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China-focused SPAC Cedarlake Acquisition withdraws $200 million IPO

August 5, 2022

Cedarlake Acquisition, a blank check company formed by Cedarlake Capital targeting the consumer, technology, and mobility sectors in China, withdrew its plans for an initial public offering on Friday. It had filed in June 2021 to raise $200 million by offering 20 million units at $10, with each unit containing one share of common stock and one-half of a warrant. 

The company was set to be led by CEO and Chairman Yi Bao, the founder and Chairman of Cedarlake Capital Group, an international investment platform with a focus on technology-themed business opportunities and cross-border connectivity. The company had planned to target China's consumer, technology, and mobility sectors.

The Hong Kong, China-based company was founded in 2021 and had planned to list on the NYSE under the symbol CEDA.U. BofA Securities and Morgan Stanley were set to be the joint bookrunners on the deal.