Weekly e-Briefing 8. Progress Report on SPAC

Progress Report on SPAC

Cho In-Kang, the Director General of FSC’s Capital Markets Bureau elaborated on recent market developments of SPACs. As of now, seven SPACs got legal entities, and four of them already submitted their applications for public offering and began raising funds.  Last Tuesday, Korea’s first SPAC completed its public offering. Reflecting an extraordinary interest from the market, SPAC raked 87 times more money over original offering size. With this decent start, more SPACs are expected to go public, creating a robust market for SPACs.  Please visit http://www.fsc.go.kr/eng/index.jsp for more details.

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About FSC Korea
The Financial Services Commission has been established for the purpose of protecting the integration of Korea’s financial markets by promoting sound credit system and fair business practices. To this end, the FSC serves as a consolidated policy making body for all matters pertaining to supervision of the financial industry as a whole. To raise the efficiency, the posts of the FSC Chairman and the FSS Governor were separated on March 2008 for clear distinction between policy-making and execution of financial market supervision

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