Entire Section

  • De-Listing Conditions

    • Deadlines

      • 18B.69

        A SPAC must publish the announcement referred to in rule 18B.44 within 24 months of the date of its listing.

        Note:    A SPAC may submit a request to the Exchange for an extension of the deadline referred to in this rule.
         

      • 18B.70

        A SPAC must complete a De-SPAC Transaction within 36 months of the date of its listing.

        Note:    A SPAC may submit a request to the Exchange for an extension of the deadline referred to in this rule.
         

    • Deadline Extensions

      • 18B.71

        Any request to the Exchange for an extension of any of the deadlines referred to in rule 18B.69 or 18B.70 must include the grounds for the request and a confirmation to the Exchange that the SPAC has received the approval of the extension by an ordinary resolution of its shareholders at a general meeting (on which the SPAC Promoters and their respective close associates must abstain from voting).

      • 18B.72

        The Exchange retains the discretion to approve or reject an extension request submitted under rule 18B.71.

        Note:    Any extension granted by the Exchange in response to a request submitted under rule 18B.71 will be for a period of up to six months.
         

    • Return of Funds and De-Listing

      • 18B.73

        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.
         

      • 18B.74

        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.
         

      • 18B.75

        Upon the return of funds made in accordance with rule 18B.74, a SPAC must publish an announcement regarding the return of funds and the upcoming cancellation of listing in accordance with rule 13.25(1).