LCP Acquisition, a blank check company formed by The LCP Group targeting the leisure and hospitality industry, withdrew its plans for an initial public offering on Wednesday, the first SPAC to do so since September 2019. It had filed to raise $200 million, planning to offer units containing one share of common stock and one-third of a warrant, exercisable at $11.50.
LCP Acquisition was set to be led by CEO and Director Francis Lively, who currently serves as CEO of The LCP Group. The founder and Chairman of The LCP Group Robert Roskind was set to serve as a Director.
The White Plains, NY-based company was founded in 2020 and had planned to list on the Nasdaq under the symbol LCPU. Deutsche Bank was set to be the sole bookrunner on the deal.
