Venice Brands Acquisition I, a consumer-focused blank check company formed by Venice Brands and Glazer Capital, withdrew its plans for an initial public offering on Friday. It had filed in March 2021 to raise $150 million by offering 15 million units at $10, with each unit containing one share of common stock and one-half of a warrant, exercisable at $11.50.
The company was set to be led by CEO and Director Gregory Willsey, the founder and CEO of consumer brands holding company Venice Brands; President and Director Pam Netzky, the co-founder and former President of SkinnyPop Popcorn; and Chairman Doug Power, the former VP and Global Head of M&A and Corporate Strategy at General Mills (NYSE: GIS) and current VP of Corporate Development at Ford. The company had planned to target North American businesses in the consumer sectors, including food and beverage, health and wellness, beauty and personal care, and pet products and services.
The Venice, CA-based company was founded in 2021 and had planned to list on the NYSE under the symbol VBAQ.U. Jefferies was set to be the sole bookrunner on the deal.
