Sustainability-focused SPAC Activate Permanent Capital withdraws $250 million IPO

Activate Permanent Capital, a blank check company targeting sustainability, withdrew its plans for an initial public offering on Friday. It had filed in July 2021 to raise $250 million by offering 25 million units at $10, with each unit containing one share of common stock and one-third of a warrant, exercisable at $11.50. 

Activate Permanent Capital was set to be led by CEO and Director Tim Healy, co-founder and former CEO of EnerNOC (now Enel X), and CFO, COO, and Director Jake Susman, founder and former CEO of OwnEnergy, which was acquired by EDF Renewables in 2015. The company had aimed to leverage management's experience to target sectors that will enable tomorrow's sustainable economy, namely energy transition, smart mobility, sustainable food chain, and intelligent automation.

The San Francisco, CA-based company was founded in 2021 and had planned to list on the NYSE under the symbol APCC.U. BofA Securities, Citi, and Nomura Securities were set to be the joint bookrunners on the deal.