TMT SPAC Navigation Capital Acquisition VII withdraws $150 million IPO

Navigation Capital Acquisition VII, a blank check company formed by Navigation Capital targeting the TMT sector, withdrew its plans for an initial public offering on Friday. It had filed in June 2021 to raise $150 million by offering 15 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 CEO and Director Bertram Ellis, CEO of Ellis Capital and former CEO of Ellis Communications, CFO Matthew Phelan, a VP at Navigation Capital, and Chairman Darrell Mays, a Managing Partner of Navigation Capital and former CEO of Pensare Acquisition. The company had planned to target businesses in the telecommunications, media, and technology sectors that provide a platform for add-on acquisitions.

Three other Navigation Capital-backed SPACs filed in June (NCAU.RC, NCAUC.RC, and NCAUD.RC), all of which withdrew their IPO plans on Thursday. The firm has sponsored multiple blank check companies, including Pensare Acquisition, which completed its acquisition of Computex Technology Solutions in April 2020 to form American Virtual Cloud Technologies (Nasdaq: AVCT; -93% from $10 offer price).

The Atlanta, GA-based company was founded in 2021 and had planned to list on the NYSE, although it never selected a ticker (RC ticker: NCAUB.RC). Wells Fargo Securities, Mizuho Investors, and Loop Capital Markets were set to be the joint bookrunners on the deal.