Atlas Growth Acquisition, a blank check company targeting Asian healthcare and TMT, withdrew its plans for an initial public offering on Monday. It had filed in July 2021 to raise $110 million by offering 11 million units at $10, with each unit containing one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant, exercisable at $11.50. The company last updated its prospectus in August 2022.
Atlas Growth Acquisition was set to be led by CEO and Chairman Sung June Hwang, the CEO of private equity firm Atlas Investment Management, and CFO and Director Winnie Wong, a founding employee and former CFO of We Doctor Greater Bay Area, a subsidiary of Chinese digital medical platform WeDoctor. The SPAC had planned to leverage management's experience to target healthcare, consumer technology, and technology, media, and telecommunications in Asia (excl. China).
The Singapore-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol ATLAU. Ladenburg Thalmann and Brookline Capital Markets were set to be the joint bookrunners on the deal.
