Virtuoso Acquisition 2, the second blank check company led by the co-founders of Connoisseur Media targeting a media business, withdrew its plans for an initial public offering on Thursday. It had filed in November 2021 to raise $200 million by offering 20 million units at $10, with each unit containing one share of common stock and one-third of a warrant. The SPAC had not updated its prospectus since March 2022.
Virtuoso Acquisition 2 was set to be led by CEO and Director Jeffrey Warshaw and CFO and Director Michael Driscoll, the co-founders of Connoisseur Media. It had planned to target media businesses in the media, technology, technology-enabled, ad tech, data, and mobility sectors.
Management's previous SPAC, Virtuoso Acquisition, completed its merger with auto data startup Wejo (WEJO; -94% from $10 offer price) in November 2021. Earlier this week, Wejo announced that it planned to merge with another SPAC, TKB Critical Technologies 1 (USCT). The unusual move comes as the highly-unprofitable company looks to fund growth initiatives and execute on its strategic goals.
The Westport, CT-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol VUSOU. Cantor Fitzgerald and Moelis & Company were set to be the joint bookrunners on the deal.
