Food and beverage-focused SPAC Siddhi Acquisition withdraws $200 million IPO

Siddhi Acquisition, a blank check company formed by Siddhi Capital targeting the food and beverage industry, withdrew its plans for an initial public offering on Tuesday. 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 Chairman Brian Finn, who currently serves as Chairman of Star Mountain Capital and Covr Financial Technologies. He was set to be joined by Co-CEOs Melissa Facchina and Steven Finn, who co-founded Siddhi Capital in 2020. Siddhi Acquisition intended to concentrate its efforts in identifying high growth businesses within the food and beverage industry.

The New York, NY-based company was founded in 2020 and planned to list on the NYSE under the symbol SDHI.U. Credit Suisse was set to be the sole bookrunner on the deal.