Abu Dhabi special acquisition firm begins trading on stock exchange
The ADC Acquisition Corporation is listed on the Abu Dhabi stock exchange to raise funds for the Emirati sovereign wealth fund ADQ and Abu Dhabi's Chimera Investment.
A joint stock from two Emirati investment firms began trading on the Abu Dhabi stock exchange today.
ADC Acquisition Corporation is a Special Purpose Acquisition Company founded by the Abu Dhabi Developmental Holding Company (ADQ) and the Abu Dhabi-based Chimera Investment. It began trading today on the Abu Dhabi Securities Exchange under the ticker “ADC.” The listing followed ADC selling around $100 million in shares at a price of $2.72 per share to private investors beginning May 12, the official Emirates News Agency reported today.
“The UAE's first SPAC represents a major endorsement of Abu Dhabi as a financial centre anchored with strong market principles and capital-raising potential,” said ADQ CEO Mohamed Hassan Alsuwaidi, according to the agency.
ADC’s stock jumped 30% on its first day on the exchange, Bloomberg reported.
