equitieswatch
Monday, September 25, 2023
About us
Advertise
  • Home
  • Stock Market
  • Finance
  • Cryptocurrency
  • Commodities
No Result
View All Result
Equitieswatch.com
No Result
View All Result

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

by equitieswatch
March 17, 2022
in Stock Market


© Reuters. Chief executive officer of Moelis & Co., Ken Moelis (C), smiles after ringing the bell to mark the company’s IPO on the floor of the New York Stock Exchange shortly after the opening bell in New York April 16, 2014. REUTERS/Lucas Jackson

(Reuters) – Two special purpose acquisition companies (SPACs) backed by billionaire investment banker Ken Moelis (NYSE:) have withdrawn their plans for initial public offerings in the United States, according to regulatory filings on Wednesday.

The SPACs, ACI Corp III and Atlas (NYSE:) Crest Investment Corp IV, had filed for their IPOs in March last year and were looking to raise up to a combined $1 billion.

Moelis was among a number of high-profile investment bankers and investors, a list that includes Bill Foley and Chamath Palihapitiya, who rushed to take advantage of the lucrative dealmaking frenzy with SPACs.

However, interest in the market has waned, with shares of several companies such as Grab Holdings and BuzzFeed Inc, which merged with SPACs, tumbling after going public.

High rates of redemptions by SPAC investors have also dampened investor appetite, as has volatility in the U.S. markets triggered by rate hike concerns and geopolitical tensions.

A SPAC backed by Moelis, founder and chief executive officer of investment banking firm Moelis & Co , has previously taken electric aircraft startup Archer Aviation Inc public. However, even on that deal, the companies had to amend terms to cut Archer’s enterprise value by $1 billion.

SPACs are listed firms with no business operations but a pool of capital raised through an IPO that they use to merge with private companies, in deals that take the private companies public.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

YOU MAY ALSO LIKE

Mexico’s new airport gets boost from Panama’s Copa Airlines By Reuters

Honda and Sony Team Up to Tackle Tesla

ShareTweetPin

Search

No Result
View All Result

Recent News

Oil slips further on demand, financial market worries By Reuters

Oil Sinks Further Amid China Concerns, Weakened Economic Prospects By Investing.com

October 25, 2022
Gold Up, Set for Second Weekly Gain as Dollar Falls from 20-Year High By Investing.com

Gold Pressured Near $1,650, Copper Muted on Economic Fears By Investing.com

October 25, 2022
Explainer-What would be the impact of Russian oil sanctions in Europe? By Reuters

Oil prices edge higher as U.S. dollar eases By Reuters

October 25, 2022
Equitieswatch.com

Equitieswatch.com is your Stock Market, Finance, Forex, Cryptocurrency, Business, NFT News Website. We provide you with the latest breaking news and videos straight from the Business industry.

  • Home
  • About us
  • Contact
  • Privacy Policy

© 2022 www.equitieswatch.com

No Result
View All Result
  • Home
  • Stock Market
  • Finance
  • Cryptocurrency
  • Commodities

© 2022 www.equitieswatch.com