The Dubai-based asset management and investment banking platform Shuaa Capital’s board of directors approved liquidating the $100 million Special Purpose Acquisition Company (SPAC) amid unstable market conditions, as per a regulatory filing.
In March 2022, the $100 million SPAC was listed on Nasdaq Global Market in New York, under the ticker symbol (SHUAU).
Shuaa SPAC was seeking to acquire technology and tech-enabled financial services companies in the Middle East, North Africa, and Turkey.
A SPAC is a vehicle with no commercial operations and is formed with the intention of raising funds through an initial public offering and then acquiring an existing company.
SPACs have lighter disclosure requirements than IPOs and have been increasingly used over the past two years to take fast-growing companies public quickly.
However, slowing global growth and mounting geopolitical tensions have given rise to uncertainty in global equity markets that has dented the appetite for SPAC deals.