Cerberus Telecom Acquisition II, the second blank check company formed by Cerberus Capital Management targeting the ICT industry, withdrew its plans for an initial public offering on Friday. It had filed in March 2021 to raise $250 million by offering 25 million units at $10. Each unit most recently contained one share of common stock and one-third of a warrant.
The company was set to be led by CEO and Chairman Timothy Donahue, who previously served as CEO of Nextel Communications and helped facilitate the company's merger with Sprint. Management's previous SPAC, Cerberus Telecom Acquisition, completed its merger with IoT provider KORE Wireless (KORE; -73% from $10 offer price) in October 2021.
Cerberus Telecom Acquisition II had planned to leverage its management team's experience and target businesses in the information and communications technology (ICT) industry that benefit from the transformational, long-term impacts of capital deployment in the 5G stack.
The New York, NY-based company was founded in 2021 and had planned to list on the NYSE under the symbol CTII.U. Deutsche Bank and PJT Partners were set to be the joint bookrunners on the deal.
