USA Acquisition, a blank check company formed by Union Square Advisors targeting the tech sector, withdrew its plans for an initial public offering on Wednesday. It had filed in December 2021 to raise $150 million by offering 15 million units at $10, with each unit containing one share of common stock and one-half of a warrant. The SPAC had a $40 million forward purchase agreement with certain anchor investors, who had also indicated on 9.9% of units in the offering.
USA Acquisition was set to be led by Chairman Carter McClelland and CEO and Director Edward Smith, the co-founders of technology investment bank Union Square Advisors, and had planned to target the enterprise software and software-enabled services sectors.
The San Francisco, CA-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol USAXU. Jefferies and BTIG were set to be the joint bookrunners on the deal.
