SPAC-TACULAR: Shares of ADC Acquisition Corporation Start to Trade on ADX
Posted on 05/28/2022
ADC Acquisition Corporation is a Special Purpose Acquisition Company (SPAC), also known as blank check companies, founded by the Abu Dhabi Developmental Holding Company (ADQ) and the Abu Dhabi-based Chimera Investment. ADC Acquisition Corporation started trading under the ticker “ADC” on the Abu Dhabi Securities Exchange (ADX). In its search for acquisition opportunities, ADC Acquisition Corporation intends to identify scalable businesses with strong management teams.
Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, said in a press release, “The listing of ADC on the ADX highlights the pioneering role our exchange has taken in creating an environment that supports the evolving needs of issuers and investors. Harnessing global best practices, the UAE’s SPAC regulatory framework will provide international investors with unique growth opportunities in a stable economic environment. Our pipeline of new listings and IPOs remains robust, and in the coming months, we will be introducing more innovative products and services to enhance market liquidity.”
Sovereign funds such as Saudi Arabia’s Public Investment Fund (PIF), China Investment Corporation (CIC), and Mubadala Investment Company have been investors in SPACs.