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TSX Proposed Changes to Rules Governing Special Purpose Acquisition Corporations

  • Securities - TSX Image

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.

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