Cathay Capital Group's SPAC CCM Acquisition withdraws $150 million IPO

CCIF Acquisition, a blank check company targeting new economy sectors in Asia Pacific and Europe, withdrew its plans for an initial public offering on Tuesday. It had filed in May 2021 to raise $150 million by offering 15 million units at a price of $10. Each unit most recently contained one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50. 

CCM Acquisition was set to be led by Chairman Ming-Po Cai, the founder, CEO, and Chairman of Cathay Capital Group, and CEO and Director Kwok On Yeung, Executive President of Cathay Capital Group. CCM Acquisition had planned to target businesses in Europe and Asia Pacific (excluding China) in "new economy" sectors with enterprise values between $500 million and $1 billion.

The New York, NY-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol CCIFU. I-Bankers Securities was set to be the sole bookrunner on the deal.