Richard Branson-founded SPAC Virgin Group Acquisition Corp. III files to withdraw IPO registration
Virgin Group Acquisition Corp. III filed to withdraw its registration statement for the sale of shares, about 16 months after the special purpose acquisition company (SPAC) founded by Virgin Galactic Holdings Inc. Founder Sir Richard Ranson filed to go public. The SPAC had originally filed in March 2021 to raise $500 million, then lowered that to $300 million in July 2021. The withdrawal comes at a tough time for SPACs, as the largest-ever SPAC, Pershing Square Tontine Holdings Ltd. said earlier this month that it was liquidating because it couldn't find a suitable or executable acquisition. The Renaissance IPO ETF has dropped 15.6% over the past three months while the S&P 500 has lost 7.8%.
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