FPA Energy Acquisition, a carbon neutral-focused blank check company targeting real estate businesses, withdrew its plans for an initial public offering on Tuesday. It had filed to raise $100 million by offering 10 million units at $10. The company intends to file a new registration statement after completing the audit of its most recent financials.
FPA Energy Acquisition is led by CEO and Chairman Christopher Yurko, a former VP of Greenwave Energy whose current roles include Managing Director and CRO of Forsa Power Alliance, and Acting CFO Rosario Fava, the former Global Head and VP of Gasification and Biofuels for Shell Oil. The company plans to target businesses that operate in or derive a large component of revenue from real estate, with a focus on opportunities involving transforming existing office buildings into mixed use developments. In its mission to transition a redevelopment initiative to Carbon Neutrality, the SPAC had intended to deploy in its acquisition target technologies like solar power, rainwater collection, and vertical indoor agriculture, among others.
The Alpharetta, GA-based company was founded in 2022 and had planned to list on the Nasdaq under the symbol FPAQU. I-Bankers Securities and IB Capital were set to be the joint bookrunners on the deal.
