Exchange listing for QEV Technologies

After a merger with SPEAR Investments I, a SPAC that came to the Amsterdam Exchange in November 2021, Spanish QEV Technologies was listed on Beursplein 5 today. The Barcelona technology company, which had previously participated in a Euronext pre-IPO programme, is a manufacturer of electric vans and sports cars. For the time being, the number of vehicles being produced has been limited to approximately 250, but the plan is to be able to deliver more than 15,000 by 2027.

The main reason for the merger with the SPAC is to lower the barriers for QEV to access the exchange. Financially, the merger yields little: of the €175 million raised by SPEAR in 2021, less than €25 million will reach the new QEV Technologies exchange fund. Investors have already withdrawn the remaining assets from the SPAC in the meantime. At a time when the SPAC rage is already heading out of the door, it once again raises questions among experts about the added value of SPACS. It does not, however alter the fact that the IPO will ultimately be worth approximately €220 million by ‘rolling over’ the interest and capital of existing QEV shareholders.