Forest Acquisition, a blank check company targeting middle-market growth businesses, withdrew its plans for an initial public offering on Friday. It had filed in June 2022 to raise $66 million by offering 6.6 million units at $10, with each unit containing one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination.
The company was set to be led by Chairman and CEO Ming Zhang, the former CEO of Greencity Acquisition (GRCYU), which went public in 2020 but was delisted from the Nasdaq this past June. The SPAC had planned to target opportunities with enterprise values of between $200 million and $500 million.
The New York, NY-based company was founded in 2019 and had planned to list on the Nasdaq under the symbol FOACU. Ladenburg Thalmann was set to be the sole bookrunner on the deal.
