Music and audio-focused SPAC Laris Media Acquisition withdraws $250 million IPO

Laris Media Acquisition, a blank check company targeting the music and audio sectors, withdrew its plans for an initial public offering on Tuesday. 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.

The company was set to be led by Chairman Darren Throop, the CEO of Entertainment One, and CEO and Director Andrew Ho, who founded The Laris Family Office and previously was an advisor to Diginex (now Eqonex; Nasdaq: EQOS) on its merger with 8i Acquisition. Laris Media Acquisition had planned to target businesses within the audio sector that aligned with themes including the renaissance of music and audio content, and the paradigm shift in music led by streaming, among others.

The Gardena, CA-based company was founded in 2021 and planned to list on the Nasdaq under the symbol LRISU. Morgan Stanley and Credit Suisse were set to be the joint bookrunners on the deal.