SCHEDULE: Boothbay Entities Divest Entire Stake in ASPAC III Acquisition Corp.

Boothbay Fund Management LLC and affiliates report 0% beneficial ownership in ASPAC III Acquisition Corp. as of September 30, 2025, marking a complete divestment.

Summary

• Boothbay Fund Management LLC, Boothbay Absolute Return Strategies, LP, and Ari Glass filed an Amendment No. 1 to Schedule 13G.
• The reporting persons now hold 0% beneficial ownership of Class A ordinary shares in ASPAC III Acquisition Corp.
• This change in ownership was effective as of September 30, 2025.
• The shares were previously held in units, each consisting of one Class A ordinary share and one right to receive 1/10th of one share upon the consummation of the initial business combination.
• The reporting persons explicitly disclaim beneficial ownership of any securities reported, except to the extent of their pecuniary interest, particularly where investment and voting discretion has been delegated to subadvisors and cannot be terminated within sixty days.

Sentiment

Score: 3

Explanation: The filing reports a complete divestment of beneficial ownership by institutional investors, which is generally a negative signal for the issuer, particularly a SPAC seeking a business combination. While a routine regulatory filing, the substance indicates a lack of continued investment interest from these parties.

Negatives

• Boothbay Fund Management LLC, Boothbay Absolute Return Strategies, LP, and Ari Glass no longer beneficially own any Class A ordinary shares in ASPAC III Acquisition Corp.
• The reduction to 0% ownership by these entities indicates a complete divestment or a change in beneficial ownership attribution, which can be perceived negatively by the market.

Risks

• The complete divestment by institutional investors could signal potential concerns about ASPAC III Acquisition Corp.'s future prospects or its ability to successfully complete a business combination.
• The market might interpret this as a lack of continued institutional support for ASPAC III Acquisition Corp., potentially impacting investor confidence and share price.

Industry Context

This is a standard regulatory filing for a change in passive institutional ownership. For Special Purpose Acquisition Companies (SPACs) like ASPAC III Acquisition Corp., investor sentiment and institutional holdings are crucial, especially as they approach a business combination. A reduction to zero ownership by an institutional investor could be seen as a negative signal in the broader SPAC market, potentially impacting the company's ability to attract new investors or complete its de-SPAC transaction.

Stakeholder Impact

• Shareholders: Existing shareholders might view the divestment by institutional investors negatively, potentially leading to decreased share price or investor confidence.
• Potential Investors: May be deterred by the lack of institutional backing from these specific entities, making it harder for the company to attract new capital or support its valuation.

Key Dates

Recommendation

The filing indicates that Boothbay Fund Management LLC and its affiliates have reduced their beneficial ownership in ASPAC III Acquisition Corp. to 0%. This complete divestment by an institutional investor is a strong negative signal, suggesting a lack of confidence in the company's future prospects or its ability to execute a successful business combination. For a SPAC, institutional backing is crucial, and its withdrawal can lead to decreased investor confidence and potential share price depreciation. A seasoned investor would likely interpret this as a reason to exit their position.

Keywords

ASPAC III Acquisition Corp., Boothbay Fund Management, Schedule 13G, Beneficial Ownership, Class A ordinary shares, SPAC, Institutional Investor, Divestment