Sunfire Acquisition, a blank check company formed by GLD Partners targeting the TMT sector, withdrew its plans for an initial public offering on Friday. It had filed in October 2021 to raise $100 million by offering 10 million units at $10, with each unit most recently containing one share of common stock and one right to receive one-sixth of a share. The company had not updated its prospectus since May 2022.
Sunfire Acquisition was set to be led by CEO and Director Thomas Neukranz, who serves as Managing Director of Capital Markets for private equity firm GLD Partners. Management's other SPAC Sagaliam Acquisition (SAGA; +4% from $10 offer price) went public in December 2021 and recently terminated its merger agreement with Arabian Entertainment Company.
The Los Angeles, CA-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol SUNFU. EF Hutton was set to be the sole bookrunner on the deal.
