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Energy and infrastructure SPAC Intrepid Acquisition I withdraws $200 million IPO

December 8, 2022

Intrepid Acquisition I, a blank check company formed by Intrepid Potash targeting energy, natural resources, and infrastructure, withdrew its plans for an initial public offering on Thursday. It had filed in January 2022 to raise $200 million by offering 20 million units at $10, with each unit containing one share of common stock and one-half of a warrant. The company had not updated its prospectus since then.

The company was set to be led by CEO and Chairman Robert Jornayvaz III, co-founder of Intrepid Potash (NYSE: IPI) predecessor Intrepid Mining, and CEO and Chairman of Intrepid Potash. The company plans to target the energy, natural resources and environmental and water infrastructure industries in North America.

The Denver, CO-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol IACIU. Cowen and Intrepid Partners were set to be the joint bookrunners on the deal.