Lazard Fintech Acquisition I, a blank check company formed by Lazard targeting the fintech sector, withdrew its plans for an initial public offering on Friday. It had filed in March 2021 to raise $250 million by offering 25 million units at $10, with each unit containing one share of common stock and one-fourth of a warrant.
The company was set to be led by Executive Chairman Alexander Stern, the President of Lazard Ltd (NYSE: LAZ) and Lazard Group, as well as a Managing Director of Lazard, and CEO and Director Eyal Ofir, a Managing Director in Lazard's Financial Institutions Group.
Lazard's other SPACs include February 2021 IPO Lazard Growth Acquisition I (LGACU), which is still searching for a target, and Lazard Healthcare Acquisition I (LHCAU), which also withdrew on Friday.
The New York, NY-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol LFTAU. Goldman Sachs was set to be the sole bookrunner on the deal.
