Freestone Acquisition, a blank check company formed by Tailwater Capital targeting the energy transition space, withdrew its plans for an initial public offering on Friday. It had filed in May 2021 to raise $200 million by offering 20 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 Alan Boswell, who most recently served as CEO of energy infrastructure company Southcross Holdings, and CFO and Director John Schaufele, who most recently served as Principal at diversified natural resources-focused private equity firm Energy & Minerals Group. It was sponsored by an affiliate of Tailwater Capital, a growth-oriented private equity firm with experience across the energy value chain, and planned to target opportunities and companies that facilitate the energy transition, improve the efficiency of energy ecosystems, and reduce emissions.
The Dallas, TX-based company was founded in 2021 and planned to list on the Nasdaq under the symbol FSTNU. Barclays and Goldman Sachs were set to be the joint bookrunners on the deal.
