17LIVE only started trading on the Singapore Exchange (SGX:S68
) as a merged entity with Vertex Technology Acquisition Corp on Dec 4, 2023. Since trading as 17LIVE on Dec 8, its share price has dropped $1.85 to around $1.30 as of Feb 2. For VTAC investors who paid $5 for the IPO shares, that is clearly a much bigger hit.
On the evening of Jan 26, Singapore’s sole successful spac company, 17LIVE, declared the immediate resignation of its CEO, Alex Lien, citing “personal family reasons”. Joseph Phua, former and current CEO, admitted to the unusual announcement but assured The Edge Singapore that it was “not a surprise.”
“Of course, we expected [Lien] to continue leading the business for some time to come, so his resignation was not something we anticipated — especially within the first month into the year,” says Phua.
