Revolution Acceleration Acquisition II, a blank check company focusing on innovation, government policy, and regulation, withdrew its plans for an initial public offering on Tuesday. It had filed in March 2021 to raise $250 million by offering 25 million units at a price of $10, with each unit containing one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The company was set to be led by CEO and Director John Delaney, a former member of the US House of Representatives and co-founder and former CEO of CapitalSource (formerly NYSE: CSE) and HealthCare Financial Partners (formerly NYSE: HCF). Delaney was set to be joined by CFO Kate Wilschutz, the CFO of Revolution LLC's Revolution Growth, Revolution Ventures, and Rise of the Rest Seed, and CIO Andrew Wallace, a former portfolio manager at Verition Fund Management.
Delaney's previous SPAC, Revolution Acceleration Acquisition went public in December 2020, merging with AI robotic solution provider Berkshire Grey (BGRY; -81% from $10 offer price).
Revolution Acceleration Acquisition II planned to target companies uniquely positioned to capitalize on the opportunities that can be unlocked by the convergence of innovation, government policy, and regulation.
The Washington, DC-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol RAIIU. Credit Suisse was set to be the sole bookrunner on the deal.
