Consumer and business services-focused SPAC Silverman Acquisition I withdraws $250 million IPO

Silverman Acquisition I, a blank check company targeting the broader consumer and business services sectors, withdrew its plans for an initial public offering on Wednesday. It had filed in March 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. 

The company was set to be led by CEO and Director Henry Silverman, who currently serves as Managing Member of Athos Capital Partners and 54 Madison Partners. He was going to be joined by CFO and Director Gail Mandel, who has served as a Managing Director at Focused Point Ventures since 2019 and previously was President and CEO of Wyndham Destination Network from 2014 to 2018. Silverman Acquisition I had planned to target companies with large addressable markets and strong growth profiles, primarily in the travel services, food and beverage, residential and commercial real estate services, automotive and vehicle services, and the broader financial services and insurance sectors.

The New York, NY-based company was founded in 2021 and had planned to list on the NYSE under the symbol SACQ.U. J.P. Morgan was set to be the sole bookrunner on the deal.