Location: TSX Company Manual > Part X Special Purpose Acquisition Corporations (SPACs) > D. Completion of a Qualifying Acquisition > Shareholder and Other Approvals > Sec. 1024.

Shareholder and Other Approvals Sec. 1025.

Sec. 1024.

(2 versions)
Dec 19 2008 - Oct 3 2018Oct 4 2018 onwards

The qualifying acquisition must be approved by: (i) a majority of directors unrelated to the qualifying acquisition; and (ii) a majority of the votes cast by shareholders of the SPAC at a meeting duly called for that purpose. Shareholder approval of the qualifying acquisition is not required where the SPAC has placed at least 100% of the gross proceeds raised in its IPO and any additional equity raised pursuant to Section 1019 in escrow in accordance with Section 1010. The shareholder approval requirements set out in Parts V and VI of the Manual will not apply to transactions concurrently effected with the qualifying acquisition, provided that they are disclosed in the prospectus for the resulting issuer and shareholder approval is not otherwise required for the qualifying acquisition. Where the qualifying acquisition is comprised of more than one acquisition, each acquisition must be approved.

Shareholder and Other Approvals Sec. 1025.

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