Silver Sustainable Solutions, a blank check company backed by Guggenheim Partners targeting clean economy technologies, 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. Each unit most recently contained one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant.
Silver Sustainable solutions was set to be led by CEO and Chairman Jonathan Silver, the former head of the Loan Program Office at the US Department of Energy, and CFO and Director Michael Allman, the former CFO of Sempra Energy's global business operations. The company had planned to target businesses that develop, use, or sell clean economy technologies and possess a highly scalable business model with a fundamental technological advantage.
The Washington, DC-based company was founded in 2018 and had planned to list on the Nasdaq under the symbol SSSCU. Guggenheim Securities was set to be the sole bookrunner on the deal.
