Energy transition SPAC VIKASA SPAC Series I Acquisition withdraws $200 million IPO

VIKASA SPAC Series I Acquisition, a blank check company targeting energy transition, withdrew its plans for an initial public offering on Monday. It had filed in March 2022 to raise $200 million by offering 20 million units at $10, with each unit containing one share of common stock and one-half of warrant. The company had not updated its prospectus since its initial filing.

The company was set to be led by CEO Ajit Kumar, the founder of Energy Metals Fund and V Shape Investment Management and former Head of Mining Investments for Ivanhoe Capital, and had planned to target a business facilitating the transition of the energy industry toward decarbonization and sustainability.

The Nichols Hills, OK-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol VSSAU. Cantor Fitzgerald was set to be the sole bookrunner on the deal.