Chinese executive's SPAC Super Plus Acquisition withdraws $60 million IPO

Super Plus Acquisition, a blank check company led by Chinese executive Long Yi targeting a business in Asia or North America, withdrew its plans for an initial public offering on Monday. It originally filed in September 2021 and most recently planned to raise $60 million by offering 6 million units at $10, with each unit containing one share of common stock, one right to receive one-tenth of a share, and one warrant. The company last updated its prospectus in October 2022.

Super Plus Acquisition was set to be led by CEO and Chairman Long Yi, who previously served as CEO of Urban Tea, when the Chinese tea retailer and distributor traded on the Nasdaq (ticker: MYT); the company has since changed its name and shifted its focus to blockchain technology (Bit Brother; Nasdaq: BTB). The SPAC had planned to focus on growth-oriented businesses in Asia or North America.

The New York, NY-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol SUPEU. Maxim Group LLC was set to be the sole bookrunner on the deal.