The following rules do not apply to a SPAC from the time of its listing until the completion of a De-SPAC Transaction:
(1) rules 6.01(3) and 13.24 on the carrying out, directly or indirectly, of a business with a sufficient level of operations and assets of sufficient value to support its operations to warrant the continued listing of an issuer’s securities;
(2) rule 8.11 only to the extent that a SPAC is permitted to issue Promoter Shares at a nominal value to a SPAC Promoter that carry the right to vote at general meetings and may carry a special right to nominate and/or appoint persons to the board of a SPAC;
(3) rule 14.82 on the suitability for listing of cash companies; and
(4) rules 14.89 and 14.90 on the prohibition, in the period of 12 months from the date of listing, of any acquisition, disposal or other transaction or arrangement, or a series of acquisitions, disposals or other transactions or arrangements, that would result in a fundamental change in the principal business activities of the listed issuer as described in the listing document issued at the time of its application for listing.
With regards to a sponsor’s conduct of due diligence, Paragraph 17 of the Code of Conduct and Practice Note 21 of these rules should be complied with by a sponsor of a SPAC to the extent applicable.
Rule 3A.02B on the submission of a listing application for or on behalf of a new applicant is modified to require that a listing application for a SPAC must not be submitted less than one month after the date of the last sponsor’s formal appointment.