INTRODUCTION Contributed by: George Casey, Linklaters
Using This Guide As cross-border technology deals are often very complex and involve different legal regimes and cultures, we have organised this guide by country and asked each country’s contributor to address the same set of issues that a technol- ogy company going through its lifespan faces – from incorporation, early funding and VC rounds to the ultimate goal of being a public company or being sold at a high premium. We hope that you find this guide useful as you consider global deals.
• 199 in 2021; • 101 in 2022; and • 89 in 2023.
The decline in SPAC activity has been attrib- uted to the overall disruption of the IPO market and high-profile failures of SPACs. However, a major factor has been the stricter regulations of SPACs across various jurisdictions. As the trend in SPAC transactions reversed, so did the desire of regulators and exchanges to facilitate them, with a number of regulators adopting a stricter approach to SPACs. For example, in 2024 the SEC adopted new rules that aim to align de- SPAC transactions more closely with traditional IPOs, by mandating specific disclosures and increasing the potential liability of deal partici- pants. Spin-offs Spin-offs of subsidiaries by parent companies, to achieve various corporate and financial pur- poses, have also continued to be explored by technology companies. Tech companies are not new to spin-offs, as many of them came into being as independent companies because of a spin-off. In 2024 spin-offs continue to be a viable strategy for well-known value companies, including For- tive Corporation’s spin-off of its Precision Tech- nologies segment.
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