© Reuters. FILE PHOTO: People stroll over a bridge in entrance of the constructing of the Swiss inventory alternate in Zurich May 18, 2011. REUTERS/Arnd Wiegmann
ZURICH (Reuters) – Special objective acquisition firms (SPACS) can be listed and traded on Switzerland’s alternate from Dec. 6, Swiss bourse SIX mentioned on Tuesday.
SPACs are shell firms that increase funds by way of an preliminary public providing to purchase a personal firm, which then turns into public. It serves instead for firms wanting to enter public markets and permits extra certainty when it comes to the valuation it may obtain on the deal.
Earlier this 12 months, the Swiss Financial Market Supervisory Authority (FINMA) had requested bourse operator SIX to revise its itemizing guidelines for SPACs earlier than introducing the brand new financing instrument.
SIX mentioned authorisation from all related authorities had now been obtained.
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