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ARTICLE · 10 SEPTEMBER 2021

Singapore Permits SPAC Listings

On September 2, 2021, the Singapore Exchange (SGX) announced new rules that would permit special purpose acquisition companies (SPACs)...

SingaporeCorporate/Commercial Law

On September 2, 2021, the Singapore Exchange (SGX) announced new rules that would permit special purpose acquisition companies (SPACs) to list beginning on September 3, 2021. To qualify for a listing on SGX, a SPAC must meet several listing criteria, including:

Item Requirement
Minimum Market Capitalization S$150 million (~US$111.6 million)
Timing A business combination (i.e., de-SPAC) must take place within 24 months of a SPAC initial public offering (IPO), with an extension of up to 12 months in certain circumstances.
Moratorium on Sponsor Shares SGX would issue a moratorium on sponsor shares from IPO to de-SPAC, a six-month moratorium after the de-SPAC, and for certain issuers, an additional six-month moratorium on 50% of shares.

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