New Beginnings Acquisition III, the third blank check company led by the co-founder of Crescent Heights and an Alliant Insurance Services exec, withdrew its plans for an initial public offering on Friday. It had filed at the height of the SPAC craze in March 2021 to raise $100 million by offering 10 million units at a price of $10.
The company was set to be led by Chairman Russell Galbut, the co-founder and Managing Principal of US real estate developer Crescent Heights, and CEO and Director Michael Liebowitz, the Managing Director and EVP of Alliant Insurance Services and President of the Harbor Group Division. The company had planned to target the travel, hospitality, leisure, financial technology, insurance technology, and property technology sectors in the US.
Management's first SPAC completed its merger with 5G technology provider Airspan Networks (MIMO) in August 2021. Their other SPAC, New Beginnings Acquisition II (NBAB.U), is still on file for an IPO.
The Miami Beach, FL-based company was founded in 2021 and had planned to list on the NYSE American under the symbol NBAD.U. Ladenburg Thalmann was set to be the sole bookrunner on the deal.
