Electrification and decarbonization-focused SPAC Resources Acquisition withdraws $150 million IPO

Resources Acquisition, a blank check company targeting the electrification and decarbonization value chains, withdrew its plans for an initial public offering on Thursday. It had filed in February 2022 to raise $150 million by offering 15 million units at $10, with each unit consisting of one share of common stock and one-half of a warrant.

Resources Acquisition was set to be led by Chairman Marie Pierre Bertrand Boulle, the CEO and director of Sun King Diamonds; CEO Martyn Buttenshaw, the Chairman of Atacama Copper; and CFO John van Eeghen, the founder of Reality Check Systems. The company planned to target the electrification transition and decarbonization value chains, with a focus on businesses engaged in the extraction and production of metals, minerals, and chemicals that support the transition to a low carbon economy.

The New York, NY-based company was founded in 2021 and planned to list on the NYSE under the symbol RAFU. Citi and BofA Securities were set to be the joint bookrunners on the deal.