Healthcare-focused SPAC Verity Acquisition withdraws $175 million IPO

Verity Acquisition, a blank check company targeting healthcare, withdrew its plans for an initial public offering on Wednesday. It originally filed in October 2021 to raise $175 million by offering 17.5 million units, with each unit containing one share of common stock, one-half of a warrant, and one right to receive one-tenth of a share. The company had not updated its prospectus since January 2022.

Verity Acquisition was set to be led by CEO and Chairman Bing Lin, Managing Director of Protocol Asset Management of Hong Kong, President and Director Man Chak Leung, General Manager of China Seven Star Holdings, and CFO Qi Zhao, Founding Partner and Managing Director of Singularity Financial.

The Hong Kong-based company was founded in 2019 and planned to list on the Nasdaq under the symbol VERTU. Maxim Group LLC was set to be the sole bookrunner on the deal.