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Lamar Advertising's SPAC Lamar Partnering Corp withdraws $300 million IPO

June 21, 2022

Lamar Partnering Corp, a communications-focused blank check company formed by Lamar Advertising, withdrew its plans for an initial public offering on Tuesday. It had filed in April 2021 to raise $300 million by offering 30 million units at $10, with each unit consisting of one share of common stock and one-fourth of a warrant. 

Additionally, the company had a $100 million forward purchase agreement with the sponsor.

The company was set to be led by Chairman Sean Reilly, the CEO of publicly-traded REIT and outdoor advertising company Lamar Advertising (Nasdaq: LAMR), and CEO Ross Reilly, the VP of M&A and Business Analytics at Lamar. The company had planned to focus on the digital media, advertising technology, international advertising, and/or distributed energy and wireless communications infrastructure sectors.

The Baton Rouge, LA-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol LPCXU. Morgan Stanley and Citi were set to be the joint bookrunners on the deal.