Czech investment banking group WOOD & Company plans to raise up to 1 billion crowns ($47.21 million) in what would be central Europe's first blank cheque firm, or Special Purpose Acquisition Company (SPAC), Wood said on Tuesday.
It said it had received regulatory approval for the issue prospect and subscription for WOOD SPAC One would run from Feb. 10 to April 1. The listing on the Prague Stock Exchange would be on April 11.
"We will be looking for a financially healthy and growing company operating in the central and east European region, competent management and strong will for further development and regional expansion," WOOD investment banking manager Oliver Polyak said in a statement.
"We want to look mainly among technological firms, e-commerce or machinery sectors."
SPACs are shell companies that raise capital first which they use for an acquisition of a later-selected target firm, taking it public.
They have become a popular way to bring companies to the stock market, with 2021 being a record-breaking year as 604 SPACs raised $144 billion, Renaissance Capital disclosed in its annual review. However, 62% of the entire year’s proceeds were raised in just the first quarter.
3 May 2022, Prague – WOOD SPAC One closed the bookbuilding period of the first-ever SPAC listing on the Prague Stock Exchange (PSE) on 29 April 2022.
WOOD SPAC One has extended the bookbuilding period of the first SPAC on the Prague Stock Exchange by one month.
Czech investment banking group WOOD & Company plans to raise up to 1 billion crowns ($47.21 million) in what would be central Europe's first blank cheque firm.
Co-owner Ľubomír Šoltýs explained to HN which companies can benefit the most from the concept, but he also responded to the criticism that financial magicians make with him.
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