satellite-to-device network builder: it operates one GEO satellite and is developing NEASTAR-1, targeted for launch from late 2028 into early 2029, while pursuing its de-SPAC transaction with Black Spade.
The amendment adds execution flexibility, not a new business milestone. Black Spade, Astrum and Astrum Singapore amended the merger agreement on November 5, 2026, to permit the surviving company to list on either the NYSE or Nasdaq rather than requiring the NYSE alone. 〔0〕
This barely changes the standing story. The original transaction already contemplated a public listing and had been publicly announced on August 27, 2026; the amendment broadens the acceptable exchange but does not change the merger structure, funding framework, Astrum’s satellite roadmap, or shareholder economics.
Bottom line: This is housekeeping that may reduce listing-execution friction, but it does not advance Astrum’s operating plan or materially reset the merger thesis. The business story is unchanged.
SEC effectiveness and shareholder vote on the merger
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