INSU Acquisition IV, the fourth blank check company formed by Cohen & Company targeting the insurance industry, withdrew its plans for an initial public offering on Friday. It had filed in February 2021 to raise $220 million by offering 22 million units at $10, with each unit containing one share of common stock and one-fourth of a warrant. The company had not provided an update since then.
The company was set to be led by Chairman Daniel Cohen, the Chairman of Cohen & Company LLC and CEO of the European Business of Cohen & Company Inc. (NYSE American: COHN), and CEO John Butler, the Head of US Insurance Debt Strategy and Global ILS Platform for Cohen & Company LLC.
Management's previous SPACs include INSU Acquisition III (IIIIU; -1% from $10 offer price), which went public in December 2020; INSU Acquisition II, which merged with digital auto insurance platform Metromile (acq. by Lemonade this past June for $145mm) in February 2021; and Insurance Acquisition, which merged with online auto marketplace Shift Technologies (Nasdaq: SFT; -92%) in October 2020.
The Philadelphia, PA-based company was founded in 2020 and had planned to list on the Nasdaq under the symbol IAIV.RC. Cantor Fitzgerald was set to be the sole bookrunner on the deal.
