Veteran investors' SPAC N2 Acquisition withdraws $450 million IPO

N2 Acquisition, a blank check company formed by the founders of TOMS Capital and Mariposa Capital, withdrew its plans for an initial public offering on Friday. It had filed in March 2021 to raise $450 million by offering 45 million units at a price of $10, with each unit containing one share of common stock and one-fourth of a warrant, exercisable at $11.50.

The company was set to be led by Co-Chairman Noam Gottesman, the founder and Managing Partner of single-family office TOMS Capital and co-founder of GLG, and Co-Chairman Sir Martin Franklin, the founder and CEO of Mariposa Capital and Chairman of Royal Oak Enterprises. N2 Acquisition's search for a target company was not limited to a particular industry or geographic region.

Noam Gottesman previously founded two other London-listed SPACs and a US-based SPAC that listed on the NYSE in 2020: travel-focused GO Acquisition (GOAC.U), which is still looking for a target.

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