SPAC New Beginnings Acquisition II withdraws $100 million IPO

New Beginnings Acquisition II, the second blank check company led by the co-founder of Crescent Heights and an Alliant Insurance Services executive, withdrew its plans for an initial public offering on Monday. It had filed in March 2021 to raise $100 million by offering 10 million units at $10, with each unit consisting of one share of common stock and one-half of a warrant.

The company was set to be led by Chairman Russell Galbut, the co-founder and Managing Principal of leading US residential developer Crescent Heights, and CEO and Director Michael Liebowitz, whose current roles include Managing Director and EVP of Alliant Insurance Services and President of the Harbor Group Division. The company planned to target the travel, hospitality, leisure, financial technology, insurance technology, and property technology sectors in the US.

Management previously launched another SPAC, New Beginnings Acquisition, which merged with 5G technology provider Airspan Networks (MIMO; -75% from $10 offer price) in August 2021. New Beginnings Acquisition III (NBAD.U), which filed concurrently with New Beginnings Acquisition II, withdrew its IPO plans in March 2022.

The Miami Beach, FL-based company was founded in 2021 and planned to list on the NYSE American under the symbol NBAB.U. Ladenburg Thalmann was set to be the sole bookrunner on the deal.