Thanks Chris - that would presumably tick off that requirement.I...

Thanks Chris - that would presumably tick off that requirement.

I suspect they're going to need a very solid acquisition or future plan for submission to the ASX to allow a cash-backed listing alone. They'll need some actual agreement for mergers or operation.

Otherwise they're almost essentially a SPAC (Special Purpose Acquisition Company - where a cash-loaded company lists based on a takeover but not necessarily post that takeover).

In the last few years there have been some large SPAC failures in the US because an acquisition plan doesn't eventuate. ASX would have this in their crosshairs with new listings, no doubt.