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Praxis Fund Services supports launch of LSE’s first SPAC

Funds services provider Praxis Fund Services (PFS) has supported tech-focused venture capital group Hambro Perks on the launch of the first Special Purpose Acquisition Company (SPAC) to be listed on the London Stock Exchange (LSE).

The Financial Conduct Authority (FCA) consulted on listing rules for the LSE earlier this year with recommended changes coming into effect in August 2021. These variations aligned the LSE with the SPAC model, which has become popular in US markets, where more than 600 SPACs have listed since 2020. SPACs are now able to remain open for trading following an acquisition announcement providing it meets and complies with various investor safeguarding requirements.

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