Singapore SPAC Optimism Sapped by 17LIVE, Pegasus Setbacks

Pegasus Asia chooses not to conclude planned merger: filing
17LIVE has tumbled about 60% since merger two weeks ago

The Singapore skyline.
Photographer: Roslan Rahman/AFP/Getty Images

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By Filipe Pacheco and Ishika Mookerjee

December 20, 2023 at 7:03 AM UTC

Updated on

December 20, 2023 at 10:23 AM UTC

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Optimism that special purpose acquisition companies will help boost Singapore’s ailing equity capital market is being ground even lower.

Pegasus Asia, a so-called blank-check company backed by European asset manager Tikehau Capital and a group of prominent financiers in that region, said Wednesday its board had decided not to conclude a planned merger with Kacific Broadband Satellites Ltd. due to unfavorable market conditions.