Atlas Crest Investment III, the fifth blank check company formed by Moelis & Company, withdrew its plans for an initial public offering on Wednesday. It had originally filed in March 2021 under the name Atlas Crest Investment V, planning to raise $200 million by offering 20 million units at $10, with each unit containing one share of common stock and one-fourth of a warrant. It last updated its filing in March 2022.
The company was set to be led by Chairman Ken Moelis, the founder and CEO of Moelis & Company, and CEO and Director Michael Spellacy, a former Senior Managing Director at Accenture and Global Industry Leader of Accenture Capital Markets. The company planned to focus on a target in an industry which complements its management team's expertise and would benefit from its strategic and operational value add.
Management's other SPACs include Atlas Crest Investment II (ACII.U; -1% from $10 offer price), which went public in February 2021; Atlas Crest Investment, which merged with electric aircraft developer Archer Aviation (ACHR) in September 2021; ACI Corp. III (ACCC.X), which withdrew its IPO plans in March 2022; and Atlas Crest Investment IV (ACIV.U), which also withdrew its IPO plans in March 2022.
The New York, NY-based company was founded in 2021 and planned to list on the NYSE under the symbol ACCC.U. Cantor Fitzgerald was set to be the sole bookrunner on the deal.
