WOOD & Co to launch EEC’s first blank check company on the Prague Stock Exchange

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PRAGUE, Feb 8 (Reuters) – Czech investment banking group WOOD & Company plans to raise up to 1 billion crowns ($47.21 million) in what would be Europe’s first blank check company Central, or Special Purpose Acquisition Company (SPAC), Wood said on Tuesday.

He said he has received regulatory approval for the show prospect and the subscription for WOOD SPAC One will run from February 10 to April 1. The listing on the Prague Stock Exchange would take place on April 11.

“We are looking for a financially sound and growing company operating in the Central and Eastern European region, with capable management and a strong desire for regional development and expansion,” said WOOD’s investment banking manager, Oliver Polyak, in a statement.

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“We want to look primarily among technology companies, e-commerce or machinery sectors.”

SPACs are shell companies that first raise capital which they use to acquire a chosen target company later, by making it public.

They have become a popular way to take companies public, with 2021 being a banner year as 604 SPACs raised $144 billion, Renaissance Capital revealed in its annual report. However, 62% of the full year’s proceeds were collected in the first quarter alone.

($1 = 21.1840 Czech crowns)

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Reporting by Jan Lopatka, editing by Louise Heavens

Our standards: The Thomson Reuters Trust Principles.

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