Ein and Dryden's seventh SPAC Capitol Investment VII withdraws $400 million IPO

Capitol Investment VII, the seventh blank check company formed by Mark Ein and Dyson Dryden, withdrew its plans for an initial public offering on Friday. It had filed in February 2021 to raise $400 million by offering 40 million units at $10, with each unit containing one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company decreased the warrants per unit from one-quarter in March 2021.

The company is led by CEO and Chairman Mark Ein, founder and CEO of Venturehouse Group and President of Leland Investments, and President, CFO, and Director Dyson Dryden, the founder and President of Dryden Capital Management. The SPAC had planned to target businesses that have demonstrated a potential for future growth.

Ein and Dryden's recent SPACs include Capitol Investment VI (CICX.U), which also withdrew its plans for an IPO on Friday; Capitol Investment V, which merged with Doma Holdings (DOMA; -74% from $10 offer price) in July 2021; and Capitol Investment IV, which acquired Nesco Holdings in 2019 and later merged with Custom Truck One Source (CTOS; -22%) in April 2021, among others. 

The Arlington, VA-based company was founded in 2021 and had planned to list on the NYSE under the symbol CIC.U. Citi and Deutsche Bank were set to be the joint bookrunners on the deal.