SPAC Freestone Acquisition drops plan for an IPO a year after initial filing

Freestone Acquisition, a special purpose acquisition company (SPAC), has filed Friday to withdraw its registration for an initial public offering, about a year after initially filing to go public. The SPAC had filed its S-1 Registration Statement on May 14, 2021 then set terms for the IPO on July 23, 2021, saying it planned to raise $200 million. The SPAC didn’t give a reason for dropping its IPO plans, just that it “no longer plans to consummate the initial public offering described in the Registration Statement. The withdrawal comes at a time of relative investor disdain for IPOs, as the Renaissance IPO ETF has plunged 48.5% year to date while the S&P 500 has dropped 17.9%.

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