The Chairman of Melco International (00200.HK), Lawrence Ho's family office, Black Spade Capital, announced that its subsidiary, Black Spade Acquisition II Co (BSIIU.US), has initiated a Special Purpose Acquisition Company (SPAC) with an initial public offering of 15 million units at a price of $10 per unit. The units will be listed and traded on NASDAQ today (28th) in US time.

Each unit consists of one share of Class A common stock and one-third of a redeemable warrant. Subject to certain adjustments, each whole warrant can be exercised to purchase one share of Class A common stock at an exercise price of $11.5 per share. After the unit is split, fractional warrants will not be issued, and only whole warrants can be traded. When the securities comprising these units begin trading separately, Class A common stock and warrants are expected to be listed on NASDAQ. The offering is expected to be completed on August 29th.