Restaurant-focused SPAC Do It Again withdraws $125 million IPO

Do It Again, a blank check company targeting the North American restaurant and food industry, withdrew its plans for an initial public offering on Wednesday. It had filed in March 2021 to raise $125 million by offering 12.5 million units at a price of $10, with each unit containing one share of common stock and one-third of a warrant, exercisable at $11.50.

The company was set to be led by CEO and Chairman Clifford Hudson, who most recently served as CEO and Chairman of drive-in restaurant chain Sonic Corp, and President and Director Kathy Taylor, who previously served as both the Mayor and the Chief of Economic Development of the City of Tulsa. Do It Again intended to target businesses operating in the restaurant, food-related, and franchise sectors in North America.

The Tulsa, OK-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol DOITU. Guggenheim Securities was set to be the sole bookrunner on the deal.