Crucible Acquisition III, 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 $350 million by offering 35 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 $1.8 billion and $3 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 II (CRUA.U), which filed concurrently with Crucible Acquisition III, 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 CRUB.U. Credit Suisse was set to be the sole bookrunner on the deal.
