SPAC

SPAC

The fast way to access public listings in NASDAQ, NYSE and LSE

What is SPAC Listing

SPAC is the abbreviation for “special purpose acquisition companies”. It is a unique form of listing in the US and London capital markets. The SPAC company has cash only and does not need to actually operate in business. It usually acquires a high quality target company within a designated period after listing. In the past 10 years, a total of more than 300 companies have been listed on NASDAQ and NYSE, with financing exceeding 100 billion US dollars.

Number of listed SPAC companies in each year from 2002 to 2021

2020,  248 SPACs have been listed, with an annual financing scale of over 83 billion dollars, and both the number of listings and the total financing amount have broken record highs. (Data source: SPAC Insider)

SPAC Listing Case

SPAC New Frontier acquires medical giant United Family

New Frontier, a SPAC company initiated by the former Hong Kong Financial Secretary Liang Jinsong, was listed on the New York Stock Exchange in 2018, and signed an acquisition agreement with United Family Healthcare: New Frontier will acquire from existing shareholders such as TPG and Fosun Pharma United Family. In 2019, United Family was listed in the United States in the form of SPAC, with an enterprise value of approximately US$1.44 billion (approximately RMB 9.9 billion).

Compared with traditional IPO listing, what are the advantages of SPAC

Shorter Time

SPAC has completed the listing process of the Securities Regulatory Commission and the exchange in the early stage, which can be completed in about 6 months

Higher Certainty

SPAC merged companies only need to declare for mergers and acquisitions. Compared with the uncertainty of IPO declaration, the success rate is greatly increased.

Lower Cost

SPAC is already a listed company and can raise funds. Consolidated companies can save more than 50% of costs compared to IPO

Services provided by Legal Capital

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SPAC top-level design and quick listing operation

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Discovery of M&A targets and completion of M&A transactions

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SPAC related financing, refinancing and merger financing, etc.

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