{"url_path":"/sec/biii-wt/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/2087087/0001104659-26-059361-index.html","accession_number":"0001104659-26-059361","cik":"0002087087","ticker":"BIII","issuer_name":"Black Spade Acquisition III Co","edgar_url":"https://www.sec.gov/Archives/edgar/data/2087087/0001104659-26-059361-index.html","primary_entity_key":"0002087087","primary_entity_name":"Black Spade Acquisition III Co"},"word_count":775,"has_tables":true,"body_markdown":"BLACK SPADE ACQUISITION III CO_March 31, 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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n​\n\n**FORM ****10-Q**\n\n​\n\n**(MARK ONE)**\n\n☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the quarter ended****March 31, 2026**\n\n​\n\n☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the transition period from                    to**\n\n​\n\n**Commission file number:****001-43039**\n\n​\n\n**BLACK SPADE ACQUISITION III CO**\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n​\n\n​\n\n​\n\n​\n\n**Cayman Islands**\n\n  ​ ​ ​\n\n**N/A**\n\n(State or other jurisdiction of\nincorporation or organization)\n\n \n\n(I.R.S. Employer\nIdentification No.)\n\n​\n\n​\n\n​\n\n​\n\n**Suite 2902, 29/F, The Centrium****,****60 Wyndham Street****,**\n\n**Central****,****Hong Kong**\n\n**  ​ ​ ​**\n\n**00000**\n\n(Address of Principal Executive Offices)\n\n​\n\n(Zip Code)\n\n​\n\nRegistrant’s telephone number, including area code: **+****852********3955 1316**\n\n​\n\n**Not Applicable**\n\n(Former name or former address, if changed since last report)\n\n​\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Title of each class**\n\n  ​ ​ ​\n\n**Trading Symbol(s)**\n\n  ​ ​ ​\n\n**Name of each exchange on which registered**\n\nClass A ordinary shares, $0.0001 par value, included as part of the units\n\n \n\nBIII\n\n \n\nThe New York Stock Exchange\n\nRedeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50, included as part of the units\n\n \n\nBIIIW\n\n \n\nThe New York Stock Exchange\n\nUnits, each consisting of one Class A ordinary share and one-third of one redeemable warrant\n\n \n\nBIIIU\n\n \n\nThe New York Stock Exchange\n\n​\n\nCheck whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n​\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\n​\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\n​\n\nLarge accelerated filer\n\n☐\n\n​\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\n​\n\nSmaller reporting company\n\n☒\n\n​\n\n​\n\n​\n\nEmerging growth company\n\n☒\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n​\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐\n\n​\n\nAs of May 12, 2026, there were 17,250,000 Class A ordinary shares, $0.0001 par value and 5,750,000 Class B ordinary shares, $0.0001 par value, issued and outstanding.\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nBLACK SPADE ACQUISITION III CO\n\nFORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026\n\nTABLE OF CONTENTS\n\n​\n\n \n\n  ​ ​ ​\n\n**Page**\n\n[Part I. Financial Information](#PARTIFINANCIALINFORMATION_896877)\n\n​\n\n​\n\n[Item 1. Interim Financial Statements](#Item1InterimFinancialStatements_610206)\n\n​\n\n​\n\n[Condensed Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025](#CONDENSEDBALANCESHEET_720509)\n\n​\n\n1\n\n[Condensed Statement of Operations for the Three Months Ended March 31, 2026 (Unaudited)](#CONDENSEDSTATEMENTOFOPERATIONS_790020)\n\n​\n\n2\n\n[Condensed Statement of Changes in Shareholders’ Deficit for the Three Months Ended March 31, 2026 (Unaudited)](#CONDENSEDSTATEMENTSOFCHANGESINSHAREHOLDE)\n\n​\n\n3\n\n[Condensed Statement of Cash Flows for the Three Months Ended March 31, 2026 (Unaudited)](#CONDENSEDSTATEMENTOFCASHFLOWS_885045)\n\n​\n\n4\n\n[Notes to Condensed Financial Statements (Unaudited)](#Notes)\n\n​\n\n5\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysisofF)\n\n​\n\n20\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#Item3QuantitativeandQualitativeDisclosur)\n\n​\n\n22\n\n[Item 4. Controls and Procedures](#Item4ControlsandProcedures_779759)\n\n​\n\n23\n\n[Part II. Other Information](#PARTIIOTHERINFORMATION_455486)\n\n​\n\n​\n\n[Item 1. Legal Proceedings](#Item1LegalProceedings_950599)\n\n​\n\n24\n\n[Item 1A. Risk Factors](#Item1ARiskFactors_729436)\n\n​\n\n24\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities)\n\n​\n\n24\n\n[Item 3. Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_998333)\n\n​\n\n24\n\n[Item 4. Mine Safety Disclosures](#Item4MineSafetyDisclosures_638235)\n\n​\n\n24\n\n[Item 5. Other Information](#Item5OtherInformation_8278)\n\n​\n\n24\n\n[Item 6. Exhibits](#Item6Exhibits_516116)\n\n​\n\n25\n\n[Part III. Signatures](#SIGNATURES_188721)\n\n​\n\n26\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\ni\n\n[Table of Contents](#TOC)\n\nPART I - FINANCIAL INFORMATION"}