老虎证券新加坡

特殊目的收购公司是什么？

特殊目的收购公司（SPAC）旨在通过 IPO 进行筹资，专为收购持续经营业务或资产（即业务合并）而设。此类并购可以采用合并、换股或其他类似的业务合并形式。在业务合并完成之前，SPAC 作为一种上市投资工具，在其上市时没有既往经营历史，也没有产生收入的业务或资产。
 

SPAC 发起人是谁？

SPAC 通常由经验丰富且信誉良好的创始股东（通常称为“发起人”）设立并进行初始融资。发起人通常是成立 SPAC 实体以收购或兼并私人运营公司的管理团队。发起人包括但不限于在为股东确定并购目标方面拥有专业知识和业绩记录的私募股权公司或风险投资公司以及资产管理公司。发起人（在上市时）可宣布将重点放在特定地理区域和/或行业，以寻找合适的并购目标。发起人通常有权获得提振激励股份，据此可以增加其 SPAC 的持股比例。通常，发起人可以优惠条款（即最低名义价格）认购股份，该条款旨在激励发起人承担设立 SPAC 和收购目标的风险。
 

股东的资金存放在哪里？

SPAC 须将至少 90% 的上市融资收益存入托管账户。由第三方（即获得新加坡金融管理局（MAS）许可和批准的独立托管代理人或金融机构）提供托管代理。SPAC 须将至少 90% 的上市融资收益存入账户，且仅在进行业务合并、SPAC 清算或者其他特定情况下方可从该账户提款。发起人只可将托管账户资金投资于获批投资项目（例如现金或现金等价物短期证券）。托管账户资金应主要用于业务合并。
 

关于投资 SPAC IPO

投资者投资 SPAC 上市，可以主要依据创始股东的资历及其寻找目标公司和执行业务合并的能力。在新加坡，SPAC 发起人必须在上市后的 24 个月内完成并购交易（即 de-SPAC），如果符合规定条件，期限可延长最多 12 个月。
 

SPAC 与传统 IPO 有何区别?

与传统 IPO 不同，SPAC 在上市时没有基础运营业务和财务活动，因此所需的时间较短。SPAC 在上市时无需披露历史财务报表或资产，且需披露的业务相关风险很少。在宣布拟议的业务合并协议（即收购或合并运营公司的提案）后，投资者将获得有关 SPAC 目标资产/业务的更多信息。

有关各个 SPAC 的更多信息，请查阅 SPAC IPO 招股说明书和相关文件，或者联系您的经纪人和/或财务顾问。

SPAC的典型结构是怎样？

在 IPO时，一个SPAC 单位通常由 SPAC 创始人/发起人和公众投资者持有的股票和部分认股权证组成。 IPO的收益存放在托管账户中。 部分认股权证授予持有人在未来以特定价格从公司购买相应部分股份的权利。

根据各个 SPAC 上市的招股说明书中规定的条款，一个SPAC 单位可以自动拆分或为投资者提供拆分的选择权。

具有自动拆分性质的 SPAC 单位将在拆分日的前一天（通常是 IPO 日起计的45 或 52 天后）停止交易，届时它将拆分为股票和认股权证。拆分后，零碎（不能合并为整份）的认股权证将不予理会，而只会买卖普通股和整份权证。投资者须持有足够的 SPAC 单位方可在其拆分后获得整份认股权证。

 

发起人确定并购目标后会发生什么？

SPAC 宣布收购或兼并某一在营的私人公司的提议，股东可以选择继续对合并后实体进行投资，也可选择赎回股权（即按照托管账户中资金的比例份额）。股东也有权就拟议业务合并进行表决。只有获得过半数独立董事的批准和过半数股东的表决支持，托管账户中的上市融资收益才可用于收购。SPAC 发起人应确保并购标的的公允市价须至少占托管资金的 80%。如果并购目标市值超过 SPAC 账户资金，则可能需要通过额外向私人投资者发行股权进行融资（又称“上市后私募投资（PIPE）”）。SPAC 和并购目标将合并为新的上市公司。合并后实体的股东包括 SPAC 发起人、SPAC 投资者、目标公司股东和 PIPE 投资者。
 

谁是PIPE 投资者？

上市后私募投资（PIPE）是指以私募方式向机构投资者（例如资产管理公司）和/或合格投资者发行公开上市公司的股票。此类投资者即为 PIPE 投资者。PIPE 投资者通常参与业务合并时的额外股权融资。PIPE 投资者在认购时签订协议，认购预定数量和价值的公司股票。PIPE 投资者通常与 SPAC 发起人、标的公司股东共同商定并标的公司的投资条款和估值。在新加坡，如果在 De-SPAC 阶段进行 PIPE，鉴于 PIPE 投资者应已进行尽职调查，因此（估值师）无需再对并购标的进行独立估值。

有关各个 SPAC 的更多信息，请查阅 SPAC IPO 招股说明书和相关文件，或者联系您的经纪人和/或财务顾问。

新交所 SPAC 框架的主要特点包括：

上市前

• 最低市值为 1.5 亿新元。
• IPO 最低发行价格为每单位 5 新元。
• 至少 300 名公众股东，且至少持有已发行股份（不包括库存股份）总数的 25%。
• 根据 SPAC 的市值规模，发起人必须在 SPAC 上市时认购不低于 2.5%-3.5% 的股份。

上市后

• 至少 90% 的上市融资收益存入托管账户（由经批准的独立代理人运营）。
• 必须在上市后的 24 个月内完成并购交易，如果符合规定条件，期限可延长最多 12 个月。

• 认股权证行权导致的股东稀释影响不得超过 50%。

• 股东就拟议业务合并享有表决权、赎回权和清算权。
• 如果 (i) 未实施 PIPE 融资；或者(ii) SPAC 收购石油天然气（MOG）或房地产投资/开发标的公司，应就业务合并事宜聘用独立的估值师。

• 在业务合并时，并购标的的公允市场价值须至少占托管资金的 80%。
• 发起人在 SPAC 上市时持有的提振激励股份（发起人有权以名义对价或零对价获得的额外股份）不得超过已发行股份的 20%。
• 在 SPAC 上市到并购交易后六个月内，发起人不得收回其出资。在 SPAC 上市到并购交易后六个月内，发起人股份处于锁股期；符合相关要求的发起人则得就所持股份的 50% 履行多六个月的锁股期。

有关更多信息，请参阅新交所的征求意见稿及其答复。

SPAC 单位的发行和拆分

SPAC 上市时成功认购的投资者将持有 SPAC 单位，包含一股普通股和零碎的（例如 1/3 份）认股权证。

根据各个 SPAC 上市招股说明书的规定，SPAC 单位可能自动拆分，也可能向投资者提供拆分的选择。

自动拆分的 SPAC 单位将在拆分的前一天（通常为上市后的 45 天）停止交易，分为普通股和认股权证。投资者可在拆分前的交易日交易 SPAC 单位。自拆分日起，SPAC 普通股和整份认股权证可分开交易（不足一单位的认股权证除外）。SPAC 单位在拆分后的两个交易日停止交易。

拆分后的两个交易日内，普通股和认股权证将记入投资者账户。

如果 SPAC 向投资者提供拆分选择权，SPAC 单位应与 SPAC 普通股和 SPAC 认股权证一起交易。
 

业务合并

上市后，SPAC 发起人将开始寻找标的公司以进行业务收购或兼并。发起人应在上市后的 24 个月内就拟议业务合并签订具有约束力的协议，并在上市后的 36 个月内完成业务合并。
 

De-SPAC 流程和赎回

在宣布确定标的公司后，SPAC 发起人将签发股东通函，详细说明拟议的业务合并。股东就业务合并事宜进行表决的特别股东大会须在发布通函后至少 21 日方可举行。股东应当了解股东通函的内容，并据此作出投资决策。

如果完成业务合并所需资金超过 SPAC 的账户资金，则可能需要 PIPE 融资。在这种情况下，提案中还应包括有关 PIPE 融资的详细信息。如果继续进行业务合并，将会稀释现有 SPAC 股东的持股比例。

在 de-SPAC 阶段中，独立股东（除创始股东、SPAC 管理团队和各自的关联方以外）有权赎回其 SPAC 股权，其对业务合并表决赞成或反对均不影响其行使赎回权。股东也可选择持有其认股权证。

完成和提交赎回表的截止日期通常是特别股东大会表决之前的至少两个交易日。赎回金额将根据托管账户中的金额按比例计算，并可能不同于现行市场价格。

批准并完成业务合并之后，股东方可成功赎回股份。如果赎回股票的股东持有 SPAC 认股权证，由于该等权证不得赎回，因此他们将继续持有其 SPAC 认股权证。

只有获得过半数独立董事的批准和过半数股东的表决支持，SPAC 发起人方可进行 de-SPAC 阶段以及并购交易（即 de-SPAC）。股份在 SPAC 并购交易交割时通常以 1:1 的比例转换为新上市公司的股份。如果各方表决否决业务合并，SPAC 发起人将在规定时间内继续寻找收购标的。放弃赎回股权的股东或可获得激励认股权证。在业务合并后，股东应注意其股权比例可能因其他股东（例如 PIPE 投资者或者标的公司股东）参与而被稀释。
 

清算

如果 SPAC 未能在规定时限内完成业务合并，则将面临清算，而SPAC 的所有资产（包括托管账户中的全部资金）将按比例返还至股东。此时，SPAC 认股权证行权期限终止，持有人无权要求进行清算分配。SPAC 的股票和认股权证将在完成清算分配之日或该日前后停止交易。如果 SPAC 发起人发现无法在规定时限内完成业务合并，应尽快通过 SGXNET 发布公告。

 

在 de-SPAC 之后行使认股权证

对SPAC单位进行拆分时，零碎认股权证不计入，而仅向投资者发行整数认股权证。

认股权证通常可在 de-SPAC完成后的 30 日内行使，直至股权证到期日（通常为业务合并完成后 5 年）为止。某些 SPAC 的行权时限则为 (1) 并购交易完成后 30 日，或 (2) SPAC 上市后的 12 个月（以较晚者为准）。认股权证持有人将以现金支付方式行使由认股权证转换为普通股（比例通常为 1:1）的权利。  在行权时，投资者应避免在市场上出售其认股权证，因为这可能导致卖空。

SPAC 发起人还可选择在 SPAC 之后赎回未行使的认股权证，通常在符合某些特定条件的情况下，会提前 1 个月发布关于赎回期的通知。有关认股权证行权和赎回的更多详情，请参阅相关 SPAC IPO 招股说明书。  因各 SPAC 的认股权证赎回条件（及支付选择权）不同，投资者需了解招股说明书的具体内容。

在 de-SPAC 之后赎回认股权证

SPAC 发起人可在招股说明书中规定，在认股权证到期之前变更认股权证行使和赎回结构。例如，如果股价在一段时间内达到某个阈值，发起人可选择赎回认股权证。各个 SPAC 可能为认股权证持有人制定不同的现金或无现金赎回结构。通常来说，应至少在赎回日期的一个月之前发出认股权证赎回通知。

投资者应注意，认股权证将在最后赎回日期之前的五个交易日内停止交易。在此期间，投资者仍可行权。投资者需了解认股权证的行权期限以及计入账户的具体时间。投资者还必须确保在提交行权指令之前更新其账户详情。一旦行使认股权证，投资者必须避免在公开市场上交易其认股权证，以防止出现卖空操作。

以下是一些可能的赎回情况：

情况 A：SPAC 发起人选择赎回未行权的认股权证，允许认股权证持有人在行权时限（通常为 30 日）内选择现金行权（使用现金行权以购买普通股）或无现金赎回。如果认股权证持有人在行权时限内放弃行权，将无现金赎回其持有的认股权证，并按照招股说明书和赎回通知中规定的预定比例自动转换为普通股（四舍五入取整）。 

情况 B：SPAC 发起人选择赎回未行权的认股权证，允许认股权证持有人选择 i) 现金行权，或者 ii) 无现金行权，或在赎回日以名义价格现金赎回。无现金行权依股价变动情况而定。选择无现金行权的认股权证持有人将根据招股说明书和赎回通知中规定的比例（即一次性补足利息提前赎回表）获得股票。对于放弃行权（无论现金或无现金）的认股权证持有人，发起人将在赎回日以名义价格强制赎回其持有的认股权证。

认股权证的行权和赎回条款因各 SPAC 而异。  投资者在评估 SPAC 时应查阅招股说明书，并确保了解有关认股权证行权和赎回的详细信息。

定义

上市后，SPAC 单位包含一股 SPAC 普通股和部分认股权证。当单位拆分时，SPAC 普通股和 SPAC 认股权证即可分开交易（拆分日期）。

交易名称规定如下：

• SPAC 单位：“公司名称 SPAC U”
• SPAC 普通股：“公司名称 SPAC”
• SPAC 认股权证：“公司名称 SPAC 行权日期”

注：行权日期应依上市时间而定。如需了解更多信息，请参阅 SPAC 认股权证交易一节。
 

自动拆分和可选拆分

根据 SPAC 上市招股说明书的规定，SPAC 单位可能自动拆分，也可能向投资者提供拆分选择。

自动拆分的 SPAC 单位将在拆分的前一天（通常为上市后的 45 天）停止交易，分为普通股和认股权证。自拆分日起，SPAC 普通股和整数认股权证即可进行交易（不足一单位的认股权证除外）。SPAC 单位在拆分后的两个交易日停止交易。
 

买卖单位和交易时限

SPAC 单位和普通股的买卖单位为 100。SPAC 认股权证的买卖单位为 1。

 

单位、普通股和认股权证分开交易

SPAC 单位、普通股和认股权证分开交易，单独定价。
 

其他交易参数

SPAC 股票的最低变动额类似于普通股票和公司认股权证。如需了解更多信息，请参阅最小报价单位、强制下单范围和错误交易政策。

新交所在其证券市场实行的动态熔断机制也将适用于 SPAC 单位和普通股（作为独立股票）。

如果 SPAC 股票触发动态熔断机制，按照 8.14.2 的规定进入冷静期，则 SPAC 认股权证将暂停交易。停牌期与冷静期的规定相同。如需了解更多信息，请参阅，请参阅 新加坡证券交易有限公司监管通知 8.14.1 – 熔断机制。

正常交易费为成交金额的 0.0075%，清算费为成交金额的 0.0325%。
 

自动拆分的 SPAC 单位的交易

自动拆分的 SPAC 单位，在最后一个交易日进行的交易将在 2 个交易日后结算。在这种情况下，CDP 会将持有的 SPAC 单位转换为 SPAC 普通股和认股权证。如果未能结算 SPAC 单位（例如，在未持有单位的情况下进行卖空），则应适用 CDP 现行的配股、收购和潜在现金结算程序。根据 CDP 结算程序和时间安排，可以认购 SPAC 股票和认股权证，从而避免 SPAC 单位结算失败。 
 

SPAC 认股权证的交易

对单位进行拆分时，部分认股权证不计入。仅向投资者发行整数认股权证。例如，如果一个 SPAC 单位包含一股普通股和 1/3 认股权证，则投资者需购买 3 个单位方可在拆分时获得整份认股权证。在完成业务合并后，SPAC 认股权证的每手买卖单位仍为 1。

SPAC 认股权证的行权时限应依上市时间而定。SPAC 发起人（在招股说明书中）确定 SPAC 认股权证的行权时限，通常规定一段时间——例如业务合并完成后的五年。如需了解更多信息，请参阅相关 SPAC IPO 招股说明书。

如果进行业务合并，SPAC 认股权证行权时限的终止日期将依实际完成日期而定。如果在规定时限内未完成业务合并，SPAC 将面临清算，认股权证行权期限即为终止。SPAC 发起人也可选择在并购交易完成后赎回未行权的认股权证。有关 SPAC 认股权证行权的更多信息，请参阅 SPAC 时间表一节。 

并购交易完成后，新公司发行的认股权证的每手买卖单位为 100。
 

SPAC 认股权证与公司认股权证

SPAC 认股权证的买卖单位为 1。而公司认股权证和并购交易完成后新公司发行的新认股权证的买卖单位为 100。此外，SPAC 投资者可选择无现金行权，而公司认股权证则无此选择。

投资者交易 SPAC 认股权证之前，建议其就适用的经纪佣金向其经纪商进行咨询。  

SPAC 风险 — （并购前的）SPAC 上市公司为新成立的公司，没有经营历史和收入，缺乏可供投资者评估其实现业务目标之能力的基础。

发起人风险 — 投资者仅根据发起人的资质及其寻找和收购公司的业绩记录来提高股东价值。发起人可能无法在规定期限内收购标的公司并完成业务合并。发起人寻找标的公司并进行业务合并时，最多可用上市融资收益的 10%。

稀释风险 — 发起人的额外出资可能稀释投资者在合并后公司中的持股比例。稀释的原因可能有三个：发起人的提振激励股份（上限为 20%）、认股权证（上限为 50% ）和 PIPE 投资者（无上限，依投资条款而定）。

清算风险 — 如果 SPAC 无法在规定期限内完成业务合并（即 de-SPAC），则 SPAC 则面临清算。SPAC 的资产将返还至投资者，但投资者实收款项可能低于其投资额。
 

与其他股票一样，SPAC 也可能存在以下风险：

价格风险 — 受宏观经济或行业/SPAC 特定因素影响，交易价格也可能受到影响，并导致低于您的购买价格。

波动风险 — 因股价变动而导致股票价值发生波动。

流动性风险 — 股票流动性是指在市场上买卖股票且不对其市场价格产生重大影响的程度。流动性风险是指股票不能及时交易的风险。

有关 SPAC 特定风险的更多信息载于相应 SPAC 的 IPO 招股说明书和/或股东通函。

SPAC 适合希望投资没有初始运营资产和/或收入的上市实体的投资者。投资者应了解 SPAC 投资条款，并查阅招股说明书、业务合并通告和相关通知，以作出投资决策（例如赎回或表决）。投资者还应愿意承担在业务合并完成后的资金损失和股权稀释风险。

投资者还应了解 SPAC 主要时间安排，包括上市、单位拆分、业务合并、赎回、表决和认股权证的行权/赎回。以确保投资者充分了解其对业务合并表决赞成或反对以及继续持有、出售或赎回股权决定的影响。如需了解更多信息，投资者也可以咨询其经纪人或财务顾问。

有关新交所 SPAC 框架的更多信息：

• 征求意见稿：有关特殊目的收购公司的拟议上市框架（2021 年 3 月 31 日）
• 关于征求意见稿的答复：有关特殊目的收购公司的拟议上市框架（2021 年 9 月 2 日）

General

1. How is a SPAC listing different from current listed companies (if any) which have sold off their business operations and are also sitting on cash? 

SPACs have professional sponsors such as private equity firms whose mandate and expertise is investing into companies with a view towards a potential public listing. SPAC sponsors contribute sponsor equity and support operational expenses in the SPAC, this is in contrast with cash shell listed companies who may not have the necessary investment expertise nor the level of alignment of interest and support. Finally, SPACs are required to place at least 90% of the gross IPO proceeds in a trust/escrow account, providing safeguards for investors until the completion of the Business Combination.

2. Why doesn’t a SPAC go through the traditional IPO route?

Prior to the Business Combination, the SPAC entity is primarily a fund-raising vehicle and is governed under the SPAC framework. This provides a). alignment of interest between SPAC sponsors and independent shareholders and b). opportunities for investors to participate in private equity arrangements in a publicly listed company with the relevant investor protection considerations. 
Upon completion of the Business Combination, the resulting entity is subjected to existing Listing Requirements – similar to a traditional IPO. Existing standards are equally applied to the resulting entity which will have an operational business post Business Combination (de-SPAC).

3. Are the financial criteria for a company listing via a SPAC less stringent compared to a traditional IPO on the Mainboard?

No. The Resulting Issuer (i.e. operating company acquired by a SPAC) is required to meet the same Initial Listing Requirement as a traditional IPO company seeking to list on the Mainboard, including the quantitative admission criterion, public spread and distribution requirements, and qualitative requirements such as the character and integrity of directors, executive officers and controlling shareholders.

4. How different is the SGX SPAC process compared to the one in US markets? 

The SGX SPAC framework references the US SPAC regime and as such certain features are common. However, SGX SPACs further codifies some of the market conventions with a focus on investor protection and aligning the interests of all stakeholders. SGX also places emphasis on a sponsor’s track record, repute of founding shareholders and experience and expertise of the SPAC’s management team.

*SGX retains discretion to require issuer to appoint a competent and independent valuer to value the businesses or assets to be acquired under the business combination.

5. Why would an investor trade SPACs?

SPACs enable an investor to participate in private equity arrangements (e.g. high growth companies) in the form of a publicly listed company. Based on an investor’s risk appetite and just like any other stocks, the investor can trade in the different stages of the life-cycle of a SPAC. 

6. Why is there a SPAC warrant component?

The warrant is intended to enhance the potential return to investors for agreeing to have their capital held in the trust/escrow account until the SPAC completes a business combination. It provides the opportunity for investors to maintain equity exposure to the Resulting Issuer via the warrants even when they choose to redeem the shares for cash.

SPAC life-cycle

1. What are the key milestones of a SPAC life-cycle a shareholder should take note of?

Post the IPO of the SPAC, shareholders will need to take note of the following milestones

• Detachment of units
• Issuance of shareholder circular on proposed business combination (i.e. acquire or merge with target company)
• Redemption process
• EGM vote on the proposed business combination
• Completion of business combination and trading of Resulting Issuer
• Exercise or redemption of warrants

Shareholders are advised to look out for related announcements on SGXNet by the SPAC for more information on the dates of the key milestones.

2. Does a SPAC have to disclose the target sector/industry that they wish to acquire businesses or assets in. If yes, are they bound by the disclosure and cannot invest in non-disclosed target sector/industry?

SGX’s Mainboard listing Rules require upfront disclosure in the prospectus on their acquisition mandate including the target sector, types of assets or geographic areas for purposes of undertaking a business combination. However we note that generally SPACs do include a caveat that they may decide to enter into initial business combination with a target business or businesses that does not meet all of these criteria and guidelines as stated in the prospectus.

Any proposed change of acquisition must be approved by 75% of shareholders. 

3. How do SPAC sponsors search for target companies?

SPACs typically have professional sponsors such as private equity firms whose mandate and expertise is investing into companies with a view towards a potential public listing.

The search for a target company is similar to traditional merger & acquisitions (M&A) approaches. In the search for a target, SPAC sponsors will typically vet through potential companies through their network and conduct the necessary due diligence (i.e. financial analysis, legal, background checks). Please refer to a SPAC’s prospectus for more information.

4. How long does a SPAC have to identify and acquire or merge with a target company?

Post-IPO, the SPAC sponsor will commence its search for a target company to acquire or merge with as part of its business combination process.

The sponsor must ensure it enters into a binding agreement for a proposed business combination (with a target company) within a 24-month period from the SPAC’s IPO date, and complete the business combination within the overall maximum timeframe of 36 months from IPO.

5. Do SPACs typically acquire or merge with listed or unlisted companies?

SPACs are formed to raise capital through IPOs for the sole purpose of acquiring operating business(es) or asset(s) (i.e. business combination). Such acquisitions may be in the form of a merger, share exchange or other similar business combination methods.

SPACs typically acquire or merge with private companies. From the perspective of private companies, SPACs offer an alternative route for capital raising and public listing.

6. Can a SPAC target more than one company for an acquisition or a merger?

A SPAC can acquire or merge with more than one company as part of their business combination. However, the SPAC sponsor will need to ensure the fair market value of the largest target company is at least 80% of the funds in the escrow account (at time of entry into the binding agreements for business combination).

7. Will I know which is the target company before I vote?

SPAC shareholders will know the target company for acquisition via the issuance of a shareholder circular by a SPAC sponsor. The circular will detail the proposed business combination and relevant information on the target company (e.g. company background and financials).

An EGM for shareholders to vote on the business combination will be held at least 21 calendar days after the circular is published.

Investor Rights

1. What is the purpose of redemption of shares before Business Combination?

The redemption right of shares by independent shareholders is an important investor protection mechanism to safeguard the interests of shareholders who invested in the SPAC prior to the completion of a business combination. Regardless of whether the independent shareholders vote for or against the proposed business combination, they can choose to redeem their shares for cash in the trust/escrow account. They will also be able to hold on to the warrants if they so wish. 

2. Do I get my investment back if I vote against a SPAC’s proposed acquisition?

A SPAC sponsor will announce and issue a shareholder circular on a proposed acquisition (i.e. business combination), with an EGM to vote to be held at least 21 calendar days after.

As part of the de-SPAC process, independent shareholders have the right to redeem their SPAC shares, regardless of whether they vote for or against the business combination. They will also be able to hold on to their warrants should they wish to.

The deadline to complete and submit a redemption form is typically at least two trading days prior to an EGM vote for the business combination. The redemption amount for the shareholder will be based on a pro-rata portion of the amount held in the escrow account and may differ from the prevailing market prices.

Shareholders’ redemption will only be successful upon the approval and completion of the business combination. Do note that SPAC warrant holders will not be able to redeem their warrants regardless of whether they have redeemed their shares or not.

3. Do I get my investment back If I am not agreeable for the SPAC to withdraw funds from the Escrow account?

The funds (at least 90% of gross IPO proceeds) held in the escrow account can only be drawn down in the event of a business combination, SPAC liquidation or other specific circumstances. Sponsors can only invest escrow account funds in approved investments (e.g. cash or cash equivalent short-dated securities). SPACs are required to provide quarterly updates (via SGXNet) on its cash utilisation in the escrow account.

To exit their investment, shareholders can choose to either a). sell their shares in the open market at prevailing market prices or b). opt to redeem their shares when the SPAC announces a proposed business combination.

4. What will happen to my investment in the SPAC if it cannot identify a target company?

If a SPAC sponsor fails to identify a target company and complete the business combination within the permitted timeframe, the SPAC will be liquidated. All assets of the SPAC, including all funds held in the escrow account, will be returned to shareholders on a pro-rata basis.

SPAC warrants will be deemed expired and warrant holders are not entitled to liquidation distribution. The SPAC’s shares and warrants will be delisted on or around the date where the liquidation distribution is completed.

SPAC sponsors are expected to announce via SGXNET as soon as they are aware that they cannot complete its business combination within the permitted timeframe.

5. How does SGX ensure retail investors’ interests remain protected?

SGX has implemented various safeguards to strengthen the alignment of interests between the SPAC sponsor and their independent shareholders, such as the permitted timeframe to complete a business combination, moratorium for relevant shareholders, requirement to place at least 90% of gross IPO proceeds in an escrow account, 50% cap on dilution from warrants, redemption and voting rights for independent shareholders.

Completion of a business combination can only proceed if more than 50% of independent directors approve the transaction and more than 50% of shareholders vote in favour of the transaction.

Trading

1. Why does detachment of unit (from shares and warrants) occur after 45 days?

SPACs are shell companies and do not have an underlying operating business, unlike an operating company that becomes public through a traditional IPO. At IPO, SPACs will offer units, with each unit comprising of a public share and typically a fraction of a warrant. It is a feature of SPACs that the unit splits into a public share and warrant which are then separately traded. 

Before the split happens, a time period from the listing date has to first lapse and to potentially accommodate over-allotment options, if any, similar to that of a traditional IPO. Over-allotment grant underwriters an option to purchase additional units which can be exercised up to 30 days from the listing period. While SPAC units will trade immediately at the IPO, the total public unit count may not be known for up to 45 days. 

2. Where can I view the number of SPAC shares and warrants I hold post detachment?

Shareholders can view the number of SPAC shares and warrants they hold on the SGX Investor Portal two trading days after the detachment date. From the detachment date, shareholders can only trade SPAC shares and warrants.

3. Will I be able to lend out my SPAC units (prior to de-SPAC) under the Securities, Borrowing and Lending (SBL) programme?

Yes, SPACs will be made available under CDP’s SBL programme, provided that the relevant SPAC counter has met the eligible criteria to be offered. Please click here for the list of stocks available on the programme.

4. Is there a process on a SPAC’s stock naming convention after de-SPAC?

There are several scenarios that may happen post the completion of the business combination. Some scenarios include i) name change for the SPAC shares, ii) name change and ISIN code change, iii) new counter creation. Shareholders are advised to read through the announcements and/or contact their brokers or financial advisors for more information.

5. Are SPACs transferrable before and after detachment?

There is no difference between the SPAC and a normal security for transfers. The usual procedures apply unless there are explicit conditions imposed on the shares (e.g. moratorium period).

6. Is there a moratorium period for transfer after de-SPAC?

There is no difference between the SPAC and a normal security for transfers. The usual procedures apply unless there are explicit conditions imposed on the shares e.g. moratorium period.

For more information, please refer to SPACs product page (here) and the relevant SPAC’s prospectus/announcements for more details.

 

来源：SGX