1.12 Acquisition, a blank check company formed by Bridgeport Partners targeting financials and tech, withdrew its plans for an initial public offering on Tuesday. It had filed in March 2021 to raise $350 million by offering 35 million units at a price of $10, with each unit containing one share of common stock and one-fourth of a warrant.
The company was set to be led by Founder and Chairman Frank Martire Jr., who currently serves as Executive Chairman of NCR Corporation. He was going to be joined by President Frank Martire, III and CFO Tanmay Kumar, who are currently Partners at Bridgeport Partners. 1.12 Acquisition intended to focus on industries that complement the sponsor's background in financial services, technology, software, data, analytics, asset management, internet related services, and related areas.
The New York, NY-based company was founded in 2020 and had planned to list on the NYSE under the symbol OPOT.U. Credit Suisse, BofA Securities, and Moelis & Company were set to be the joint bookrunners on the deal.
