CHEA
Chenghe Acquisition Co. Class A
stock NASDAQ

Looks like some SPACs have come up with a new devious way to make SPAC investing even riskier; this time with the warrants.
Of course we all know that if the SPAC liquidates, the warrants expire worthless.
But what happens when the SPAC completes the business combination, but then refuses to list the warrants on any exchange?
This just happened with Chenghe Acquisition Co ( CHEA CHEAW ).
CHEAW warrants were delisted by NASDAQ on October 12, 2023; and have not been listed on any exchange since. The prospectus said they will not be listed after the business combination, [which just closed yesterday](https://www.globenewswire.com/news-release/2024/02/15/2830425/0/en/Semilux-International-Ltd-and-Taiwan-Color-Optics-Inc-a-Taiwan-based-provider-of-LiDAR-and-ADB-components-and-solutions-together-with-Chenghe-Acquisition-Co-Announce-Closing-of-Bus.html), while the common stock starts trading as SELX today.

"[Chenghe has not made application](https://www.sec.gov/Archives/edgar/data/1990950/000121390023099895/ff42023a2_semiluxinter.htm#:~:text=Chenghe%20has%20not%20made%20application) for the SPAC Public Warrants to be listed on the OTC markets, and Chenghe is not aware of any plan of CayCo to apply for the listing of CayCo Warrants on any stock exchange after the Closing "
It also happened with Abri SPAC I ( ASPA ASPAW ), which completed the business combination with Collective Audience on November 3, 2023.
The ASPA prospectus said:
"[We have filed a listing application with Nasdaq](https://www.sec.gov/Archives/edgar/data/1854583/000121390023081115/f424b30923_abrispac1inc.htm#:~:text=Combined%20Company.%E2%80%9D-,We%20have%20filed%20a%20listing%20application%20with%20Nasdaq,-to%20list%20the) to list the Combined Company’s shares of Common Stock and Warrants on Nasdaq Global Market under the symbol “CAUD” and “CAUDW”. "
Then when the business combination closed,

"[On November 3, 2023, the Company](https://www.sec.gov/Archives/edgar/data/1854583/000121390023084420/ea187789-8k_collective.htm#:~:text=On%20November%203%2C%202023%2C%20the%20Company%E2%80%99s)’s Common Stock began trading on the Nasdaq Global Market under the symbol “CAUD.” the warrants to purchase Common Stock will begin trading on OTC under the symbol “CAUDW”. "
However, CAUDW is still not listed on any exchange.
One warrant holder [has detailed his experience](https://www.reddit.com/r/Spacstocks/comments/18fuymm/collective_audience_appoints_technology_visionary/) with CAUDW on r/spacstocks, they have repeatedly attempted to contacted IR, who have essentially ignored them with a "sucks to be you" attitude.
If the SEC allows this behavior, SPAC warrant investors end up trapped with warrants that cannot be publicly tradeable, which will show a $0 value in their portfolio, and which will remain there until they expire in five years before the holder can finally declare the loss.
Or, if the company should do well enough that the warrants end up in the money, have to cash exercise the warrants in able to achieve the gain, rather than sell them.

Looks like some SPACs have come up with a new devious way to make SPAC investing even riskier; this time with the warrants.
Of course we all know that if the SPAC liquidates, the warrants expire worthless.
But what happens when the SPAC completes the business combination, but then refuses to list the warrants on any exchange?
This just happened with Chenghe Acquisition Co ( CHEA CHEAW ).
CHEAW warrants were delisted by NASDAQ on October 12, 2023; and have not been listed on any exchange since. The prospectus said they will not be listed after the business combination, [which just closed yesterday](https://www.globenewswire.com/news-release/2024/02/15/2830425/0/en/Semilux-International-Ltd-and-Taiwan-Color-Optics-Inc-a-Taiwan-based-provider-of-LiDAR-and-ADB-components-and-solutions-together-with-Chenghe-Acquisition-Co-Announce-Closing-of-Bus.html), while the common stock starts trading as SELX today.

"[Chenghe has not made application](https://www.sec.gov/Archives/edgar/data/1990950/000121390023099895/ff42023a2_semiluxinter.htm#:~:text=Chenghe%20has%20not%20made%20application) for the SPAC Public Warrants to be listed on the OTC markets, and Chenghe is not aware of any plan of CayCo to apply for the listing of CayCo Warrants on any stock exchange after the Closing "
It also happened with Abri SPAC I ( ASPA ASPAW ), which completed the business combination with Collective Audience on November 3, 2023.
The ASPA prospectus said:
"[We have filed a listing application with Nasdaq](https://www.sec.gov/Archives/edgar/data/1854583/000121390023081115/f424b30923_abrispac1inc.htm#:~:text=Combined%20Company.%E2%80%9D-,We%20have%20filed%20a%20listing%20application%20with%20Nasdaq,-to%20list%20the) to list the Combined Company’s shares of Common Stock and Warrants on Nasdaq Global Market under the symbol “CAUD” and “CAUDW”. "
Then when the business combination closed,

"[On November 3, 2023, the Company](https://www.sec.gov/Archives/edgar/data/1854583/000121390023084420/ea187789-8k_collective.htm#:~:text=On%20November%203%2C%202023%2C%20the%20Company%E2%80%99s)’s Common Stock began trading on the Nasdaq Global Market under the symbol “CAUD.” the warrants to purchase Common Stock will begin trading on OTC under the symbol “CAUDW”. "
However, CAUDW is still not listed on any exchange.
One warrant holder [has detailed his experience](https://www.reddit.com/r/Spacstocks/comments/18fuymm/collective_audience_appoints_technology_visionary/) with CAUDW on r/spacstocks, they have repeatedly attempted to contacted IR, who have essentially ignored them with a "sucks to be you" attitude.
If the SEC allows this behavior, SPAC warrant investors end up trapped with warrants that cannot be publicly tradeable, which will show a $0 value in their portfolio, and which will remain there until they expire in five years before the holder can finally declare the loss.
Or, if the company should do well enough that the warrants end up in the money, have to cash exercise the warrants in able to achieve the gain, rather than sell them.