Onshore oil and gas-focused SPAC Dorchester Capital Acquisition withdraws $150 million IPO

Dorchester Capital Acquisition, a blank check company targeting the US onshore oil and gas sector, withdrew its plans for an initial public offering on Tuesday. It had filed in June 2022 to raise $150 million by offering 15 million units at $10, with each unit containing one share of common stock and one-half of a warrant.

Dorchester Capital Acquisition was set to be led by CEO and Director Brian Shannon, the CEO of upstream oil and gas-focused accounting and asset management firm DEM, CFO and Director John Perri, the President of Dorchester Capital Corporation, and Chairman David Wood, the former CEO of Gulfport Energy Corporation. The company planned to capitalize on management's experience to target the energy industry in North America, with a focus on the US onshore upstream oil and gas sector.

The Oklahoma City, OK-based company was founded in 2022 and planned to list on the NYSE under the symbol DSPK.U. EarlyBirdCapital and Stephens Inc. were set to be the joint bookrunners on the deal.