Just Another Acquisition, a blank check company formed by the Managing Partner of Broadband Capital Partners, withdrew its plans for an initial public offering on Thursday. It had filed in February 2021 to raise $60 million by offering 6 million shares at $10. Unlike many SPACs, warrants were not attached to the common shares.
The company was set to be led by CEO, CFO, and Chairman Philip Wagenheim, who serves as Managing Partner of Broadband Capital Partners and previously co-founded Broadband Capital Management in 2000. Just Another Acquisition had intended to target businesses with enterprise values of $300 million to $1 billion.
Wagenheim's other SPAC, Rocket Global Acquisition (RGAC), also withdrew earlier this month after filing for a $100 million IPO in March 2021. In 2022, a total of 21 SPACs have already scrapped their plans for an IPO, compared to just 10 for the full-year 2021.
The New York, NY-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol JAAC. Ladenburg Thalmann was set to be the sole bookrunner on the deal.
