Jeneration Acquisition, a blank check company formed by Jeneration Group targeting technology in Asia, withdrew its plans for an initial public offering on Wednesday. It had filed in March 2021 to raise $300 million by offering 30 million units at $10, with each unit containing one share of common stock and one-third of a warrant, exercisable at $11.50. The company increased the warrants per unit from one-quarter in May.
The company was set to be led by CEO and Director Jason Tan, a Partner and the CIO of Jeneration Capital, and Chairman Jimmy Chang, the founder of Jeneration Group and a Partner of Jeneration Capital. The company had planned to target technology and technology-enabled models in Asia, particularly in Greater China, including in mobility, online services, software, e-commerce, AI, robotics, and clean energy.
The Hong Kong-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol JACAU. Morgan Stanley and Deutsche Bank were set to be the joint bookrunners on the deal.
