Black Spade Acquisition III secures up to $200,000 interest-free loan from sponsor
BIII•Black Spade Acquisition III issued its sponsor an unsecured, interest-free promissory note for up to $200,000 to fund expenses related to a proposed business combination. Repayment is due March 31, 2027, or when the combination is completed, whichever comes first.
1. Loan terms
Black Spade Acquisition III Co. issued Black Spade Sponsor LLC III an unsecured promissory note on October 30, 2026. The note allows draws before maturity and may be prepaid without penalty.
2. Default provisions
Payment delays of more than five business days past maturity or the start of voluntary or involuntary bankruptcy proceedings constitute defaults and may trigger acceleration.
