Harneys advises 17Live on de-SPAC business combination

The proposed combination, which will mark the first purchase of a private company by a SPAC listed in Singapore, is subject to satisfaction of various conditions including approvals from the Singapore Exchange and Vertex’s shareholders. Following the business combination, 17Live will be listed on the SGX-ST and the combined entity will be valued at approximately S$1.16 billion.

Founded in Taiwan in 2015, 17Live connects users with virtual and live streamers who generate fashion, games, music, and other content through personalised search and recommendations.

The Harneys team was led by Partner Raymond Ng with support from Senior Legal Manager Nicholas Fong. Harneys Fiduciary provides corporate services to 17Live.

Raymond commented: “We are delighted to have assisted 17Live on reaching this milestone. Having worked with 17Live since 2020, it has been a joy to witness its growth and we look forward to partnering them and continuously providing legal and corporate services support for years to come.”

Harneys has a leading Equity Capital Markets (ECM) practice with substantial experience regarding all aspects of capital raising by offshore companies, including IPOs and secondary offerings, rights issues, equity-linked securities, including convertible and exchangeable bonds, SPACs and business combinations, as well as private placements, take-privates, takeovers and spin-offs. The ECM practice’s expertise lies in advising entities listed or listing on all major stock exchanges, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, AIM, the Hong Kong Stock Exchange, Shanghai Stock Exchange and the Luxembourg Stock Exchange, all of which have issuers who frequently use offshore structures as part of their capital raising.