SCHEDULE: Fort Baker Capital Exits Black Spade II Stake

Fort Baker Capital Management LP and affiliates report 0% beneficial ownership in Black Spade Acquisition II Co, indicating a full divestment of their Class A ordinary shares.

Summary

• Fort Baker Capital Management LP, Steven Patrick Pigott, and Fort Baker Capital, LLC have filed an Amendment No. 2 to their Schedule 13G regarding Black Spade Acquisition II Co.
• As of June 30, 2025, the aggregate beneficial ownership of Class A ordinary shares by these reporting persons is 0%.
• This filing indicates a complete divestment of their previously held shares in Black Spade Acquisition II Co.
• The reporting persons disclaim beneficial ownership of the securities except to the extent of their pecuniary interest and state they are not acting as a group.

Sentiment

Score: 3

Explanation: The filing indicates a complete divestment by Fort Baker Capital Management LP and its affiliates, reducing their beneficial ownership to 0%. This can be viewed as a negative signal by the market regarding the issuer.

Negatives

• The reporting persons, Fort Baker Capital Management LP and its affiliates, no longer hold any Class A ordinary shares in Black Spade Acquisition II Co, which could be interpreted as a negative signal by the market if they were a significant holder.

Risks

• The complete divestment by Fort Baker Capital Management LP and its affiliates may signal a lack of confidence in Black Spade Acquisition II Co, potentially leading to negative market sentiment or share price impact.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Existing shareholders may view the divestment by Fort Baker Capital Management LP and its affiliates as a negative signal, potentially impacting share price due to reduced institutional holding.

Key Dates

Keywords

Black Spade Acquisition II Co, Fort Baker Capital Management, Schedule 13G, Beneficial Ownership, Divestment, Class A ordinary shares, SEC filing, Investment firm