SEND TICKET TO CLIENT SERVICES
To request a Special Purpose Acquisition Company (SPAC) unit separation, please submit a ticket in Client Portal via the User menu (head and shoulders icon in the top right corner) followed by Secure Message Center. Select Account Services as the category and Corporate Actions/Dividends as the topic. You are required to have a settled SPAC unit position on your IBKR account to submit a unit separation request.
Tickets should include the following information:
- Request Title should be "Unit Separation Request"
- The unit Name and Symbol (no need to specify the CUSIP)
- The stated action ("Separate Unit")
- The Account Number and EXACT Number of Units you wish to separate (“ALL” is not a valid instruction)
- Confirm that you agree to IBKR’s processing fee of USD 300 per action
Once you have submitted your request to Client Services:
- IBKR will send a letter to the agent to process the action.
- IBKR will move your SPAC units to a new contra-symbol (“.XXX”). This step will typically occur within one day of the request.
- Upon confirmation of acceptance of the election from the agent, IBKR will deliver your SPAC unit to the agent.
- Upon receipt of the components, IBKR will remove the SPAC unit from your account and allocate the components to your account. The timing of this action is dependent on the agent handling the conversion.
- The account will be debited the associated processing fee.
Please Note
- All requests which will be subject to validation at the time of submission to the agent. Should the account not hold a settled position equal to or exceeding the requested conversion, IBKR reserves the right to reject the election in full. Should this happen, the account holder will need to submit a new ticket to request a new conversion.
- IBKR’s processing fee is USD 300 per requested action. The account must ensure sufficient funds to cover the associated fee.
- IBKR will process separation requests once per day. Requests submitted after 14:00 ET will be considered for processing the following business day.
- If the separation becomes mandatory, it will automatically be processed in your account. There are no fees for mandatory unit separations.