Source of article: Lianhe Zao Bao

Singapore mainstream Chinese newspaper, Lianhe Zao Bao (“Zao Bao”), published on 8 April 23 a story on the 3 SPACs that were listed on the Singapore Exchange in 2022. Zao Bao highlighted the challenges that the 3 SPACs face to secure suitable target businesses to de-SPAC admist the current global uncertainties.

The 3 SPACs that are presently listed on the Singapore Exchange – Vertex Technology Acquisition Corporation, Pegasus Asia, and Novo Tellus Alpha Acquistion, have yet to announce any potential targets to de-SPAC.

I gave my views to Zao Bao in the attached story. I commented that there are a number of recent global factors that have affected the confidence and interests of investors and the market in SPACs.

Most SPACs are focused on high-tech or deep-tech companies in identifying suitable target businesses to de-SPAC. In the last 12 months, many such potential target companies have faced severe headwinds; a number have gone into turbulent tailspins after hitting disruptive air pockets. Not to mention prominent global crypto giants that have suddenly imploded or collapsed in rather arcane circumstances. The recent interest rates spikes that brought down SVB and Credit Suisse have added to the gloomy outlook for equity markets including SPACs. The market data on SPACs published by Zao Bao in the attached story is telling. Whither the future of the 3 SPACs that are listed on the Singapore Exchange?

My post on Linkedin here