透過特殊目的收購公司赴美國上市之個案研究

Abstract

本研究以TNL Mediagene為個案，探討臺灣公司如何透過特殊目的收購公司（Special Purpose Acquisition Company，簡稱SPAC）成功赴美上市，並分析其決策動機、上市策略與過程中所面臨的挑戰與優勢。 TNL Mediagene是由台灣的關鍵評論網與日本的 Mediagene於2023年5月合併成立的數位媒體科技集團。由於營運尚未穩定獲利，選擇以SPAC方式取代傳統IPO，與Blue Ocean Acquisition Corp合併完成後於2024年12月6日在美國Nasdaq交易所上市。 SPAC相對於傳統IPO，具備上市流程簡化、對獲利條件要求較低等優勢，特別適合尚處成長階段的新創公司。然而，SPAC也伴隨贊助人(Sponsor)利益衝突、估值過高、股東權益稀釋及資訊透明度不足等風險。新創公司選擇SPAC方式上市，主要基於以下誘因： • 台灣上市門檻較高，無法反映企業價值潛力。 • 美國市場對同股不同權制度較為包容，有利創辦人保留控制權。 • 公司擴張與資金需求迫切。 • 藉由SPAC赴美上市可以快速取得國際資金與市場知名度。 研究採用質化個案分析法，並輔以文獻回顧與制度及個案比較，提供臺灣新創企業一個實際範例，理解赴美上市基本要點與知識、採SPAC方式上市在現實操作中的機會及限制、並對比其他先前採SPAC方式赴美上市之臺灣公司在股價上的表現。 本研究有助於臺灣公司瞭解赴美上市的流程與基本觀念、評估是否適合以SPAC方式赴美上市及風險，也提供政策制定者思考臺灣資本市場制度精進之參考。

This study uses TNL Mediagene as a case to explore how Taiwanese companies can successfully go public in the United States through a Special Purpose Acquisition Company (SPAC), and analyzes the decision-making motivations, listing strategies, as well as the challenges and advantages encountered throughout the process. TNL Mediagene is a digital media technology group formed in May 2023 through the merger of Taiwan’s The News Lens and Japan’s Mediagene. Due to the company’s operations not yet reaching stable profitability, it chose to pursue a SPAC listing instead of a traditional IPO. After merging with Blue Ocean Acquisition Corp, TNL Mediagene was listed on the Nasdaq Stock Exchange on December 6, 2024. Compared to traditional IPOs, SPACs offer advantages such as a simplified listing process and lower profitability requirements, making them particularly suitable for emerging companies still in their growth phase. However, SPACs also entail risks, including potential conflicts of interest with sponsors, overvaluation, dilution of shareholder equity, and limited information transparency. Emerging companies opted for a SPAC listing primarily based on the following incentives: • Higher listing thresholds in Taiwan do not reflect the true potential of corporate value. • The U.S. capital market is more accommodating of dual-class share structures, allowing founders to retain control. • The company faced urgent needs for expansion and capital. • Listing in the U.S. via SPAC enables rapid access to international capital and market visibility. This research adopts a qualitative case study methodology, supported by literature review and comparisons of relevant systems and case examples. It offers Taiwanese startups a concrete case to understand key aspects of U.S. listings, the opportunities and limitations of using SPACs in practice, and compares the stock performance of other Taiwanese companies that previously went public via SPAC. The findings help Taiwanese enterprises better comprehend the process and concepts of going public in the U.S., assess whether SPACs are a suitable path, and evaluate potential risks. It also provides policy makers with insights into improving Taiwan’s capital market framework.