First SPAC in the Middle East Surges in Abu Dhabi Trading Debut

The first blank-check company to list in the Middle East soared in its Abu Dhabi trading debut as the region’s blank-check market gains traction, Bloomberg reports.

ADC Acquisition, backed by Abu Dhabi’s wealth fund ADQ and Chimera Investments, rose as much as 30% before trimming gains to trade at 11.48 dirhams as of 10:24 a.m. local time. The SPAC sold 36.7 million shares at 10 dirhams apiece.

Abu Dhabi is the first exchange in the Middle East to set up a legal framework for blank-check firms, with Dubai looking to follow suit. Saudi Arabia’s bourse said last year it’s still considering whether to open its doors to SPACs. Read more.

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