Consumer-focused SPAC Brimstone Acquisition withdraws $250 million IPO

Brimstone Acquisition, a blank check company targeting consumer products and industrial goods, withdrew its plans for an initial public offering on Tuesday. It had filed to raise $250 million by offering 25 million units at $10, with each unit consisting of one share of common stock and one-fourth of a warrant, exercisable at $11.50.

The company was set to be led by Director Sir Martin Franklin, the founder and CEO of Mariposa Capital and Chairman of Royal Oak Enterprises, and CEO and Chairman Michael Goss, who previously served as CFO of global media company Conde Nast and was CFO of Sotheby's prior to that. Martin Franklin is also Co-Chairman of blank check company N2 Acquisition (NTWO.U), which filed to raise $450 million this past March. Brimstone Acquisition had intended to focus on consumer products and industrial goods businesses with either all or a substantial portion of their activities in North America or Europe.

The Miami Beach, FL-based company was founded in 2021 and had planned to list on the NYSE under the symbol BRIM.U. Citi, Credit Suisse, and UBS Investment Bank were set to be the joint bookrunners on the deal.