Makara Strategic Acquisition, a blank check company targeting natural resources, clean energy, or energy storage sectors, withdrew its plans for an initial public offering on Monday. It had filed in February 2022 to raise $250 million by offering 25 million units at $10, with each unit most recently containing one share of common stock and one whole warrant. The company had not updated its prospectus since March 2022.
Makara Strategic Acquisition by was set to be led by Chairman Amin Badr-El-Din, the founder and Chairman of BADR Investments; CEO and Director Ali Ahmad, the Managing Partner of Makara Capital; and CFO Alexander Booth, the founder and Managing Director of DSP LLC. The company had planned to target opportunities in the Americas, Europe, or Asia that focus on natural resources, minerals, and related infrastructure, energy storage and efficiency, and renewable energy, among others.
The Princeton, NJ-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol MKARU. EF Hutton was set to be the sole bookrunner on the deal.
