At listing of the SPAC and on an ongoing basis for the lifetime of the SPAC, the Exchange must be satisfied as to the character, experience and integrity of all SPAC Promoters and that each is capable of meeting a standard of competence commensurate with its position. For the purpose of demonstrating the above, a SPAC must ensure that:
(1) at listing and on an ongoing basis, at least one of its SPAC Promoters is a firm that holds a Type 6 (advising on corporate finance) and/or a Type 9 (asset management) licence issued by the Commission; and
(2) it provides the Exchange with information that the Exchange requests in accordance with guidance published on the Exchange’s website as amended from time to time.
Note 1: The Exchange reserves the right to request that a SPAC provide further information regarding any SPAC Promoter’s character, experience and integrity for the purpose of rule 18B.10.
Note 2: The Exchange may waive rule 18B.10(1), based on the merits of an individual case, in accordance with guidance published on the Exchange’s website as amended from time to time.
At least one of the SPAC Promoters satisfying rule 18B.10(1) must be the beneficial holder of at least 10% of the Promoter Shares issued by the SPAC.