ACI Corp. III, the third blank check company formed by Moelis & Company, withdrew its plans for an initial public offering on Wednesday. It had filed in March 2021 to raise $600 million by offering 60 million units at $10, with each unit containing one share of common stock and one-fourth of a warrant.
ACI Corp. III was formerly known as Atlas Crest Investment III, and had planned to list under the ticker "ACCC.U". Another Moelis & Company SPAC, Atlas Crest Investment V, disclosed in an amendment on Wednesday that it will now be known as Atlas Crest Investment III (ACCC.U).
The company was set to be led by Chairman Ken Moelis, the founder and CEO of Moelis & Company, and CEO and Director Michael Spellacy, a former Senior Managing Director at Accenture and Global Industry Leader of Accenture Capital Markets. The company had planned to focus on a target in an industry which complements its management team's expertise and would benefit from its strategic and operational value add.
Management's past SPACs include February 2021 IPO Atlas Crest Investment II (ACII.U; -2% from $10 offer price) and Atlas Crest Investment, which merged with electric aircraft developer Archer (ACHR; -61%) in September 2021.
The New York, NY-based company was founded in 2021 and had planned to list on the NYSE (RC ticker: ACCC.X). Cantor Fitzgerald was set to be the sole bookrunner on the deal.
