Reed Smith Client Alerts

On 2 September 2021, the Singapore Exchange (SGX) unveiled its rules on listing special purpose acquisition companies (SPACs) in Singapore. Track record and quality of sponsors are considered to be paramount considerations in the SPACs listing process, and the new listing framework thus puts forth requirements intended to increase a sponsor’s ‘skin in the game’ and their alignment with shareholders’ interests. The new listing framework comes into effect on 3 September 2021, following an extensive consultation in April 2021 covered in our earlier client alert “Singapore Exchange consults on listing framework for SPACs” of 16 April 2021.

Authors: Matthew Gorman Manoj Purush Gerald Licnachan Kohe Hasan Johnny Lim (Resource Law LLC), Michael Kwan (Resource Law LLC)

Key features of SGX’s listing framework

Compared to the proposals during the consultation period, the new rules governing the SPAC listing and business combination (i.e. ‘de-SPAC’) framework have been moderated or relaxed in various areas, a welcomed development to expand the net for quality listings in Singapore. Notable features as follows:

Key features of SGX’s listing framework