Falcon Capital Acquisition II, a blank check company formed by Ariliam Group targeting a media business, withdrew its plans for an initial public offering on Monday. It had filed in March 2021 to raise $400 million by offering 40 million units at $10, with each unit containing one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The company was set to be led by CEO and Chairman Alan Mnuchin, the founder and CEO of Ariliam Group, and CFO Saif Rahmana, the Managing Director and COO of Ariliam Group. The company had planned to target businesses in the media, entertainment, and sports industries, including digital streaming and OTT, mobile gaming and interactive entertainment, live events and experiential consumer-facing technology, and related industries.
Management's previous SPAC, Falcon Capital Acquisition, went public in September 2020 and completed its merger with healthcare platform Sharecare (SHCR; -70% from offer price) in July 2021.
The New York, NY-based company was founded in 2021 and had planned to list on the Nasdaq but did not select a ticker (RC ticker: FTWOU.RC). Goldman Sachs was set to be the sole bookrunner on the deal.
