Black Spade Acquisition III Co has entered into a new financial agreement with its sponsor, Black Spade Sponsor LLC III. On October 30, 2026, the blank-check company issued an unsecured promissory note to the Payee. The note provides for borrowings of up to $200,000, which may be drawn down from time to time prior to a specified maturity date.
The proceeds from the note are designated for costs and expenses related to the Company’s proposed business combination. The note carries no interest and requires repayment in full upon the earlier of March 31, 2027, or the date the Company consummates its business combination. The Company retains the right to prepay the principal balance at any time without penalty.
Default terms are defined in the agreement. A failure to pay the principal within five business days of the maturity date or the commencement of a bankruptcy action will be deemed an event of default, allowing the note to be accelerated. The issuance was made pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933. A copy of the note is attached as Exhibit 10.1 to the filing.
