Entire Section

  • Application of New Listing Requirements

    • 18B.35

      The terms of a De-SPAC Transaction must include a condition that the transaction will not complete unless listing approval of the Successor Company’s shares is granted by the Exchange.

    • 18B.36

      A Successor Company must meet all new listing requirements of these rules.

      Note:    These include all the applicable requirements under Chapter 8, and the application procedures and requirements for a new listing set out in Chapter 9. The Successor Company will be required, among other things, to issue a listing document and pay the non-refundable initial listing fee. Chapters 8A, 18 and 18A will also apply where applicable.

    • 18B.37

      (1)    A Successor Company must appoint at least one sponsor to assist it with the application for listing in accordance with Chapter 3A. The sponsor(s) must comply with the requirements as set out in Chapter 3A, including, among other things, the requirement in rule 3A.07 such that at least one sponsor must be independent of the Successor Company.
      (2)    The sponsor(s) must be formally appointed at least two months prior to the date of the listing application of the Successor Company.
      Note:    If a De-SPAC Target has been considering an application for listing not via a De-SPAC Transaction at the same time as it is considering listing via a De-SPAC Transaction (i.e. it is taking a “dual-track” approach to listing), then the Exchange will take into account the due diligence performed by the sponsor(s) of the De-SPAC Target during the whole dual-track process for the purpose of considering whether the minimum engagement period of two months referred to in rule 18B.37(2) has been satisfied. However, the sponsor(s) must be formally engaged by the Successor Company for the purpose of its listing application.