Distressed business-focused SPAC Millstreet Capital Acquisition withdraws $125 million IPO

Millstreet Capital Acquisition, a blank check company targeting distressed or reorganizing businesses, withdrew its plans for an initial public offering on Friday, citing unfavorable market conditions. It had filed in July 2021 to raise $125 million by offering 12.5 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 co-CEOs and co-Chairmen Craig Kelleher and Brian Connolly, the co-founders and Managing Partners of Millstreet Capital, and had planned to target stressed, distressed, and reorganized companies with a focus on business fundamentals.

The Boston, MA-based company was founded in 2020 and had planned to list on the Nasdaq under the symbol MLSTU. Seaport Global and Imperial Capital were set to be the joint bookrunners on the deal.