Founded by Richard Branson, SPAC Virgin Group Acquisition Corp. III applies for the revocation of the IPO registration

Virgin Group Acquisition Corp. III filed for initial public offering approximately 16 months after the incorporation of Virgin Galactic Holdings Inc. SPCE, -5.43% Special Purpose Acquisition Company (SPAC). SPAC originally asked to raise $500 million in March 2021, then lowered that to $300 million in July 2021. The withdrawal comes at a difficult time for SPACs, as the largest SPAC of all time, Pershing Square Tontine Holdings Ltd., said earlier this month that it was liquidating because it could not find a suitable or viable acquisition. The Renaissance IPO ETF IPO, -5.09%, is down 15.6% over the past three months, while the S&P 500 SPX, -0.93%, is down 7.8%.