Saxo Bank drops plans for public listing, terminates SPAC deal

Saxo Bank has ended its merger deal with blank-check company Disruptive Capital Acquisition Company Limited (DCAC) due to “challenging market conditions”.

The Denmark-based Group initially announced its plans to go public and become listed on Euronext Amsterdam in September.

Saxo Bank said in the official statement:

It has after careful consideration been determined that the timing is not optimal.

Saxo Bank

With the now failed merger, the broker initially aimed to diversify its shareholder base, as well as accelerate its growth strategy.

Saxo’s SPAC partner, DCAC is now considering other option.

The company stated:

DCAC is contemplating its options, taking into account its business combination deadline of 11 January 2023, subject to potential extension.

Saxo is the second company to terminate plans of going public in the recent months. Retail broker eToro also aborted its plans for SPAC merger in July with Betsy Cohen’s blank-check company as the two companies could not complete the deal before the deadline.

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