By Najiyya Budaly (June 23, 2022, 9:02 AM BST) -- Rule changes by the Financial Conduct Authority last year may have come too late for special purpose acquisition companies in the U.K. market, but lawyers say this is not necessarily a bad thing as companies focus on other fundraising sources, like private capital.
The City watchdog updated the U.K. Listing Rules in July 2021 to accommodate special purpose acquisition companies. The blank-check corporations are set up to raise capital during an initial public offering and then acquire an existing business that wants an alternative way to go public within a deadline of usually two years or less.
Britain was playing catch...
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