06-09-2021, 08:00 AM
Chad Bray
Published: 3:54pm, 2 Sep, 2021
Singapore said on Thursday that it would allow special purpose acquisition companies (SPACs) to go public on its bourse starting Friday, as the city state hopes to become the go-to market in Asia for what has been one of the hottest fundraising trends globally in the past 18 months.
The so-called blank-cheque companies have raised more than US$122 billion this year alone, primarily through listings in the United States.
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SGX RegCo said SPACs would be required to have a minimum market capitalisation of S$150 million (US$112 million) and would only be able to list on SGX’s main board. That is lower than the minimum market cap of S$300 million proposed in April and more in line with thresholds for listings on the New York Stock Exchange or Nasdaq.
SPACs would also be required to reach a deal within two years, with the option of extending that period by another 12 months under certain conditions. Sponsors would have to hold their shares for at least six months following a deal and subscribe to at least 2.5 per cent of the IPO shares or warrants.
Acquisitions would need approval from more than half of SPACs’ independent directors and more than half of the shareholders to proceed.
Much more at: https://www.scmp.com/business/banking-fi...s-starting
Published: 3:54pm, 2 Sep, 2021
Singapore said on Thursday that it would allow special purpose acquisition companies (SPACs) to go public on its bourse starting Friday, as the city state hopes to become the go-to market in Asia for what has been one of the hottest fundraising trends globally in the past 18 months.
The so-called blank-cheque companies have raised more than US$122 billion this year alone, primarily through listings in the United States.
......
SGX RegCo said SPACs would be required to have a minimum market capitalisation of S$150 million (US$112 million) and would only be able to list on SGX’s main board. That is lower than the minimum market cap of S$300 million proposed in April and more in line with thresholds for listings on the New York Stock Exchange or Nasdaq.
SPACs would also be required to reach a deal within two years, with the option of extending that period by another 12 months under certain conditions. Sponsors would have to hold their shares for at least six months following a deal and subscribe to at least 2.5 per cent of the IPO shares or warrants.
Acquisitions would need approval from more than half of SPACs’ independent directors and more than half of the shareholders to proceed.
Much more at: https://www.scmp.com/business/banking-fi...s-starting