Continuing obligation of a special purpose acquisition company (“SPAC”)

​8.56Pursuant to paragraph 8.42 of the Main LR, a SPAC is not subject to certain continuing listing obligations. Will this still be applicable to a SPAC which has completed a qualifying acquisition?

No, once a SPAC completes a qualifying acquisition2, it is regarded as a listed issuer and has to comply with all the requirements in the Main LR like any other listed issuer.

2     Pursuant to paragraph 1.01 of the Main LR, a SPAC is considered to have completed a qualifying acquisition at the point of time where all conditions precedent set out in the sale and purchase agreement governing the qualifying acquisition have been fulfilled, and "complete the qualifying acquisition" will be construed accordingly.