05/04/2021 | Press release | Distributed by Public on 05/04/2021 02:21
As of today, OboTech Acquisition SE (ISIN: LU2334363566) has been listed on the Regulated Market (General Standard) of the Frankfurt Stock Exchange. The company is a SPAC - a Special Purpose Acquisition Company. According to the issuer, its objective is to acquire an operating company with principal business operations in a member state of the European Economic Area, the United Kingdom or Switzerland in the real estate technology ('Proptech') and climate technology ('Climatech') sectors.
The shares had an initial listing price of €10.00. The issue price was €10.00. The listing was accompanied by J.P. Morgan, which is also acting as designated sponsor on Xetra. Specialist on the trading venue Börse Frankfurt is Baader Bank.
A SPAC listing is an alternative to the classic IPO (Initial Public Offering). It is a shell company without its own operating business. The aim is to raise capital through a listing and use the proceeds to take over a non-listed company within a limited period of time and indirectly take it public. After completion of the transaction, the acquired company has been indirectly listed via SPAC.
For more information on a SPAC listing and eligibility requirements, click here.