Astrum Space to go public via merger with Black Spade Acquisition III Co

Astrum Space Inc and Black Spade Acquisition III Co (NYSE: BIII) have entered into a business combination agreement. Upon completion of the transaction, the combined entity will be renamed ‘Astrum Space Company’ and will list its ordinary shares on the New York Stock Exchange.

The deal values Astrum at an equity value of approximately US$1 billion, excluding cash from BIII’s trust, which holds roughly US$172.5 million. Astrum Space is a satellite communications company focused on developing a next-generation satellite-to-device (S2D) broadcast and data-distribution network for the Asia-Pacific region. The company holds 25 MHz of L-band spectrum and orbital resources at the 105°E GEO position.

Astrum is currently developing the NEASTAR-1 satellite, with launch and orbital-delivery services contracted through Impulse Space for a planned window between late 2028 and the first quarter of 2029. The transaction is expected to close by the end of 2026, subject to regulatory and shareholder approvals.