TMT SPAC Advancit Acquisition I withdraws $275 million IPO

Advancit Acquisition I, a blank check company targeting media and technology, withdrew its plans for an initial public offering on Friday. It had filed in February 2021 and most recently planned to raise $275 million by offering 27.5 million units at $10, with each unit containing one share of common stock and one-third of a warrant.

The company was set to be led by Chairman Jonathan Miller, CEO of Integrated Media Company; CEO and Director Randy Freer, founder of the Freer Company and former CEO of Hulu; and President and Director Jason Ostheimer, co-founder and Partner at Advancit Capital. 

The Armonk, NY-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol AACOU. Citi was set to be the sole bookrunner on the deal.