Please note that, in the UK, “as a cash shell, a SPAC does not meet the eligibility requirements of a premium listing on the Main Market of the LSE (London Stock Exchange) as it will neither have an independent business nor a financial track record required to meet the requirements of Chapter 6 of the Listing Rules (“Listing Rules”) of the Financial Conduct Authority (“FCA”). In addition, it will not meet the requirements of being a premium listed closed-ended investment fund under Chapter 15 of the Listing Rules as it will not normally have a policy of investment with the objective of spreading investment risk. SPACs can, instead, seek (i) a quotation on the LSE’s AIM market, or (ii) a Main Market standard listing on the LSE under Chapter 14 of the Listing Rules. Both an AIM quotation and a standard listing benefit from lighter regulation than a premium listing on the Main Market.”
A report published in 2013 noted that only 19 SPACs had been listed on the European stock exchanges since 2005.
Europe priced only one SPAC in the first half of 2019: Gear 1 SpA. This SPAC raised $34.1 million which is considered modest compared to 10 SPAC IPOs in Europe in 2018 which raised $1.45 billion.