Today, special purpose acquisition company investors are waking up to a new landscape.

The Financial Conduct Authority’s changes to its listing rules for Spacs have finally come into play, meaning that investors are now permitted to exit prior to an acquisition being completed. Previously in the UK, a Spac listing was suspended if it identified an acquisition target – locking investors into a Spac as soon as a target was announced, and making them a less desirable investment route for UK investors.