Lawrence Ho Brings Black Spade III to the Market while Daniel Cohen Launches $220M SPAC. Wellsbach and Metal Sky Extensions Approved. Blueport and Allusa Energy Separate Trading.
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DAILY SPAC UPDATE
NEW SPAC IPOs
Jan 06: BIII – Black Spade Acquisition III Co $150M IPO
Jan 06: ARTC – Art Technology Acquisition Corp. $220M IPO
SPAC IPO: BLACK SPADE ACQUISITION III CO (BIII)
Ticker: BIIIU (Units) | Size: $150 Million | Sponsor: Black Spade Capital (Affiliate of Lawrence Ho)
After the headline-grabbing $23 billion de-SPAC of Vietnamese EV maker VinFast (BSAQ) and the lightning-fast 10-month turnaround of The Generation Essentials Group (BSII) in 2025, Lawrence Ho’s Black Spade franchise is back for its third act. This $150 million vehicle signals a refined focus for one of the most active sponsors in the Asian-Pacific corridor.
The Strategy: While the team retains its “sector agnostic” charter, they have explicitly signaled a hunt for a target at the intersection of lifestyle, entertainment, and digital financial infrastructure. Specifically, the management team is looking to leverage their deep roots in the Melco Group (gaming and resorts) to find a target that can integrate AI, Web3, or digital asset technologies to modernize the “user experience” in leisure.
The Structure: BIIIU priced at $10.00, with units consisting of one Class A share and one-third of a warrant. This is a standard middle-ground structure—less dilutive than the “half-warrant” deals of years past, but offering more of a “kicker” than the premium tier-one SPACs like Churchill.
The Verdict: This is a “track record” play. The Black Spade team has proven they can close complex, cross-border deals (VinFast) and move with extreme speed (BSII). Investors are betting on the sponsor’s unique access to high-growth tech/entertainment hybrids in the East that are looking for a Western capital market entrance.
SPAC IPO: ART TECHNOLOGY ACQUISITION CORP. (ARTC)
Ticker: ARTCU (Units) | Size: $220 Million | Sponsor: Daniel G. Cohen (Cohen Circle)
In the SPAC world, the Cohen name is synonymous with the asset class’s origin. While Betsy Cohen is the matriarch of the industry, her son Daniel G. Cohen is carving out a sophisticated niche with Art Technology Acquisition Corp. This $220 million vehicle is on the larger side, indicating strong institutional appetite for the Cohen “special sauce” in fintech.
The Strategy: The name says it all, but the scope is wider than just “fine art.” ARTC is targeting the “fusion of design and technology,” focusing on art finance, financial services, and investment banking tech. With Katherine Fleming (CEO of the J. Paul Getty Trust) serving as Vice Chairman, the SPAC is uniquely positioned to unlock value in the opaque, multi-billion dollar art-as-an-asset-class market through blockchain or AI-driven fractionalization.
The Structure: The units priced at $10.00, containing one share and one-fourth of a warrant. This “lean” warrant structure is a classic Cohen hallmark, signaling to the market that they intend to attract long-term fundamental investors rather than warrant-flipping hedge funds.
The Verdict: ARTC is a “specialized” vehicle. Unlike sector-agnostic shells, this SPAC is hunting in a very specific pond where the management team has a clear competitive advantage. If you believe the next wave of fintech involves the tokenization of “real-world assets” (RWA) like art, ARTC is the premier vehicle for that thesis.
SPAC VOTE RESULTS
WTMA – WELSBACH TECHNOLOGY METALS ACQUISITION CORP * Extend to Mar 30, 2026 * trust $11.45
MSSAF – METAL SKY STAR ACQUISITION CORP * Extend to Jan 05, 2027
SEPARATE WARRANTS/RIGHTS
Jan 06: BLUEPORT ACQUISITION LTD (BPAC)
Jan 05: ALUSSA ENERGY ACQUISITION CORP II (ALUB)
SPAC DEAL & EXTENSION VOTES SET
KVAC – Keen Vision Acquisition Corp * EXTENSION VOTE SET: Jan 22, 2026 * trust $11.82
OTHER SPAC NEWS
GIG – GIGCAPITAL7 CORP * Media Transcript
SPAC MOVERS
YESTERDAY’S TOP SPAC GAINERS
8.6% ~ $ 18.61 | CCCX – CHURCHILL CAPITAL CORP X (Announced)
5.5% ~ $ 15.24 | ALCY – ALCHEMY INVESTMENTS ACQUISITION CORP 1 (Announced)
1.8% ~ $ 10.86 | RTAC – RENATUS TACTICAL ACQUISITION CORP I (Pre-Deal)
1.8% ~ $ 14.15 | TBMC – TRAILBLAZER MERGER CORP I (Announced)
1.5% ~ $ 9.30 | RDAC – RISING DRAGON ACQUISITION CORP (Announced)
YESTERDAY’S TOP SPAC LOSERS
-21.0% ~ $ 17.09 | ASPC – ASPAC III ACQUISITION CORP (Announced)
-11.4% ~ $ 13.51 | ESHA – ESH ACQUISITION CORP (Announced)
-5.6% ~ $ 71.63 | AFJK – AIMEI HEALTH TECHNOLOGY CO LTD (Announced)
-1.9% ~ $ 12.62 | WLAC – WILLOW LANE ACQUISITION CORP (Announced)
-1.0% ~ $ 10.71 | DTSQ – DT CLOUD STAR ACQUISITION CORP (Pre-Deal)
LATEST SPAC IPO PERFORMANCE
Jan 06 | BIII – Black Spade Acquisition III Co
Jan 06 | ARTC – Art Technology Acquisition Corp.
Dec 23 | $ 9.99 | SVAQ – Silicon Valley Acquisition Corp.
Dec 23 | $ 9.99 | SCPQ – Social Commerce Partners Corp
Dec 19 | $ 9.94 | BEBE – TGE Value Creative Solutions Corp
Dec 18 | $ 9.98 | ADAC – American Dynamism Acquisition Co
Dec 18 | $ 10.01 | LPCV – Launchpad Cadenza Acquisition Corp I
Dec 18 | $ 10.04 | VHCP – Vine Hill Capital Investment Corp. II
Dec 17 | $ 9.94 | IRHO – Iron Horse Acquisition Corp. II
Dec 17 | $ 10.28 | CCXI – Churchill Capital Corp XI
Dec 16 | $ 10.07 | CRAN – Crane Harbor Acquisition Corp. II
Dec 12 | $ 9.97 | TWLV – Twelve Seas Investment Co III
Dec 12 | $ 9.96 | ITHA – ITHAX Acquisition Corp III
Dec 11 | $ 10.01 | BLRK – Bluerock Acquisition Corp.
Dec 11 | $ 10.07 | KBON – Karbon Capital Partners Corp.
Dec 10 | $ 10.01 | MESH – Meshflow Acquisition Corp
Dec 09 | $ 10.05 | DSAC – Daedalus Special Acquisition Corp.