Firemark Global Capital, a blank check company formed by ShiftPixy targeting an insurance shell with products for staffing companies, withdrew its plans for an initial public offering on Friday. It originally filed in April 2021, but revised its terms in August with plans 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.
The company was set to be led by CEO and Chairman Scott Absher, who currently serves as the CEO of human capital management platform ShiftPixy (Nasdaq: PIXY) and President of Struxurety; CFO Domonic Carney, who currently serves as the CFO of ShiftPixy; and COO Steven Sims, who most recently served as the President of Convelo Insurance Group.
Four ShiftPixy-backed SPACs filed in April 2021, with each planning to target staffing solutions in different areas. Industrial Human Capital (AXH.U; +1% from $10 offer price) went public in October 2021, while TechStackery (TSYU) and Vital Human Capital (VITU) also withdrew on Friday.
The Miami, FL-based company was founded in 2021 and had planned to list on the NYSE under the symbol FMGU. A.G.P. was set to be the sole bookrunner on the deal.
