5 June 2023

De-SPAC New Amsterdam Invest

Through an unusual route, the New Amsterdam Invest SPAC successfully managed to find a merger partner today after almost two years. It is merging with Sommerset Park, a property fund set up a few days earlier by the SPAC itself. This is possibly due to the difficult stock market climate at the time and the fact that the SPAC hype of 2021 has now run its course. After the merger the company taking over the listing will continue under the pre-existing SPAC name: New Amsterdam Invest.

The unusual construction is causing indignation on the market. VEB chief executive Everts is the most outspoken: he has called the merger an ‘artifice to take investors’ money’ and further believes ‘that all the drawbacks of the SPACS phenomenon are reflected in this’.