SPACs - the next big fraud

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VTAC draws down $10.4 million of interest earned, 17Live EGM to be held on Dec 1​

17Live generated operating revenue of US$363.7 million for FY2022, down from US$497.8 million in FY2021. PHOTO: 17LIVE
Raphael Lim

NOV 9, 2023

SINGAPORE - Interest earned from proceeds raised in the initial public offering (IPO) of blank-cheque company Vertex Technology Acquisition Corporation has been utilised to cover costs and other expenses.
This was disclosed in an extraordinary general meeting (EGM) circular on Thursday (Nov 9). In the document, VTAC indicated that $10.4 million in interest earned on the funds placed in the escrow account of the special-purpose acquisition company (SPAC) had been drawn down to pay “a substantial portion of the cost” incurred in relation to the administrative expenses of the IPO, general working capital and related expenses, and professional fees for the purposes of identifying and completing the proposed business combination with 17Live.
VTAC had said last month that it had not used any of the interest and income derived from amounts placed in the escrow account as at Sept 30. But it added that it planned to draw down all the interest earned to cover costs and expenses, as is permitted under the Singapore Exchange’s listing manual.
The $10.4 million interest earned represents around 5 per cent of the IPO proceeds of $208.03 million placed in the escrow account. VTAC said that 100 per cent of the IPO proceeds are still available for redemption-price computation prior to the completion of the business combination.
In its EGM circular on Thursday, VTAC also said that it had commissioned independent valuer Frost & Sullivan to evaluate the market value of 17Live.
VTAC’s audit committee noted that it viewed Frost & Sullivan as independent of Frost & Sullivan (Singapore), which carried out an independent market research report on the media and entertainment industry for 17Live on Oct 23.
This is because the entities are separate legal entities, and their professional fees are not contingent on each other. The work undertaken by the entities and the conclusions arrived at for their reports are also independent of each other.

The valuer said the equity market value of 17Live as at June 2023 was in the range of US$697.2 million to US$750.6 million, with a median of US$723.9 million. The circular said the valuer used a combination of multiple-based valuation and discounted cash-flow analysis to determine the value of the target company.
VTAC previously said it would acquire 17Live for a purchase consideration of up to $925.1 million, which works out to around US$682 million.
The valuer assessed that price-to-sales ratio and enterprise value to Ebitda were the most suitable metrics with which to evaluate the target company.
17Live generated operating revenue of US$363.7 million for FY2022, down from US$497.8 million in FY2021. It recorded a net loss of US$51 million for FY2022, reversing the profit of US$109.5 million the previous year.
The target group’s adjusted Ebitda was US$15.8 million in FY22, lower than US$17.4 million in FY2021.
In the first half of FY2023, 17Live reported a net loss of US$118.2 million on the back of revenue of US$151 million. The group had no loans and borrowings as at H1 FY2023.
The EGM for the business combination and the announcement of the level of redemption will be held at 2 pm on Dec 1. Shareholders of VTAC will have until 2 pm on Nov 28 to submit the share redemption form, and 2 pm the following day to submit their proxy form.
The expected completion of the deal would be on Dec 8, when the SPAC will trade under the new name 17LIVE Group, if the transaction is successful.
The expected redemption payment date for shareholders who opt to redeem will also be on Dec 8.
Shares of VTAC closed flat at $4.90 on Thursday. THE BUSINESS TIMES

 

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Explainer​

What to know as shareholders of Temasek-backed VTAC vote to buy live-streaming app 17Live​

A V-Liver performance at 17Live's first physical event in Singapore on Nov 20. PHOTO: VTAC

Kang Wan Chern
Deputy Business Editor

Nov 29, 2023

SINGAPORE - Shares of Temasek-sponsored Vertex Technology Acquisition Corporation (VTAC), Singapore’s first special purpose acquisition company, or Spac, were suspended from trading on Nov 28, pending the outcome of an upcoming extraordinary general meeting (EGM).
A Spac, or blank-cheque company, is created to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with a private firm.
At the EGM at 2pm on Dec 1, shareholders of VTAC, which listed on the Singapore Exchange (SGX) in January 2022, will vote on the acquisition of live-streaming app 17Live.
An acquisition, if approved, could result in the SGX’s first pure-play Internet stock, 17Live Group, and could encourage others in the regional consumer tech sector to list here.
If investors buy 17Live’s growth story and are willing to bet that live-streaming will take off in South-east Asia, the listing of 17Live Group could also draw a more diverse base of investors to the SGX, adding vibrancy and liquidity to the local bourse.
Here are some things to know as shareholders prepare to vote.

Why was 17Live selected as an acquisition target? How does its business work?​

In its IPO prospectus, VTAC stated that its aim is to identify a high-growth company with deep domain expertise in areas including consumer Internet and technologies. The company must be at an inflection point in its growth journey and ready to undertake an IPO.

VTAC is sponsored by Temasek-backed venture capital firm Vertex Venture Holdings.
Live-streaming app 17Live was selected from Vertex’s portfolio of more than 300 companies. It owns the technology behind an Internet platform where aspiring individuals can sing, experiment with make-up and fashion, cook or play games, among other things, while interacting with their followers in real time.
One reason 17Live is viewed as unique is that it allows viewers to be engaged by and form emotional connections with their favourite streamers over the Internet. It enables communities to form among like-minded individuals and provides a convenient and affordable avenue of entertainment for a diverse user base.


17Live is the No.1 such platform in Japan and Taiwan, where live streaming is a growing business and part of the popular culture.
The app makes most of its money when viewers purchase virtual gifts for their preferred streamers in the app. The streamers then sell these virtual gifts back to the platform under a revenue-sharing model and based on a mutually agreed upon ratio.

17Live is the No.1 such platform in Japan and Taiwan, where live streaming is a growing business and part of the popular culture. PHOTO: 17LIVE GROUP
To entice more users, 17Live organises several physical events a year, where streamers can compete for virtual votes and monetise their winnings. On Nov 20, it held its first such event live in Singapore.
17Live has exclusive contracts with 87,000 live streamers globally, and in the first half of 2023 recorded an average of 550,000 monthly users who spent around 93 minutes each day on the app.

What is the growth potential of 17Live? What are the risks?​

Beyond Japan and Taiwan, 17Live wants to bring the culture of live streaming to Singapore and the rest of South-east Asia, where it sees untapped potential for growth.
Globally, the main growth driver is expected to be its V-Liver technology, which enables streamers to live-stream via an animated avatar on their mobile phones. In Japan, V-Liver has a 41.2 per cent projected average annual growth rate between 2023 and 2027, according to information provided by the company.
It also sees future growth coming from in-app gaming and live commerce.
There are risks to the acquisition though. For one, revenue has been easing since 2021 due to fewer active users and weaker average spending post-Covid-19, as well as a management decision to focus on profitability by targeting paying customers over scale.
For the first half of 2023, revenues totalled US$151 million (S$202 million), down by around 25 per cent from US$200.4 million during the same period a year ago. The company posted a loss of US$118.2 million for the first half compared to US$42 million a year ago.
However, after adjusting for the revaluation of its preferred shares and warrants, it recorded a profit of US$9.4 million. At the operating level, profit stood at US$15.8 million, up from US$4.3 million the year before.

Valuations also appear to be too high.
Research house Phillip Securities, in a Nov 20 report, placed a fair value of between US$581 million and US$700 million on 17Live. “When we equally weigh the importance of sales and earnings plus balance sheet strength, our 17Live fair value is US$641 million,” said Phillip Securities analyst Paul Chew.
In comparison, VTAC has proposed to acquire 17Live for Vertex Technology Acquisition Corporation for $800.8 million through the issuance of 162 million new shares. An additional 24.4 million earnout shares at $5 per share will be issued should 17Live meet specific financial targets, taking the potential acquisition value to a maximum of $922.8 million, or about US$691 million.
Assuming there is no redemption, VTAC’s assigned fair value as a combined entity would stand at $5.08 per share. However, it falls to a significantly lower fair value of $4.55 if the earnout shares are fully issued, Mr Chew said.
Shares of VTAC last traded at $4.79 before trading was suspended.

What are the transaction details and dates to watch out for?​

VTAC shareholders who are not satisfied with the target acquisition have the option of redeeming their shares at $5 to $5.02 each and getting their initial investment capital back.
The last date and time to elect for redemption and submit the necessary forms is Nov 28. Under a bonus scheme from the company, non-redeeming shareholders are entitled to 0.1 free share for every share they own. Vertex Venture Holdings and Venezio, a vehicle of Temasek, will not be redeeming their shares.
An announcement on the level of redemptions and the outcome will be made during the EGM on Dec 1, and shares of VTAC will resume trading on Dec 4.
If shareholders vote in favour of the acquisition, shares of VTAC will begin trading under the new 17Live Group moniker on Dec 8.
Depending on the level of redemptions, the company is expected to have an equity value of between $996.9 million and $1.16 billion post completion.

 

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VTAC shareholders vote to buy live-streaming app 17Live for Singapore’s first Spac merger​

17Live is the No. 1 live-streaming platform in Japan and Taiwan, where live streaming is a growing business and part of the popular culture. PHOTO: VTAC

Lee Su Shyan
Associate Editor & Senior Columnist

DEC 1, 2023

SINGAPORE – Shareholders of Temasek-backed Vertex Technology Acquisition Corporation (VTAC) have voted to merge with Taiwanese live-streaming platform 17Live to become Singapore’s first special purpose acquisition company, or Spac, to acquire a target.
At an extraordinary general meeting (EGM) on Dec 1, 95.53 per cent of VTAC shareholders voted for the deal. The meeting, which began at 2pm, was over within an hour.
VTAC will acquire 17Live for around $800.8 million through the issuance of around 162 million new shares at $5 each. If 17Live hits a set financial target, an earnout of 24.4 million new shares at $5 each will be allotted to applicable shareholders, amounting to $122 million. This would take the total acquisition value to a maximum of $922.9 million.
Separately, ahead of the EGM, VTAC shareholders redeemed about 62.53 per cent of the Spac’s share capital.
VTAC shares will resume trading on Dec 4. The counter last traded at $4.79 on Nov 24. Dec 8 will mark the completion of the acquisition and VTAC will begin trading as 17Live Group at 9am on that day.
The VTAC deal is the first acquisition of a target company by a Singapore-listed Spac since 2021, when the Singapore Exchange (SGX) allowed Spacs or “blank cheque” firms to float shares.
Spacs are designed to acquire another company. The entities are set up by a group of investors, known as sponsors. Spacs then raise money through an initial public offering (IPO). At this stage, they have no business operations or stated targets for acquisition. Instead, under SGX’s rules for Spacs, they have two years to acquire a private company – a process also known as de-Spac.

For VTAC, the deadline was coming up in January 2024.
VTAC’s success is important for Singapore, which is facing fierce competition from Hong Kong to become an Asian hub for Spacs. While it lagged behind Singapore in setting up rules and listing its first blank-cheque company, Hong Kong announced its first Spac merger with a target firm in September, involving Aquila Acquisition and Chinese steel trading website ZG Group.
VTAC was Singapore’s first Spac, raising about $200 million in its IPO in January 2022. It is backed by Vertex Venture Holdings, a subsidiary of Singapore’s investment company Temasek.

17Live, which is among Vertex Venture’s portfolio of more than 300 companies, is the No. 1 live-streaming platform in Japan and Taiwan, where live streaming is a growing business and part of the popular culture.
The app makes most of its money when viewers purchase virtual gifts for their preferred streamers in the app. The streamers then sell these virtual gifts back to the platform under a revenue-sharing model and based on a mutually agreed upon ratio.
17Live owns the technology behind an Internet platform where aspiring individuals can sing, experiment with make-up and fashion, cook or play games, among other things, while interacting with their followers in real time.
This platform enables communities to form among like-minded individuals and provides a convenient and affordable avenue of entertainment for a diverse user base.

The platform’s main growth driver is expected to be its V-Liver technology, which enables streamers to live-stream via an animated avatar on their mobile phones. In Japan, V-Liver has a 41.2 per cent projected average annual growth rate between 2023 and 2027, according to information supplied by the company.
For the first half of 2023, revenues totalled US$151 million (S$202 million), down by around 25 per cent from US$200.4 million during the same period a year ago. The company posted a loss of US$118.2 million for the first half compared with US$42 million a year ago.
Singapore has two other listed Spacs – Pegasus Asia and Novo Tellus Alpha Acquisition – which also face a January 2024 deadline to make a business combination.
Spacs were all the rage in the United States in 2020 and 2021, but the fervour has died down as regulatory issues and quality concerns emerged.

 

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S’pore-based video game distributor GCL seeks US listing via $1.65 billion Spac deal​

A Spac, also called a blank-cheque firm, uses proceeds from its initial public offering to merge with a private firm. PHOTO: REUTERS

OCT 19, 2023

BENGALURU – Grand Centrex Limited (GCL) said on Wednesday that it will list in the US by merging with a blank-cheque firm in a deal that values the Singapore-based video game distributor at US$1.2 billion (S$1.65 billion).
Special purpose acquisition companies (Spacs) have largely fallen out of favour following a bumper 2020, after they drew intense scrutiny from the United States Securities and Exchange Commission.
The poor stock performance of some companies that went public via a Spac merger have also dimmed the appeal of such vehicles.
The deal with RF Acquisition Corp could fetch US$42.9 million in proceeds for GCL, it said. The companies will also seek alternative financing of up to US$20 million.
A Spac, also called a blank-cheque firm, uses proceeds from its initial public offering (IPO) to merge with a private firm.
Such mergers can let a private firm sidestep a lengthy IPO process to list its shares on bourses. REUTERS

 

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VTAC Spac to pay redemption price of $5.01 on Dec 8​

Vertex Technology Acquisition Corporation's independent shareholders are redeeming nearly all their share capital. PHOTO: BT FILE
Mia Pei

Dec 5, 2023

SINGAPORE – Vertex Technology Acquisition Corporation (VTAC) will pay $5.01 per share to shareholders who have exercised their redemption right.
The payment will be made through Central Depository channels on Dec 8, Singapore’s first special purpose acquisition company (Spac) said on Dec 5.
The redemption price is derived from the aggregate amount on deposit in the escrow account as at Dec 5, including non-released interest earned, net of any taxes payable on the interest earned, divided by the number of outstanding shares.
The number of outstanding shares includes the shares held by Venezio and the sponsor Vertex Venture Holdings, but excludes the promote shares, the Spac noted.
A Spac is created to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with a private firm.
Venezio and Vertex Venture are both entities linked to Singapore’s investment company Temasek, while Income Insurance, another entity that holds a substantial direct interest in VTAC, is a client of Temasek’s indirect subsidiary Fullerton Fund Management.
VTAC announced on Dec 1 that shareholders have opted to redeem some 26 million shares, about 62.5 per cent of the company’s issued share capital of 41.6 million shares.

Fullerton Fund Management entered into a cornerstone agreement with VTAC during the IPO, and subsequently registered Income Insurance as a shareholder.
If all the holdings by Temasek-linked entities are excluded from the calculation – and assuming Income Insurance’s stake was also not among the redeeming shares – the redemption rate goes up to 96.3 per cent. This shows that independent VTAC shareholders are redeeming nearly all their share capital.
VTAC’s business combination with 17Live was passed at an extraordinary general meeting on Dec 1, with a vote of 95.5 per cent in favour. A total of 28.8 million shares were represented in the vote.
The Spac also said it will issue special bonus shares to those non-redeeming shareholders, excluding Vertex SPV, which held 9.6 million shares as at the record date. This is on top of additional warrants to all non-redeeming shareholders.
To minimise dilution arising from the executive incentive scheme and the special bonus scheme, the sponsor agreed to waive its right to the allotment and issuance of 6.3 million promote shares to Vertex SPV. The maximum number of promote shares the sponsor is entitled to before April 30, 2026, stands at 6.8 million shares, based on the level of redemption, VTAC said.
VTAC suspended the trading of its shares on Nov 28 and resumed on Dec 4. Its counter was last traded on Nov 24 at $4.79. THE BUSINESS TIMES

 

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17Live drops in trading debut on SGX after acquisition by VTAC Spac​

Now trading as 17Live, the counter was down eight cents, or 2.1 per cent, to $3.80 as at 9.31am, after briefly hitting $4. PHOTO: VTAC
Mia Pei

DEC 8, 2023

SINGAPORE – Live-streaming platform 17Live Group debuted on the mainboard of the Singapore Exchange (SGX) after its business combination with Singapore’s first special purpose acquisition company (Spac), Vertex Technology Acquisition Corporation (VTAC).
As at its first trading day on Dec 8, the estimated market capitalisation of 17Live stands at around $886.9 million.
The issue price of VTAC units as at its listing in January 2022 was $5. The counter, however, closed on Dec 7 down 61 cents, or 13.6 per cent, to $3.88.
Now trading as 17Live, the counter closed at $3.15, down 73 cents or 18.9 per cent, on Dec 8.
“The listing of 17Live marks not only Singapore’s first completed de-Spac transaction, but also the first live-streaming company to be listed on the SGX,” said the company, which mainly operates in Japan and Taiwan.
It also has a presence in Hong Kong, Singapore, the United States, the Philippines, India and Malaysia.
The total issued share capital of the company, including the newly issued consideration shares, base private investment in public equity shares and special bonus shares, increased to 177,371,431 from 41,606,000 shares.

Mr Alex Lien, chief executive of 17Live, said that the listing will reinforce the platform’s leading position in the field.
“Our vision of a live-streaming ecosystem to better connect people any time and anywhere will be brought closer to fruition with the support of the investing community, even as the group continues to pursue new and exciting growth opportunities to thrive in the digital entertainment sector.
“We are honoured to join the SGX, and feel re-energised in our commitment to innovate, grow and create enduring value for our platform users as well as for our new and existing shareholders,” Mr Lien said. THE BUSINESS TIMES

 

[syed putra]

You gotta follow the trend or be left behind. These SPAC guys make the most from any tech start up listings.

 

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SGX-listed Spac Pegasus Asia will not conclude business combination, and dissolve

Singapore-listed Spacs have until January 2024 to announce their potential business combination, which is also known as a de-Spac transaction. PHOTO: BT FILE

Kang Wan Chern
Deputy Business Editor

Dec 20, 2023

SINGAPORE – Adverse market conditions have deterred the special purpose acquisition company (Spac) Pegasus Asia from concluding a combination with another business.
The Singapore Exchange (SGX)-listed firm will tell shareholders at a later date how they can redeem their stock.
The Spac will then cease operations and wind up its business. There will be no redemption rights nor liquidating distributions regarding its warrants.
Spacs are designed to acquire another company and raise money through an initial public offering (IPO) within two years of their own IPO, a process known as a de-Spac transaction.
If the Spac cannot find a suitable acquisition target, it must dissolve and return the funds to investors, a fate that has befallen Pegasus.
Despite the disappointing outcome, a Singapore Exchange spokesman noted that “the Spac framework is here to stay in the long term and complements the traditional IPO route”.
“The framework was launched to offer listing aspirants greater certainty on price and execution. New structures and products such as Spacs offer wider choices to both issuers and investors.”

Pegasus, which raised gross proceeds of $170 million in its January 2022 IPO, is sponsored by European asset manager Tikehau Capital and Financiere Agache, a luxury goods company backed by LVMH chief executive Bernard Arnault’s family office.
The three Spacs listed here have not enjoyed a good start, marked by the “disastrous de-Spac involving 17Live”, as accounting professor Mak Yuen Teen from the NUS Business School put it.
Vertex Technology Acquisition Corporation (VTAC), a Spac backed by Vertex Venture Holdings and a subsidiary of Singapore’s investment company Temasek, merged with livestreaming platform 17Live on Dec 8.

VTAC shareholders redeemed about 62.53 per cent of the Spac’s share capital after several analysts concluded ahead of the merger that its shares were overvalued.
17Live shares have plunged following the business combination, closing at $1.55 on Dec 20, down 65.78 per cent from VTAC’s IPO price of $5.
The third and remaining SGX-listed Spac, Novo Tellus Alpha Acquisition (NTAA), has until January 2024 to announce a potential business combination.
NTAA shares closed up 2 per cent at $5 on Dec 20 while Pegasus stock closed up 2.7 per cent at $4.97.
Securities Investors Association (Singapore) president David Gerald noted that Pegasus’ decision to liquidate is “a much better outcome than it rushing into a badly structured business combination at a lofty valuation”.
He added that the SGX could fine-tune the Spac structure based on the experience of the first three Spacs, noting: “There is nothing fundamentally wrong with the Spac and this outcome had more to do with market conditions.
“Notably, interest rates have risen sharply. Such considerations may have impacted the sponsor’s decision in liquidating the Spac, as it may be harder to find attractive targets and investors’ appetite for growth assets are now lower.”
Prof Mak noted that good companies usually opt to list via IPOs, while those looking to list through a Spac are likely to prefer the US market for liquidity and valuation.
Mr Nirgunan Tiruchelvam, head of consumer and Internet at investment firm Aletheia Capital, said the hype over Singapore Spacs has simmered now that the market environment is once again better suited for IPOs with the United States Federal Reserve considering rate cuts in the year ahead.
He added that Pegasus would have been afraid of not being able to find a well-valued target and worried that a de-Spac would go the way of 17Live.
“Retail investors would also be asking what’s the whole point of raising funds through a Spac, which involves high fees, just for it to get into a shotgun marriage that might not last for the long term.”

 

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Two remaining SGX-listed spac firms to dissolve, ending further despac hopes​

Khairani Afifi Noordin
Wed, Dec 20, 2023

Should the spacs be dissolved, investors’ funds will be returned. Photo: Albert Chua/The Edge Singapore

Singapore Exchange (SGX)-listed spac firms Pegasus Asia and Novo Tellus Alpha Acquisition (NTAA) are not looking to merge with any target companies and are instead seeking to dissolve the blank-cheque companies, according to sources familiar with the matter.
This is on the back of lower-than-expected numbers owing to unfavourable market conditions, The Edge Singapore understands. Pegasus’ announcement is expected to be made by Dec 22 while NTAA’s is set to be released next week. The deadline for SGX-listed despac mergers is January 2024.
Should the spacs be dissolved, investors’ funds will be returned. The Edge Singapore has reached out to both Pegasus and NTAA to seek clarification.
In September, The Edge Singapore reported that Pegasus was targeting Singapore-based Kacific Satellites.
Founded by Christian Patourax in 2013, Kacific operates wholesale broadband satellite services, serving telecom operators, ISPs and governments. It boasts experienced global telecom and infrastructure investors.
Kacific launched its first Ka-band high throughput satellite, Kacific-1, in 2019 to stream high-speed, low-cost and ultra-reliable broadband to rural and suburban areas of the Pacific and Southeast Asia. One of the company’s longtime partners is ST Engineering iDirect, the satellite innovation arm of SGX-listed ST Engineering, which provides Kacific with ground infrastructure.
Learn More

Meanwhile, in a response to The Edge Singapore's report via a filing dated Dec 20, NTAA executive chairman and CEO Loke Wai San says the company has not identified a conclusive target and will make the relevant disclosures at the appropriate time.
Under SGX's rules, the despacs are to take place within two years, although an extension of a year can be given, subject to approvals. As NTAA commenced trading on Jan 27 2022, it is likely that the spac would need to apply for the aforementioned extension.
The only SGX-listed spac that has successfully completed a business combination is Vertex Technology Acquisition Corp (VTAC), having merged with live-streaming platform 17LIVE following an EGM on Dec 1. Notably, institutional investors such as Fullerton Fund Management and NTUC Income have fully redeemed their shares.

On the day of the EGM, VTAC announced that 62.53% of the company's issued share capital have been redeemed as at Nov 29.
Shares in 17LIVE closed at $1.56 on Dec 19, almost 70% lower than VTAC’s IPO price of $5.

 

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Novo Tellus Spac to dissolve, citing market conditions​

This makes Vertex Technology Acquisition Corporation the sole Singapore-listed Spac to successfully complete a business combination. PHOTO: BT FILE
Michelle Zhu

Jan 11, 2023

SINGAPORE - Novo Tellus Alpha Acquisition (NTAA) will not conclude a business combination after “careful consideration and thorough evaluation of potential targets”, and taking into consideration current market conditions.
The special purpose acquisition company (Spac) made the announcement on Jan 11, ahead of the Jan 26 deadline or 24 months from the company’s listing date on Jan 27, 2022.
In late December 2023, Tikehau Capital’s Pegasus Asia also announced it would not de-Spac “after considering macroeconomic and market conditions”.
Both NTAA and Pegasus Asia’s announcements confirmed an earlier media report that these two Singapore Exchange-listed Spacs were to be dissolved.
This makes Vertex Technology Acquisition Corporation the sole Singapore-listed Spac to successfully complete a business combination. It merged with livestreaming platform 17Live on Dec 8, 2023.
Singapore-listed Spacs including NTAA have two years to announce their potential business combination, which is also known as a de-Spac transaction. If the Spac is unable to find a suitable acquisition target, it is required to dissolve and return the funds to investors.
NTAA in its Jan 11 filing said it will announce details of the process to redeem its issued outstanding Class A shares in due course.

There will be no redemption rights with respect to founder shares, nor redemption rights or liquidation distributions that would come with the company’s warrants, including private placement warrants.
NTAA is backed by industrial technology buyout fund, Novo Tellus Capital Partners.
The counter ended on Jan 10 flat at $4.93. THE BUSINESS TIMES

 

[blackmondy]

Authoritarian regimes are the perfect breeding ground for frauds. Just look at fucking China.