PROTONIQ Acquisition, a blank check company targeting fintech with a focus on the APAC region, withdrew its plans for an initial public offering on Wednesday. It had filed in July 2022 to raise $100 million by offering 10 million units at $10, with each unit containing one right to receive one-tenth of a share upon the completion of an initial business combination and one-half of a warrant.
The SPAC was set to be led by CEO and Chairman Babar Ali, the former Executive Director of wealth management firm NewQuantum Holdings and founder of fintech firms Goodments and WealthO2. It had planned to target fintech businesses in the APAC region, focusing on those delivering differentiated financial services in the wealth management, financial advisory, and investment management sectors.
The New York, NY-based company was founded in 2022 and had planned to list on the Nasdaq under the symbol PROQU. JonesTrading was set to be the sole bookrunner on the deal.
