In a first for Singapore, shares of 17LIVE began trading today following the Asian livestreaming company’s merger with Vertex Technology Acquisition, the country’s first SPAC.
Shares of 17LIVE fell 2.06% to 3.80 Singapore dollars ($2.84) after opening at SG$4, CNBC reported.
This was Singapore’s first listing via a SPAC merger
“We may see more SPACs coming on board,” said Deloitte in a Nov. 16 report, referring to17LIVE’s merger with Vertex.
The pro-forma equity value of the proposed deal was expected to be up to S$1.16 billion.
17LIVE had just over half a million average monthly active users in the first half of fiscal 2023 and counts Japan and Taiwan as its key markets.
It generated revenue of $363.7 million in 2022.
Vertex raised about $125 million in a January 2022 IPO
Singapore SPACs have two years to acquire a company, with the option for a one-year extension, subject to certain conditions.
