Frequently Asked Questions
Which companies are included on spactracker?

We use the following criteria to determine whether to include full details of a company on spactracker:

  • Listed on a European stock exchange
  • Intends to acquire a single private company
  • Has raised (or is targeting a raise of) at least €100 million
  • Offers investors the opportunity to redeem (at least in part) at the point of business combination

Where a company does not meet all of the criteria listed above, we may still include it on the site but with more limited details.

What is Founders' Capital-At-Risk?

We define Founders Capital-At-Risk as any amount that the Sponsors/Founders have invested in the business which will not be returned to them in the event a deal is not consummated. This typically takes the form of a subscription for Founder Warrants. The Founders Capital-At-Risk is normally used to pay for the initial launch expenses of the SPAC (excluding deferred listing commissions) and any ongoing operating costs until a deal is consummated.

What is a greenshoe?

Greenshoes, or over-allotment options, are a legal method used by underwriters to 'stabilise' the share price of a company after its IPO. Read more details on Wikipedia.

What does 'trading as a unit' mean?

'Trading as a unit' means that both the shares and warrants of a SPAC are trading together, i.e. the purchase of 1 unit buys you both a share and a certain number (typically one third) of a warrant. After a certain amount of time post the IPO, the unit will typically split into its constituent parts, allowing buyers and sellers to trade them separately.

What are the new FCA rules on SPACs and when do they come into effect?

The new FCA rules come into force on the 10th of August 2021. Due to the current FCA Listing Rules trading in a UK listed SPACs' securities is suspended once a potential acquisition target has been announced, the purpose of the suspension was designed to protect investors from 'disorderly markets as a result of insufficient information being publicly available at that stage, which could impair the process of proper price formation' (1.2 on p3 of PS21/10). The new rules provide a criteria which allows SPACs to avoid suspension:

  • A minimum size threshold of £100m raised in the IPO (previously, this was £200m)
  • Proceeds raised to be used for the Business Combination must be ring-fenced 
  • An acquisition deadline of 2 years extendable to 3 years subject to shareholder approval, in addition SPACs can have a 6 month extension without shareholder approval in cases of advanced transaction negotiations 
  • Board approval of an acquisition
  • Board must publish a 'fair and reasonable' statement regarding any conflict of interest issues involving the SPAC's directors, reflecting views of an independent adviser
  • Shareholder approval of an acquisition
  • The ability for shareholders to redeem before an acquisition completed
  • Investors given sufficient information about the key terms and risks of the SPAC throughout its lifecycle including the conclusion of an acquisition