Baker McKenzie acted as special US counsel to the joint global coordinators, joint bookrunners and joint underwriters of Vertex Technology Acquisition Corporation Ltd. ("VTAC"), a special purpose acquisition company ("SPAC") which listed on the main board of the Singapore Exchange ("SGX-ST") on 20 January 2022 through a SGD200 million offering. Credit Suisse (Singapore) Ltd., DBS Bank Ltd. and Morgan Stanley Asia (Singapore) Pte. were the joint global coordinators, joint bookrunners and joint underwriters, and VTAC is the country's first SPAC listing since the announcement of the new rules in September 2021.
A cross-border Singapore and US team worked on this SPAC transaction. The team was led by Baker McKenzie Wong & Leow principal Ashok Lalwani, and supported by partners Steven Canner and Carol Stubblefield, senior associate Adam Buehler (from New York / Miami), principal Kenny Kwan, local principal Caryn Ng and associate Natania Ng (in Singapore).
Principal Ashok Lalwani, who also heads the capital markets practice in Baker McKenzie Wong & Leow, commented: "We're pleased to be involved in Singapore's very first SPAC listing, and are looking forward to similar listings on SGX-ST. The new framework presents a win-win to investors and companies: introducing diversity of choices for the former and providing an alternative fund raising route for the latter that is aligned with the dynamism of transactions in the technology space."