ZURICH (Reuters) – Special purpose acquisition companies (SPACS) can be listed and traded on Switzerland’s exchange from Dec. 6, Swiss bourse SIX said on Tuesday.
SPACs are shell companies that raise funds through an initial public offering to acquire a private company, which then becomes public. It serves as an alternative for companies looking to enter public markets and allows more certainty in terms of the valuation it can receive on the deal.
Earlier this year, the Swiss Financial Market Supervisory Authority (FINMA) had asked bourse operator SIX to revise its listing rules for SPACs before introducing the new financing instrument.
SIX said authorisation from all relevant authorities had now been obtained.
(Reporting by Brenna Hughes Neghaiwi, Editing by Miranda Murray)
