Top executives at Vertex Technology Acquisition will be exempted from some rules on selling off their shares after the planned acquisition of a target company, the board disclosed Jan 17, The Business Times reports.
The SPAC – which is expected to start trading units on the Singapore Exchange (SGX) this week – has updated its preliminary prospectus and clarified in a bourse filing that it will not be made to comply with certain listing rules that include moratorium requirements for dealing in securities bought on the secondary market by the sponsor, the management team, and their associates.
According to the filing, VTAC received a waiver of certain rules that restrict its founding shareholders and management, as well as their associates, from transferring or disposing of their interests for a moratorium period immediately after the “de-SPAC” business combination. The waiver also applies to controlling shareholders of the resulting company, their associates, and executive directors who own stakes of at least 5 percent. Read more.
