Carpenter and Mancini's SPAC RMG Acquisition IV withdraws $200 million IPO

RMG Acquisition IV, the fourth blank check company formed by Riverside's James Carpenter and former Carlyle executive Robert Mancini, withdrew its plans for an initial public offering on Monday. It had filed in February 2021 to raise $275 million by offering 27.5 million units at $10, but later lowered the deal size to $200 million in October of the same year. Each unit most recently contained one share of common stock and one-half of a warrant. 

The company was set to be led by Executive Chairman James Carpenter, the founder and CEO of Riverside Management Group, and CEO Robert Mancini, a former Managing Director with The Carlyle Group and co-head of its power investment business. While the company had not selected a specific target industry or geography, it intended to capitalize on the ability of the management team to identify, acquire, and operate businesses across a broad range of sectors, including diversified industrials, business services, technology. It had planned to focus on businesses with enterprise values between $750 million and $1.5 billion.

Management has backed several SPACs, two of which have completed combinations: RMG Acquisition, which completed its merger with EV battery maker Romeo Power (RMO; -95% from $10 offer price) in December 2020; and RMG Acquisition II, which completed its merger with ReNew Energy Global (RNW; -32%) in August 2021.

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