Fintech and proptech SPAC Modiv Acquisition withdraws $100 million IPO

Modiv Acquisition, a blank check company formed by Modiv targeting fintech and proptech businesses, withdrew its plans for an initial public offering on Wednesday. It had filed to raise $100 million by offering 10 million units at $10, with each unit containing one share of common stock and one warrant to purchase one-half of a share, exercisable at $11.50.

The company was set to be led by Chairman Ray Wirta and CEO and Director Aaron Halfacre, who hold the same roles at Modiv, an investment manager and product sponsor that invests in diversified real estate assets and real estate-related entity investments. It had planned to target fintech and proptech businesses, focused on those with ties to the real estate industry and tech-driven platforms and solutions.

The Newport Beach, CA-based company was founded in 2021 and had planned to list on the NYSE American under the symbol MACSU. Chardan Capital Markets was set to be the sole bookrunner on the deal.