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.
Prague, October 19, 2023 - The consolidated total revenues of the Footshop Group for the first 8 months of 2023 reached 650 million CZK, representing a year-on-year growth of 1,4%.
Prague, 31 July 2023 – Shareholders of WOOD SPAC One a.s. (WSO) with the required number of shares have been allocated the second tranche of Warrants, in accordance with the Prospectus. The first tranche of Warrants was received by investors in May 2022.
Prague, 23 June 2023 - WOOD SPAC One a.s. ("WSO") and the target company Footshop s.r.o. ("Footshop") signed the acquisition documentation today and, subsequently, settled the transaction in which WSO's investors acquired a 48.5% stake in Footshop.
Prague, 16 June 2023 – Negotiations on the terms of the business combination of the first Central European SPAC, WOOD SPAC One (hereinafter "WSO") and the target company Footshop s.r.o. (hereinafter "Footshop") are nearing completion.
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