Return of Funds and De-Listing
The Exchange may suspend the trading of a SPAC that:
(1) fails to obtain the requisite approvals in respect of the continuation of the SPAC following a material change referred to in rule 18B.32; or
(2) fails to meet any of the deadlines (extended or otherwise) referred to in rule 18B.69 or 18B.70.
Following a suspension imposed on it under rule 18B.73, a SPAC must, within one month of the suspension, return the funds it raised at its initial offering by distributing or paying to all holders of SPAC Shares the monies held in the escrow account referred to in rule 18B.16 on a pro rata basis, for an amount per SPAC Share that must be not less than the price at which the SPAC Shares were issued at the SPAC’s initial offering.
Note: Upon the return of funds under this rule, the Exchange will cancel the listing of the SPAC’s securities following the Exchange’s publication of an announcement notifying the cancellation of listing.