A SPAC III Acquisition Corp (NASDAQ: ASPC) is a blank check company incorporated in the British Virgin Islands on September 3, 2021, formed for the sole purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company has no operations and generates no revenue. It raised $55,000,000 in gross proceeds from its IPO of 5,500,000 units at $10.00 per unit on November 12, 2024, and an additional $2,800,000 from a concurrent private placement of 280,000 units to its sponsor, A SPAC III (Holdings) Corp. A total of $60,000,000 of net IPO and private placement proceeds were deposited into a trust account. As of December 31, 2025, no business combination had been completed. Shareholders approved an extension at an October 27, 2025 extraordinary general meeting, giving the company until November 12, 2026 to complete a combination. On May 23, 2025, the company entered into a merger agreement with Bioserica.

Revenue model

No revenue. The company holds IPO and private placement proceeds in a trust account. Trust funds are released only upon completion of an initial business combination, shareholder-approved charter amendments, or redemption of public shares if no combination is completed within the combination period.

Products and services

Blank check SPAC vehicle. Each IPO unit consists of one Class A ordinary share and one right to receive one-tenth of a Class A ordinary share upon completion of an initial business combination. Units were sold at $10.00 each in the November 12, 2024 IPO.

Customers and end markets

Public shareholders who purchased units in the November 12, 2024 IPO. No operating customers or end markets, as the company had not commenced operations as of December 31, 2025.

Value-chain role

SPAC sponsor vehicle. Raises capital through public markets and holds funds in trust pending identification and completion of an acquisition target. Sponsor is A SPAC III (Holdings) Corp.

Geographic exposure

Incorporated in the British Virgin Islands. IPO conducted on a U.S. securities exchange. The pending merger target, Bioserica, involves considerations under PRC regulatory rules per the 10-K filing dated March 4, 2026.

Source: SEC 10-K, filed 2026-03-04

Industry: Blank Checks