Back in 2021, Spiritus Mundi PLC set out plans for an initial public offering (IPO) on the Main Market of the London Stock Exchange (LSE), which has now come full circle.
Namely, this special purpose acquisition vehicle (SPAC) that sought to acquire companies in the clinical diagnostic sector in Europe and Asia will officially begin trading on the LSE as of today, July 8, under the ticker symbol SPMU.
Further, the listing will consist of 49,300,000 ordinary shares admitted to the Standard Listing segment of the Official List of the Financial Conduct Authority.
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In short, the SPAC was established in 2021 by Zaccheus Peh, an experienced entrepreneur in the clinical diagnostics, laboratory services, and medical services businesses. Furthermore, with the company’s board, the SPAC has identified a couple of potential take-over targets; yet, at this moment, they do not have a specific initial acquisition under consideration.
Watershed moment
Possible acquisitions, under Chapter 5 of the Listing Rules, will be treated as a reverse takeover, along with any subsequent acquisition or investment by the company, depending on the size and nature of the takeover.
Zaccheus Peh, Non-Executive Chairman of Spiritus Mundi, said in the announcement:
“I am delighted that Spiritus Mundi is listing on the London Stock Exchange. We believe there are attractive acquisition opportunities in our chosen sectors of laboratory and diagnostic testing, and digital healthcare, particularly in light of how the COVID -19 pandemic has changed the sector dynamics.
He added:
“We plan to use Spiritus Mundi as a vehicle to acquire one or more exciting businesses in these areas in order to generate attractive returns for our shareholders.”
On the whole, the company managed to secure funding of over £1.2 million (~$1.44 million) in its pre-IPO stage and is run by two proposed directors that ran a laboratory business with revenue of over $2.7 billion.
Market participants have an opportunity to get in on the ground floor or rather track the development of the SPAC and jump on board once a potential acquisition target has been made public.
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