Home News Two SPACs backed by billionaire Ken Moelis withdraw U.S. IPO plans By Reuters

Two SPACs backed by billionaire Ken Moelis withdraw U.S. IPO plans By Reuters

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Two SPACs backed by billionaire Ken Moelis withdraw U.S. IPO plans By Reuters

© Reuters. Moelis & Co. CEO Ken Moelis (C) smiles after ringing the bell on the floor of the New York Stock Exchange to mark the company’s initial public offering shortly after the market opens in New York on April 16, 2014.REUTERS/Lucas Jackson

(Reuters) – Two special-purpose acquisition companies (SPACs) backed by billionaire investment banker Ken Morris (NYSE: ) have withdrawn their U.S. initial public offerings, according to regulatory filings on Wednesday. stock offering plan.

SPACs, ACI Corp III and Atlas (NYSE:) Crest Investment Corp IV filed for an initial public offering last March, hoping to raise as much as $1 billion.

Moelis is one of a number of high-profile investment bankers and investors, including Bill Foley and Chamath Palihapitiya, eager to capitalize on the lucrative deal spree with SPACs.

Interest has waned, however, with shares of several companies that merged with SPACs, such as Grab Holdings and BuzzFeed Inc, plummeting after the listing.

High redemption rates among SPAC investors also dampened investor interest, as did U.S. market volatility stemming from interest rate hike fears and geopolitical tensions.

SPAC backed by investment banking firm founder and CEO Moelis Morris , which has previously listed electric aircraft startup Archer Aviation Inc. Even in the deal, however, the companies had to revise the terms to slash Archer’s enterprise value by $1 billion.

SPACs are public companies with no business operations, but funds raised through IPOs are used to merge with private companies, and these transactions take the private company public.

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