Singapore’s first special purpose acquisition company (SPAC) will start trading at 2pm on Thursday (20 Jan). Offering opened on Thursday (13 Jan) and will close 12pm on Tuesday (18 Jan).
A total of 11.8mn units will be offered at an offer price of S$5. However, 11.2mn will be offered via international placement that includes institutional and other investors in Singapore, as well as foreign institutional and selected investors outside the US. Only 600,000 units will be offered via public offering in Singapore.
Each unit will comprise 1 share and 0.3 of a warrant, which will be issued at the completion of the offering. An additional right to 0.2 of a warrant per share will be issued at a later time to holders of shares which have not been tendered for redemption at or around the completion of the initial business combination.
Shares and warrants comprising the units will start trading at separate counters at 9am on the 45th day from the listing date – 7 March.
VTAC will focus on targets in six sectors: Artificial Intelligence, Cyber Security and enterprise Solutions, Consumer Internet and technologies, Financial technologies, Autonomous driving and new-energy vehicles, and Biomedical technologies and digital healthcare.
