The proposal covers broad admission criteria; conditions for founding shareholders, the management team, and controlling shareholders; and business combination requirements.
On 31 March, the Singapore Exchange (SGX) published a consultation paper proposing a primary listing framework for special purpose acquisition companies (SPACs) to list on the Mainboard of the Singapore Exchange Securities Trading Limited (Mainboard) (SPAC Framework).
The SPAC Framework aims to propose a balanced regime that safeguards investors' interests against specific concerns surrounding features of SPACs, while also meeting capital-raising needs in the market. The proposal covers the broad admission criteria for a SPAC listing; conditions for founding shareholders, the management team, and controlling shareholders; and the business combination requirements.
Source: latham & watkins – Singapore Exchange Consults on Proposed Listing Framework for SPACs