Renaissance Capital logo

Tech-focused private equity firm's SPAC Vector Acquisition III withdraws $250 million IPO

January 19, 2023

Vector Acquisition III, the third blank check company formed by Vector Capital targeting the tech industry, withdrew its plans for an initial public offering on Thursday. It had filed in March 2021 to raise $250 million by offering 25 million shares at $10. It did not plan to offer warrants. The company had not updated its prospectus since March 2022.

The company was set to be led by CEO and Chairman Alex Slusky, founder of Vector Capital and former leader of the technology equity practice at Ziff Brothers Investments, and President David Fishman, a Partner and Head of the Investment Team at Vector Capital.

Management's previous SPACs include Vector Acquisition II (VAQC), which went public in March 2021, and Vector Acquisition, which merged with launch and space system developer Rocket Lab (Nasdaq: RKLB; -52% from $10 offer price) in August 2021. Vector Acquisition IV (VAQB), which filed concurrently with Vector Acquisition III, also withdrew on Thursday.

The San Francisco, CA-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol VAQA. Deutsche Bank and J.P. Morgan were set to be the joint bookrunners on the deal.