1. SPAC listing is a way of overseas backdoor listing.

The SPAC listing financing method integrates the characteristics and purposes of financial products such as direct listing, overseas mergers and acquisitions, reverse acquisitions, private placements, etc., and optimizes the characteristics of each financial product to complete the purpose of corporate listing financing.

2. This financing method first originated from mining companies in Canada and Australia, but later achieved real success in the United States and the United Kingdom, which are more open and encourage innovation.

It was first officially introduced to the market by GKN Securities (the predecessor of EarlyBird Capital), and the "SPAC" trademark was registered by it in the same year.

SPAC is a financial tool used to help companies go public.

Extended information: SPAC operation process 1. SPAC is an innovative financing method for backdoor listing. The difference from shell listing is that SPAC creates its own shell, that is, first sets up a special purpose company in the United States. This company only has cash and no industry or assets.

This company will invest in and acquire target companies that want to be listed.

The target company will quickly achieve the purpose of listing and financing through mergers and acquisitions with already listed SPACs.

2. SPAC is a "shell company" formed and listed by raising funds from mutual funds, hedge funds, etc. This "shell company" only has cash and no other business.

The promoter will list this "shell company" on Nasdaq or the New York Stock Exchange, and issue a combination of common shares and stock options to market investors in the form of an investment unit (Unit) to raise funds. An investment unit usually contains 1

shares of common stock with 1-2 stock options.

3. 100% of the funds raised will be deposited in escrow accounts and invested in fixed-income securities, such as treasury bonds.

The only task of this "shell company" after it goes public is to find an unlisted company with high growth and development prospects, merge it with it, obtain financing and go public.

If the merger is not completed within 24 months, the SPAC will face liquidation and 100% of the funds in the escrow account will be returned to investors with interest.

4. If a suitable target company is found, after conducting a series of due diligence, all SPAC shareholders will vote to decide whether to merge with it.

If a majority of shareholders agree to the merger, the company will receive the funds deposited in an escrow account by the SPAC investors, and the SPAC investors will receive a portion of the combined company's equity in return.

5. Since the SPAC was already a listed company on Nasdaq or the New York Stock Exchange before the merger, the new company does not need to take any other actions and directly and automatically become a listed company on the Nasdaq or the New York Stock Exchange?