SPACs to be listed and traded in Switzerland 16 November 2021Switzerland Reporter: Carmella Haswell
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SIX-Group has announced its SIX Swiss Exchange will trade and list Special Purpose Acquisition Companies (SPACs), after approval from 鈥渢he relevant authorities鈥�, from 6 December.
Companies seeking a listing as a SPAC are principally subject to the same listing requirements as other listed companies at SIX Swiss Exchange, but adapted to the specific characteristics of a SPAC while upholding an 鈥渁ppropriate degree of investor protection鈥�.
SPACs are a shell company founded for the sole purpose of acquiring a non-listed target company鈥� and therefore taking that company public. It first raises capital through an initial public offering (IPO) and then invests this raised capital in the acquisition of a target company, whereby the latter is listed on the stock exchange as part of the acquisition (De-SPAC).
Christian Reuss, head SIX Swiss Exchange, says: 鈥淭he SPAC listing standard will complement our ongoing efforts to offer new products and services for current and future issuers. For companies that are ready to go public, SPACs provide an additional option to do so.鈥�
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