Wood & Co To Launch Cee's First Blank: check firm on Prague bourse
08/02/2022 11:51
PRAGUE, Feb 8 (Reuters) - 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.
($1 = 21.1840 Czech crowns)
(Reporting by Jan Lopatka, Editing by Louise Heavens)
((jan.lopatka@thomsonreuters.com; +420 234 721 614; Reuters
Messaging: jan.lopatka.thomsonreuters.com@reuters.net))