Black Spade Acquisition (BSAQ)

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	2.13 k	2.13 k	2.13 k	2.13 k		2.13 k
Cash burn (monthly)	94.42 k	15.65 k	377.45 k	198.63 k		25.68 k
Cash used (since last report)	1.68 mm	278.39 k	6.72 mm	3.53 mm		456.86 k
Cash remaining	-1.68 mm	-276.26 k	-6.71 mm	-3.53 mm		-454.73 k
Runway (months of cash)	-17.8	-17.7	-17.8	-17.8		-17.7

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Financial data from company earnings reports.

Institutional ownership, Q2 2023

BSAQ institutional ownership history Ownership history

13F holders	Current	Prev Q	Change
Total holders	55	44	+25.0%
Opened positions	24	6	+300.0%
Closed positions	13	18	-27.8%
Increased positions	17	8	+112.5%
Reduced positions	6	20	-70.0%

13F shares	Current	Prev Q	Change
Total value	128.94 bn	104.75 bn	+23.1%
Total shares	21.86 mm	15.57 mm	+40.4%
Total puts	0.00	0.00
Total calls	359.86 k	26.43 k	+1261.4%
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
Black Spade Sponsor	3.29 mm	$0.00	0.0%
LMR Partners	2.02 mm	$11.69 bn	+80.4%
Vivaldi Asset Management	1.75 mm	$18.10 bn	+81.8%
Aristeia Capital	1.65 mm	$15.26 bn	+21.9%
Fitzgerald Securities Cantor	1.25 mm	$0.00	0.0%
WRB W. R. Berkley	838.11 k	$8.67 bn	+15.0%
Calamos Advisors	621.65 k	$3.98 bn	+29.2%
Periscope Capital	615.65 k	$2.46 bn	+165.2%
Bracebridge Capital	600.00 k	$4.17 bn	NEW
Athos Capital	582.00 k	$6.02 mm	+50.0%

Largest transactions	Shares	Bought/sold	Change
Cantor Fitzgerald, L. P.	0.00	-1.25 mm	EXIT
LMR Partners	2.02 mm	+898.26 k	+80.4%
Vivaldi Asset Management	1.75 mm	+787.52 k	+81.8%
Bracebridge Capital	600.00 k	+600.00 k	NEW
Flow State Investments	470.00 k	+470.00 k	NEW
Walleye Capital	450.83 k	+423.70 k	+1561.6%
Kim	405.46 k	+405.46 k	NEW
Millennium Management	402.62 k	+402.62 k	NEW
Periscope Capital	615.65 k	+383.50 k	+165.2%
Mizuho Securities Usa	477.16 k	+376.73 k	+375.1%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

BSAQ insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	#Shares
14 Aug 23	Chi Wai Dennis Tam	Class B Ordinary Shares Class A Ordinary Shares	Sale back to company	Dispose D	No	No	293,913
14 Aug 23	Po Yi Patsy Chan	Class B Ordinary Shares Class A Ordinary Shares	Sale back to company	Dispose D	No	No	24,493
14 Aug 23	Hsieh Wing Hong Sammy	Class B Ordinary Shares Class A Ordinary Shares	Sale back to company	Dispose D	No	No	24,493
14 Aug 23	Robert Steven Moore	Class B Ordinary Shares Class A Ordinary Shares	Sale back to company	Dispose D	No	No	24,493
14 Aug 23	Shing Joe Kester Ng	Class B Ordinary Shares Class A Ordinary Shares	Sale back to company	Dispose D	No	No	195,942

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.