Switchback III Corp, the third blank check company formed by NGP and former RSP Permian execs targeting sustainable energy technology, withdrew its plans for an initial public offering on Wednesday. It had filed in February 2021 to raise $275 million by offering 27.5 million units at $10, with each unit consisting of one share of common stock and one-fifth of a warrant.
The company was set to be led by Co-CEO and Director Scott McNeill, the former CFO of RSP Permian, and Co-CEO and Director Jim Mutrie, the former VP and General Counsel of RSP Permian. The company planned to target businesses in the energy technology arena, including the renewable energy, energy storage, mobility, advanced fuels, and carbon mitigation sectors.
Management's previous SPACs include 2021 IPO Switchback II Corp, which merged with micromobility company Bird Rides (BRDS; -96% from $10 offer price) in November 2021, and 2019 IPO Switchback Energy Acquisition, which merged with EV charging network ChargePoint (NYSE: CHPT; +44%) in February 2021.
The Dallas, TX-based company was founded in 2021 and planned to list on the NYSE under the symbol SWBT.U. Goldman Sachs was set to be the sole bookrunner on the deal.
