Osprey Technology Acquisition II, the third blank check company led by Edward and Jonathan Cohen targeting the tech industry, withdrew its plans for an initial public offering on Tuesday. It had filed in March 2021 to raise $325 million by offering 32.5 million units at $10, with each unit containing one share of common stock and one-fourth of a warrant.
The company was set to be led by Co-Chairmen Edward and Jonathan Cohen, who serve as Chairman and CEO, respectively, of private investment firm HEPCO Capital Management. The Cohens' previous SPACs include Osprey Technology Acquisition, which acquired geospatial intelligence provider BlackSky Technology (Nasdaq:BKSY; -82% from $10 offer price) in September 2021, and Osprey Energy Acquisition, which acquired the assets of Blackstone's Royal Resources to form Falcon Minerals (Nasdaq:FLMN; -32%) in August 2018.
Osprey Technology Acquisition II intended to focus on opportunities in the technology sector, particularly companies that have developed or are developing technology-driven, disruptive products or services.
The Philadelphia, PA-based company was founded in 2020, and had planned to list on the NYSE under the symbol OTII.U. Credit Suisse was set to be the sole bookrunner on the deal.
