Consumer-focused SPAC Good Commerce Acquisition withdraws $200 million IPO

Good Commerce Acquisition, a blank check company led by former Gap CEO Art Peck targeting consumer businesses, withdrew its plans for an initial public offering on Wednesday. It had filed in March 2021 to raise $200 million by offering 20 million units at a price of $10, with each unit containing one share of common stock and one-third of a warrant.

The company was set to be led by CEO and Chairman Art Peck, who previously served as CEO of Gap from 2015 to 2019; Vice Chairman Gary Wassner, who is the CEO of Hilldun Corporation; and President and Director Abinta Malik, who previously was an EVP at Gap and served as Head of Gap’s enterprise-wide Loyalty and Payments business.

Good Commerce Acquisition had planned to create a consumer holding company by combining brands and leadership teams in the apparel and accessories, outdoor, health and wellness, home, and other consumer-related industries.

The Greenbrae, CA-based company was founded in 2021 and had planned to list on the Nasdaq. The company had not chosen a ticker (RC ticker: GCAU.RC). Credit Suisse was set to be the sole bookrunner on the deal.