Tinkoff announced the closing of an exchange traded mutual fund for investments in SPAC companies. The strategy of investing in “shell companies” has lost relevance, the broker said. In the first half of 2022, only 92 SPAC companies made an IPO in the United States, 11 times fewer than in 2021.
The broker announced the closure of the Tinkoff SPAC fund on its website. November 30 will be the last day that units can be exchanged for US dollars. From December 1 to December 23, they can only be sold for rubles, after which trading in the fund’s shares will cease.
After December 23, the management company will start selling the fund’s assets. All proceeds from the sale will be carried out in rubles. The money will be transferred to the share holders within 2-6 months from the date of completion of the trade.
“If you invested in the fund through Tinkoff Investments, the money will arrive in your Tinkoff debit card account. If you invested in the fund through another broker, then to your settlement account linked to the brokerage’s,” Tinkoff explained.
Tinkoff explained the decision to close the fund by reducing the relevance of the investment strategy in SPAC companies. If, by the end of 2021, 1,073 shell companies made IPOs in the United States, which raised $317 billion, then in the first half of 2022, the number of such companies dropped 11 times, to 92, which raised only $9. billion.
Author:
Kirill Bilyk
Source: RB
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