Catcha Investment Corp 2.0, the second blank check company founded by Southeast Asian internet group Catcha Group, has withdrawn its plans for an initial public offering (IPO) in the United States.
Catcha Investment Corp 2.0 is incorporated in the State of Cayman Islands. Catcha Investment Corp 2.0 is primarily engaged in the blank check business, according to the US Securities and Exchange Commission. The request for withdrawal of registration was filed on Monday (1 August). Renaissance Capital was the first to report the news.
“The company is withdrawing the registration statement because it has decided not to conduct an initial public offering of its securities. Therefore, the withdrawal of the registration statement is consistent with the public interest and investor protections as provided for in Section (a) of Rule 477 of the Securities Act,” the Special Purpose Acquisition Company (SPAC) said in the filing.
The SPAC applied in March 2021 to raise $250 million by offering 25 million units. Each unit has an offer price of $10.00 and consists of one Class A common share and one-third redeemable warrant, as per the previous prospectus.
The withdrawal request also came as SPAC activity waned in popularity this year. SPACs have been the preferred route for tech companies to go public for the past two years. Singapore-based super app Grab went public on the NASDAQ last year after investors from Altimeter Growth Corp. approved the merger between the two companies. Market uncertainties and the threat of tighter regulations for SPAC deals have dampened the appetites of investors and sponsors.
Catcha Investment Corp 2.0 would be led by Chairman and Chief Executive Officer Patrick Grove and President and Director Luke Elliott, co-founders of Catcha Group. Grove is also Chairman and CEO of Catcha Investment Corp (Catcha Investment 1), while Elliott is also President and Director of Catcha Investment 1. Catcha Investment 1 completed its IPO in February 2021.
Catcha Investment Corp 2.0 intends to focus its search on a target with activity or potential activity in what it terms the Technology, Digital Media, Financial Technology or Digital Services sectors as “New Economy Sectors”, specifically in Asia Pacific and Southeast Asia Australia, according to the prospectus.
Founded in 1999 and led by Grove and Elliott, Catcha Group claims to be one of the earliest and most established Internet-focused investment groups in Southeast Asia and Australia. Headquartered in Malaysia and Singapore and with over 20 years of operational experience, Catcha Group has a strong focus and deep local understanding of the region, according to their website.
[Updated] Catcha Group’s Patrick Grove is considering a SPAC listing in Singapore
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