Gateway Strategic Acquisition, a Hong Kong-based blank check company formed by Gaw Capital targeting the tech sector, withdrew its plans for an initial public offering on Wednesday. It had originally filed in March 2021 to raise $300 million by offering 30 million units at $10, but lowered the deal size to $200 million in July. Each unit most recently contained one share of common stock and one-third of a warrant.
The sponsor intended to purchase $40 million worth of units in the offering (20% of the deal). Anchor investors also committed to a forward purchase agreement for $110 million worth of units at the time of a business combination.
Gateway Strategic Acquisition was co-founded by Chairman Goodwin Gaw, the co-founder, Chairman, and Managing Principal of private equity firm Gaw Capital Partners (GCP); and Christina Gaw, the Head of Capital Markets of GCP. The SPAC's CEO Humbert Pang is Head of China at GCP. The company had planned to target rapidly-growing and highly-scalable companies in the technology sector.
The company was founded in 2021 and had planned to list on the NYSE under the symbol GCSA.U. Credit Suisse and Citi were set to be the joint bookrunners on the deal.
