Grandview Capital Acquisition, a blank check company formed by Grandview Capital Partners targeting the food industry, withdrew its plans for an initial public offering on Monday due to unfavorable market conditions. It had filed in December 2021 to raise $300 million by offering 30 million units at $10, with each unit containing one share of common stock and one-half of a warrant.
Additionally, anchor investors had indicated an interest in purchasing up to $344 million worth of units in the offering (115% of the deal).
Grandview Capital Acquisition was set to be led by Executive Chairman Rajiv Singh and CEO and Director Torrey Rossetter, Managing Partners at Grandview Capital Partners, an investment firm focused exclusively on the food industry. The company had planned to leverage management's experience and target businesses operating in the five major sectors of the food industry, including food input companies, food manufacturers, food distributors, food retailers, and food service companies.
The New York, NY-based company was founded in 2020 and had planned to list on the Nasdaq under the symbol GDVWU. Cantor Fitzgerald was set to be the sole bookrunner on the deal.
