Location: TSX Company Manual > Part X Special Purpose Acquisition Corporations (SPACs) > A. General Listing Matters > Exercise of Discretion > Sec. 1002.

Exercise of Discretion B. Original listing Requirements

Sec. 1002.

(1 version)
Dec 19 2008 onwards

The Exchange may, in its discretion, take into account any factors it considers relevant in assessing the merits of a listing application and may grant or deny an application notwithstanding the prescribed original listing requirements. In exercising its discretion, the Exchange must be satisfied that the fundamental investor protections in this Part X are met. In addition, the Exchange will consider:

(a) The experience and track record of the officers and directors of the SPAC;
(b) The nature and extent of officers' and directors' compensation;
(c) The extent of the founding securityholders' equity ownership in the SPAC, which is generally expected to be an aggregate equity interest of: (i) not less than 10% of the SPAC immediately following closing of the IPO; and (ii) not more than 20% of the SPAC immediately following closing of the IPO, taking into account the price at which the founding securities are purchased and the resulting economic dilution;
(d) The amount of time permitted for completion of the qualifying acquisition prior to the liquidation distribution; and
(e) The gross proceeds publicly raised under the IPO prospectus.

Exercise of Discretion B. Original listing Requirements

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