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