As of sixth December 2021, SPACs will be listed and traded on the SIX Swiss Alternate. Authorization from all the related authorities has been obtained. The brand new itemizing customary for SPACs caters for the precise traits of those autos whereas upholding an acceptable diploma of investor safety.
A Particular Objective Acquisition Firm (SPAC) is a shell firm based for the only goal of buying a non-listed goal firm. – thus taking this firm public. The SPAC first raises capital via an preliminary public providing (IPO). The SPAC then invests this raised capital within the acquisition of a goal firm, whereby the latter is listed on the inventory alternate as a part of the acquisition (De-SPAC).
SPACs as monetary autos have been in existence for many years, however solely within the current previous gained widespread consideration by market members. That is why SIX has carefully monitored these developments and the demand round SPACs for its market and – in response to a regulatory want – developed a brand new devoted itemizing customary. Firms in search of a list as a SPAC are principally topic to the identical itemizing necessities as different listed firms at SIX Swiss Alternate, however tailored to the precise traits of a SPAC whereas upholding an acceptable diploma of investor safety. Regulatory disclosure necessities for SPACs at IPO in addition to on the time of de-SPAC purpose to supply traders with the related particulars for them to take knowledgeable funding choices.
In accordance with Christian Reuss, Head SIX Swiss Alternate, “The SPAC itemizing customary will complement our ongoing efforts to supply new services and products for present and future issuers. For firms which are able to go public, SPACs present an extra possibility to take action.“
Solely inventory firms beneath Swiss regulation will be listed as special-purpose acquisition firms (SPAC) on SIX Swiss Alternate. The aim of a SPAC is to buy an acquisition goal instantly or not directly. The SPAC’s length is proscribed to a most of three years. The problem proceeds raised in an IPO (preliminary public providing) have to be deposited in an escrow account at a financial institution. The SPAC should grant all shareholders a elementary proper to return the shares acquired within the IPO. The board of administrators, administration, founders, and sponsors of SPACs should conclude binding lock-up agreements with a lock-up interval of no less than six months. As a substitute of shares, the SPAC can provide traders parts of a convertible bond within the IPO. The necessities of Artwork. 11 and 12 LR don’t apply to SPACs. The issuer of a SPAC doesn’t have to fulfill the itemizing requirement of the minimal length for the existence of an issuer (“monitor report requirement”) or to have ready corresponding annual monetary statements for the three full fiscal years previous to the itemizing utility. The capital assets of SPACs are decided together with the IPO shares or convertible bond no matter their respective recognition as fairness or debt in accordance with the accounting customary LR at the side of Artwork. 15 LR.
A SPAC should disclose extra quantitative and qualitative data within the prospectus in accordance with the Swiss Monetary Companies Act (Finanzdienstleistungsgesetz, FIDLEG) that’s ready with regard to the IPO. The quantitative data notably pertains to disclosures on the dilutive impact, for instance resulting from warrants, and on the prices to be borne by a public shareholder if the shares are returned.
The necessities for sustaining a SPAC’s itemizing are primarily based on Artwork. 49–56 LR. As well as, there are totally different or supplementary rules for issuers of SPACs; for instance, the approval of the IPO share subscribers is required for a de-SPAC. Together with the invitation to the investor assembly in reference to voting on a de-SPAC, the issuer should additionally publish acceptable data on the supposed de-SPAC. Along with the members of the board of administrators and the administration, sponsors and founding shareholders of the SPAC are additionally thought of to be individuals topic to reporting necessities as outlined in Artwork. 56 (2) LR and should accordingly disclose their administration transactions. This requirement continues to use after the completion of the de-SPAC till 1 month after the top of the lock-up settlement.