Cornerstone Investment Capital Holdings, a blank check company founded by Cornerstone Investment Capital, withdrew its plans for an initial public offering on Friday. It had filed to raise $250 million by offering 25 million units at a price of $10, with each unit containing one share of common stock and one-half of a warrant, exercisable at $11.50.
The company was set to be led by Chairman and CEO Robert Greifeld, the co-founder and managing partner of financial technology investment firm Cornerstone Investment Capital. It had planned to target businesses that focus on the application of technologies across a variety of industries, with a particular interest in financial services and transaction processing.
The Hobe Sound, FL-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol CSICU. J.P. Morgan and Barclays were set to be the joint bookrunners on the deal.
