Lawrence Ho, chairman and CEO of casino giant Melco International Development.

A special purpose acquisition company backed by casino magnate Lawrence Ho completed its merger with an obscure media and entertainment company, whose stock was on a roller-coaster ride during its New York Stock Exchange debut on Thursday.

Shares of France-based the Generation Essentials Group (TGE) skyrocketed as much as 234% on their first day of trading after the de-SPAC. The company closed flat at $10.04 on Thursday, reaching a market cap of $533 million.

TGE merged with Black Spade Acquisition II, a blank-check company formed by Ho’s Hong Kong-based family office Black Spade Capital, at an equity value of $488 million and enterprise value of $892 million. It came nearly a year after Ho listed Black Spade Acquisition II,

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