Morrison & Foerster partner and global chair of the Private Equity Group, Marcia Ellis, is quoted in a Chinese article, “SPAC闯关全球监管,” published by Caixin Magazine on August 16, 2021.
The article provides an overview of the current SPAC market and the future development of SPACs in relation to the new SEC guidance, SPAC-related shareholder litigation, and Asia-based SPACs. According to Marcia, if Singapore and Hong Kong markets open up to SPAC listing, there is going to be a considerable amount of risk related to the uncertainty because nobody knows how investors will react. “It's very difficult to address the challenge of the risk-reward balance because 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,” Marcia said.