New Securities Market Law: special purpose acquisition companies (“SPACs”)

Law 6/2023, of 17 March, on Securities Markets and Investment Services (the “SML”), introduces the concept of special purpose acquisition companies (“SPACs”) to Spanish law for the first time.

SPACs are newly created public limited companies whose purpose is to raise funds on the capital markets, mainly through a public offering made at the time of listing, on a regulated market or in a multilateral trading facility, in order to subsequently use these funds in an integration operation between the listed SPAC and a target company, whether listed or unlisted.

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