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As businesses emerge from the disruption caused by the COVID-19 pandemic, it’s becoming increasingly clear that the health crisis has created a period of significant interest in tech IPOs – and Israel’s unicorns have wasted no time in galloping towards the growth that this newfound investor confidence can bring.
by Tyler Durden
Friday, Apr 09, 2021 - 11:01 AM
As we noted earlier this week, it appears the days of SPACs debuting a dozen at a time, what many had speculated might be the peak of SPAC-mania, are over. Only a handful of new deals hit public markets this week.
On Friday morning, the FT reported that one reason for the slowdown appears to be a declining appetite for institutional financing from institutional investors like Fidelity and Wellington Management, which have poured billions of dollars into so-called PIPE vehicles, a critical aspect of SPAC dealmaking.
SPACs raise money from public markets during their debut, but getting a deal done typically requires an infusion of private capital, often from a variety of sources.
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SPACs short for special purpose acquisition companies recently have drawn significant interest by companies and executives as a more seamless method to conduct an initial public offering. Often referred to as blank check companies, SPACs provide a vehicle by which companies may raise funds from public markets through initial public offerings (IPOs) that take a company from private to publicly listed. Unlike traditional IPOs, which often involve private companies that have developed over time, SPACs are shell companies when they become public and have no underlying operating business and no assets apart from cash and other limited investments. SPACs also have, in the SEC s words, distinct risks associated with investing in them. [1] These risks include conflicts of interests that SPAC sponsors may have, meaning that the sponsors economic interests may diverge from shareholders. [2] In addition, SPACs are not all
07 Apr 2021 BY Reuters
Singapore Exchange Ltd is proposing introducing regulations to allow the listing of Special Purpose Acquisition Companies (SPACs) or blank cheque firms that have taken U.S. markets by storm.
“The feedback we have been receiving is that an Asian SPAC would be interesting because Asia is such a fertile ground not just for target companies but also for sponsors,” Tan Boon Gin, CEO of Singapore Exchange Regulation, told a news conference.
SGX, the first major Asian bourse to consider the listing of SPACs, is calling for market feedback from Wednesday until April 28 after which it could introduce regulations by mid-year.