Cloud infrastructure-focused SPAC AdMY Technology Group withdraws $250 million IPO

AdMY Technology Group, the fifth blank check company formed by Niccolo de Masi and Harry You, withdrew its plans for an initial public offering on Tuesday. It had filed to raise $250 million by offering 25 million units at a price of $10, with each unit containing one share of common stock and one-fifth of a warrant, exercisable at $11.50.

The company was set to be led by Co-Chairman Niccolo de Masi, the former CIO of Resideo Technologies (NYSE: REZI) and CEO of Glu; Co-Chairman Harry You, the founder and Vice Chairman of GTY (Nasdaq: GTYH); and CEO and Director Shekar Ayyar, the former General Manager of the Telco and Edge Cloud business unit at VMware (NYSE: VMW). AdMY Technology Group had planned to target businesses in the broader communications and cloud infrastructure ecosystem, focusing on those with enterprise values between $1 billion and $3 billion.

The Las Vegas, NV-based company was founded in 2021 and had planned to list on the NYSE under the symbol ADMY.U. Goldman Sachs was set to be the sole bookrunner on the deal.