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Incoming Spaxs, the Corrado Passera spac

MILAN (AIMnews.it) - At the beginning of February at Aim Italia, Spaxs will arrive, the spac promoted by Corrado Passera and Andrea Clamer. It will be the first in Italy with an investment policy focused in the financial services sector, with the aim of creating an active operator in the services of medium and small businesses, in the non-performing loan market and in the offer of high-rate digitisation services. The collection target is set at 400 million, raising up to a maximum of 500 million, Corrado Passera will act as managing director and the business combination goal was set within 18 months by the IPO. The placement will take place from 15 to 26 January. The promoters will invest 3% of the collection and the remuneration mechanism has distinctive features: only 20% of the special shares will be converted to the business combination (6 ordinary shares for each special share), 80% upon reaching a stock market price equal to 15 euros (with a ratio of 8 ordinary shares for each special share). All with a 12 month lock-up. Furthermore, for every 10 ordinary shares, 5 warrants will be assigned to the investors (1 to the Ipo and 4 to the business combination); after 12 months from the business combination to the holders of the warrants, 1 ordinary share will be assigned free of charge for every 5 warrants. Banca Imi and Credit Suisse are Joint Global Coordinator and, together with Equita Sim, also Joint Bookrunner; Banca Imi also acts as Nomad and Specialist.

12/01/2018