ARTICLE · 01 OCTOBER 2008

Will TSX SPACs Restore The Canadian IPO Market?

Farris, Vaughan, Wills & Murphy LLP

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The TSX has proposed rule changes to permit US-style SPAC listings in Canada. A SPAC is a ‘special purpose acquisition corporation’ formed to raise a minimum of $30 million to pursue an ‘as yet to be identified’ acquisition opportunity.

CanadaFinance and Banking

Albert Hudec

The TSX has proposed rule changes to permit US-style SPAC listings in Canada. A SPAC is a 'special purpose acquisition corporation' formed to raise a minimum of $30 million to pursue an 'as yet to be identified' acquisition opportunity. If the new TSX rules are implemented, they may help rejuvenate the currently moribund Canadian IPO market.

Internationally, SPACs accounted for 25% of the IPOs in the US market in 2007, with the NYSE and NASDAQ recently following the lead of AMEX In accommodating SPAC listings. Although US SPAC activity has slowed recently due to a large backlog of SPACs that have not yet completed an acquisition, SPAC action has shifted to Europe where London's AIM and Euronext are now competing for SPAC listings. A quick approval of the TSX's SPAC proposal by Canadian securities regulators is critical to maintaining the TSX's competitive position internationally.

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