Progress Report on SPAC
Cho In-Kang, the Director General of FSC’s Capital Markets Bureau elaborated on recent market developments of SPACs. As of now, seven SPACs got legal entities, and four of them already submitted their applications for public offering and began raising funds. Last Tuesday, Korea’s first SPAC completed its public offering. Reflecting an extraordinary interest from the market, SPAC raked 87 times more money over original offering size. With this decent start, more SPACs are expected to go public, creating a robust market for SPACs. Please visit http://www.fsc.go.kr/eng/index.jsp for more details.