Technology-focused SPAC CAVU Technology Acquisition withdraws $100 million IPO

CAVU Technology Acquisition, a blank check company formed by the co-founders of CAVU Capital targeting tech, withdrew its plans for an initial public offering on Tuesday. It had filed in March 2021 to raise $100 million by offering 10 million units at $10, with each unit containing one share of common stock and one-half of a warrant, exercisable at $11.50.

The company was set to be led by CEO and Chairman Barry Shevlin and COO and Director Michael Johnson, who together co-founded boutique investment bank CAVU Capital. The SPAC had planned to target the North American tech sector, including IT services, software, SaaS, and digital transformation.

The Tampa, FL-based company was founded in 2021. It had planned to list on the Nasdaq under the symbol CAVUU. Maxim Group LLC was set to be the sole bookrunner on the deal.