Arago Acquisition, a Latin America-focused blank check company backed by Arago Gestion and Alta Growth Capital, withdrew its plans for an initial public offering on Thursday. It had filed in May 2022 to raise $75 million by offering 7.5 million units at $10, with each unit containing one share of common stock and one warrant. The company had not updated its prospectus since its initial filing.
Arago Acquisition was set to be led by Executive Chairman Javier Teruel, the Chairman of private equity firm Alta Growth Capital and a co-founder of Spectron Desarrollo, and CEO and Director Reynaldo Sandoval, the founder of private-market asset manager Arago Gestión. The company had planned to target high growth businesses headquartered in Latin America and operating within sectors with significant unmet demand.
The Mexico City, Mexico-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol ARAGU. EF Hutton was set to be the sole bookrunner on the deal.
