EF Hutton Acquisition, a blank check company led by EF Hutton executives targeting consumer and retail, withdrew its plans for an initial public offering on Wednesday. It had filed in November to raise $125 million by offering 12.5 million units at a price of $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 Benjamin Piggott, a Partner at EF Hutton; Co-President and Director Joseph Rallo, the President of EF Hutton; and Co-President and Director David Boral, the CEO of EF Hutton. The company planned to target businesses in the consumer and retail industry with enterprise values between $500 million and $1 billion.
Management is set to lead another SPAC, EF Hutton Acquisition I (EFHAU.RC), which filed earlier this month to raise $100 million and also plans to target the consumer and retail industry.
The Hingham, MA-based company was founded in 2021 and planned to list on the Nasdaq under the symbol EFHTU. Wells Fargo Securities and Roth Capital were set to be the joint bookrunners on the deal.
