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Singapore's Vistas Media Capital lists US$100m Spac on Nasdaq

Blank cheque companies have gained in popularity as fewer companies pursue traditional IPOs

Singapore

SINGAPORE-BASED Vistas Media Capital (VMC) has raised US$100 million through the listing of a special purpose acquisition company (Spac) to acquire media and entertainment businesses, in hopes of capturing the growing interest in blank-cheque vehicles among investors.

Vistas Media Acquisition Company (VMAC) on Monday commenced trading on the Nasdaq stock exchange, and will be looking at tech-based media businesses valued around US$300 to US$600 million to effect a merger, share exchange, asset acquisition, share purchase, or a combination of these.

Once it has identified a target company, the Spac can look towards investors to raise the remaining funds for the transaction.

The companies...

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