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SPACS to be allowed on Swiss bourse from Dec. 6 -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A crowd walks over the bridge that is in front the Swiss stock exchange building, Zurich. May 18, 2011 REUTERS/Arnd Wiegmann

ZURICH (Reuters), Special purpose acquisition companies can now be listed on Switzerland’s stock exchange starting Dec. 6. The Swiss bourse SIX announced on Tuesday.

SPACs can be shell companies that are able to raise capital through an initial public offerings in order to purchase a private firm. The company then goes public. This is an option for companies that want to go public and provides more certainty about the value of their deal.

The Swiss Financial Market Supervisory Authority, FINMA (FINMA), had previously asked SIX to update its SPAC listing rules in order for the introduction of the new financing instrument.

SIX indicated that all necessary authorities have now authorized SIX.

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