BIII (ticker: BIII) is a blank check special purpose acquisition company (SPAC) incorporated to identify and complete a merger, share exchange, asset acquisition, or similar business combination with one or more target businesses. The company generates no operating revenue. Instead, it holds IPO proceeds in a trust account, managed by Continental Stock Transfer & Trust Company in U.S. dollars, while management searches for an acquisition target. The sponsor purchased 5,750,000 founder shares on September 5, 2025 for an aggregate price of $25,000. Working capital needs outside the trust are funded by sponsor loans, with up to $3,500,000 convertible into warrants at $0.50 per warrant upon completion of a business combination. The company has disclosed interest in targets that may include PRC-based companies, and its 10-K filed March 6, 2026 extensively addresses risks associated with Chinese regulatory oversight, including CAC and CSRC review requirements. No business combination had been completed as of the filing date.

Revenue model

No operating revenue as of the 10-K filed 2026-03-06. The company holds IPO proceeds in trust and incurs operating expenses funded by amounts held outside the trust account.

Products and services

Blank check SPAC vehicle. Core activity is sourcing, evaluating, and completing an initial business combination. No products or commercial services as of the 10-K filed 2026-03-06.

Customers and end markets

No customers or commercial end markets. Target acquisition candidates may include companies based in the United States or outside the United States, with explicit risk disclosures focused on PRC-based targets as of the 10-K filed 2026-03-06.

Value-chain role

Acquisition vehicle. Raises capital via public offering, holds proceeds in trust, and deploys capital through a single business combination transaction.

Geographic exposure

Trust account held in U.S. dollars in the United States as of the 10-K filed 2026-03-06. Potential acquisition targets may be located outside the United States, including in the PRC, based on risk factor disclosures.

Source: SEC 10-K, filed 2026-03-06

Industry: Blank Checks