Jaws Wildcat Acquisition, the fifth blank check company led by Starwood Capital founder Barry Sternlicht, withdrew its plans for an initial public offering on Wednesday. It had filed to raise $250 million in February 2021, and last updated its filing in April.
The company was set to be led by Chairman Barry Sternlicht, the founder and CEO of Starwood Capital and Starwood Property Trust (NYSE: STWD), and CEO and Director Matthew Walters, a Principal at Jaws Estates Capital. The SPAC expected to focus on consumer technology and related technology businesses with growth-oriented characteristics and strong underlying demand drivers.
Sternlicht was behind three other SPAC offerings last year, all of which are seeking merger targets: June 2021 IPOs Jaws Hurricane Acquisition (HCNEU; -1% from $10 offer price) and Jaws Juggernaut Acquisition (JUGGU; -1%), and February 2021 IPO Jaws Mustang Acquisition (JWSM.U; -1%). Sternlicht also led two SPACs that completed mergers last year: his first SPAC merged in June with Cano Health (CANO; -40%), a provider of senior-focused value-based care, and his second SPAC merged in September with Velo3D (VLD; -28%), an additive manufacturing company.
The Miami Beach, FL-based company was founded in 2021, and had planned to list on the Nasdaq under the symbol WCAT. Credit Suisse and BofA Securities were set to be the joint bookrunners on the deal.
