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Frequently Asked Questions
  Must a Special Purpose Acquisition Company ("SPAC") hold an annual meeting?
Identification Number 1417

Yes. A SPAC is subject to all of Nasdaq's governance requirements, including the requirement of Nasdaq Listing Rule 5620 and IM-5620 to hold an annual meeting no later than one year after the end of the Company's first full fiscal year-end. At the meeting, shareholders must be afforded the opportunity to discuss the Company’s annual performance, based on audited financial statements, and affairs with management and, if required by the Company's governing documents, to elect directors. 

However, a newly listed SPAC, like any newly listing company, does not have to hold an annual meeting until one year after the first full fiscal year that the company is in existence. See this related FAQ #86.

A Nasdaq-listed company, including a SPAC, may hold a virtual annual meeting, provided that is permissible under the relevant state law. However, it is important that shareholders attending such a meeting have the opportunity to ask questions of management regarding the Company’s annual performance and affairs. See this related FAQ #84.

Publication Date*: 7/6/2023 Mailto Link Identification Number: 1417
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