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Biotech and tech SPAC Inkstone Feibo Acquisition withdraws $60 million IPO

January 4, 2024

Inkstone Feibo Acquisition, a blank check company focusing on biotech and green tech in the US and Taiwan, withdrew its plans for an initial public offering on Thursday. It had filed in May 2022 to raise $60 million by offering 6 million units at $10, with each unit containing one share of common stock and one-half of a warrant.

Inkstone Feibo Acquisition was set to be led by CEO and Chairman I-Fa Chang, the founder and CEO of Inkstone Capital, and CFO and Director Tony Tian, a managing director and head of capital markets at US Tiger Securities. The company had planned to focus on opportunities in biotechnology and green technology industries in the US and Taiwan, with an emphasis on ESG practices.

The Wilmington, DE-based company was founded in 2022 and had planned to list on the Nasdaq but had not selected a symbol (RC ticker: IFACU.RC). Tiger Brokers was set to be the sole bookrunner on the deal.