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Financials SPAC Reverence Acquisition withdraws $300 million IPO

February 28, 2023

Reverence Acquisition, a blank check company formed by Reverence Capital Partners targeting fintech and financial services, withdrew its plans for an initial public offering on Tuesday. It had filed in March 2021 to raise $300 million by offering 30 million units at $10, with each unit containing one share of common stock and one-third of a warrant. The SPAC had not updated its prospectus since February 2022.

Reverence Acquisition was set to be led by CEO and Chairman Milton Berlinski, co-founder and Managing Partner of Reverence Capital, and had planned to target the financial technology and other growth-oriented subsectors of the financial services industry.

The New York, NY-based company was founded in 2021 and had planned to list on the NYSE under the symbol RCPIU. Goldman Sachs, Citi, Deutsche Bank, and Cantor Fitzgerald were set to be the joint bookrunners on the deal.