Crucible Acquisition II, a blank check company formed by Foundry Group and a former Splunk executive targeting software, withdrew its plans for an initial public offering on Tuesday. It had filed in March 2021 to raise $200 million by offering 20 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 Chairman Brad Feld, who is a Founding Partner of Foundry Group, and CEO and Director James Lejeal, the former Area Vice President and General Manager for the Incident Management unit of Splunk (Nasdaq: SPLK). The company had planned to target businesses in the software technology industry with enterprise values between $700 million and $1.5 billion, prioritizing cloud-based recurring revenue business models.
Management's previous SPAC, Crucible Acquisition (CRU.U; -1% from $10 offer price), went public in January 2021 and is still looking for a target. Crucible Acquisition III (CRUB.U), which filed concurrently with Crucible Acquisition II, also withdrew its IPO plans on Tuesday.
The Louisville, CO-based company was founded in 2021 and had planned to list on the NYSE under the symbol CRUA.U. Credit Suisse was set to be the sole bookrunner on the deal.
