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HONG KONG - Black Spade Acquisition II Co (BSII), a special purpose acquisition company (SPAC) with a market capitalization of $187.43 million, announced today plans to delist from the Nasdaq Stock Market in connection with its upcoming merger with The Generation Essentials Group (TGE). According to InvestingPro data, BSII currently trades near its 52-week low of $9.69, suggesting cautious market sentiment ahead of the merger. The company is set to become a wholly owned subsidiary of TGE, which will have its ordinary shares and warrants traded on the New York Stock Exchange and NYSE American, respectively.
The transition is contingent upon the completion of the merger and compliance with all relevant listing requirements. TGE’s Class A ordinary shares and warrants are expected to commence trading under the ticker symbols "TGE" and "TGEWS" on or around June 5, 2025. Consequently, the last day of trading for Black Spade II’s securities on Nasdaq is anticipated to be on or about June 4, 2025. InvestingPro analysis reveals the company maintains strong liquidity with a current ratio of 1.98, indicating solid financial positioning for the upcoming transition.
Black Spade II operates as a SPAC and is the second such entity established by Black Spade Capital, which has a diverse global investment portfolio. The company’s first SPAC merged with VinFast Auto Ltd., a Vietnamese electric vehicle manufacturer, in August 2023, marking a significant transaction in the SPAC landscape.
This strategic move reflects the continuing evolution of Black Spade II and its alignment with TGE’s operational and financial strategies. The information regarding the delisting and subsequent listing on the New York Stock Exchange and NYSE American is based on a press release statement.
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