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Spacfilla: Can Asia Replenish the Blank-Cheque Bubble?

AsianInvestor

13 May 2021

Morrison & Foerster partners, Marcia Ellis and Mitchell Presser were quoted byAsianInvestor in an article “Spacfilla: can Asia replenish the blank-cheque bubble?”

According to Marcia, it would be difficult for regulators to find the right risk-reward balance for SPACs in Singapore and Hong Kong given the lack of class action shareholder litigation. “The fundamental issue with the Singapore and the Hong Kong legal regimes, is the lack of class action shareholder litigation. Without class action shareholder litigation, effectively, public shareholders have no remedy,” she said.

However, the partners are still relatively optimistic about US-SPACs based in Asia, even if interest seems to have waned in the US market. “We’ve seen over the last year or so, the product is a product that is valued by the marketplace, valued by investors, and it's valued by target companies. I don't think that that is fundamentally changing”, said Mitchell.

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