Energy SPAC Avondale Acquisition officially withdraws $200 million IPO

Avondale Acquisition, an oil and gas SPAC formed by the former CEO of Chesapeake Energy, withdrew its plans for an initial public offering on Thursday. It had filed to raise $200 million by offering 20 million shares at a price price of $10.

The Oklahoma City, OK-based blank check company was formed in 2015 by Aubrey McClendon, who died in a car accident in March 2016. The SPAC had planned to list on the Nasdaq under the symbol AACOU. Maxim Group LLC and Ladenburg Thalmann & Co. were set to be the joint bookrunners on the deal.