TSX Proposed Changes to Rules Governing Special Purpose Acquisition Corporations
May 31, 2018
On May 31, 2018, the Toronto Stock Exchange (TSX) released proposed amendments to Part X — Special Purpose Acquisition Corporations (SPACs) of the TSX Company Manual (Manual). Notable changes include codifying exemptions previously provided to SPACs and removing the requirement for shareholder approval of a qualifying acquisition subject to certain requirements. Comments are requested by July 3, 2018.
In a summary prepared by Blakes, the Proposed Amendments codify certain market practices and exemptions previously granted by the TSX and remove the requirement for shareholder approval of a qualifying acquisition subject to certain requirements. The Proposed Amendments also include certain non-material amendments to clarify various provisions as well as ancillary changes.
Review the proposed amendments on the TSX's website and a summary on Blakes LLP's website.