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ARTICLE · 07 SEPTEMBER 2008

Toronto Stock Exchange May Permit Listing Of SPACs

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The TSX is proposing to permit the listing of special purpose acquisition corporations. SPACs are shell companies that raise capital in an IPO with a mandate to acquire an operating business within a specified period of time.

CanadaFinance and Banking
Leslie McCallum
Leslie McCallum
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The TSX is proposing to permit the listing of special purpose acquisition corporations. SPACs are shell companies that raise capital in an IPO with a mandate to acquire an operating business within a specified period of time. They are similar to capital pool companies (CPCs) listed on the TSX Venture Exchange, but SPACs are much larger than CPCs in terms of IPO proceeds and the size of the acquired business. The TSX's proposal to permit SPAC listings follows the growing market acceptance of SPACs in the United States, where the NYSE and AMEX permit, and Nasdaq will soon permit, SPAC listings. Comments on the TSX proposal are due by September 15, 2008. The proposed rules are also subject to Ontario Securities Commission approval.

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