Pacific Century and Thiel Capital's SPAC Bridgetown 3 Holdings withdraws $200 million IPO

Bridgetown 3 Holdings, the third blank check company formed by Pacific Century and Thiel Capital targeting new economy sectors in Southeast Asia, withdrew its plans for an initial public offering on Tuesday. It had filed in May 2021 and most recently planned to raise $200 million by offering 20 million units at $10, with each unit containing one share of common stock and one-half of a warrant. Bridgetown 3 had not updated its prospectus since February 2022.

The company was set to be led by CEO, CFO, and Director Daniel Wong, SVP of Pacific Century Group; Chairman Matt Danzeisen, Head of Private Investments at Thiel Capital, an investment firm founded by his husband Peter Thiel; and President Jacqueline Thong, AVP of Corporate Finance at Pacific Century. The company had planned to target businesses in Southeast Asia with operations or prospective operations in the technology, financial services, or media sectors.

Management's past SPACs include October 2020 IPO Bridgetown Holdings (BTWNU; -1% from $10 offer price), which is reportedly in talks to merge with Hong Kong-based fintech Hyphen Group, and January 2021 IPO Bridgetown 2 Holdings, which merged with online real estate firm PropertyGuru (PGRU; -52%) in March 2022.

The Cayman Islands-based company was founded in 2021 and had planned to list on the NYSE under the symbol BTNC.U. Citi and BTIG were set to be the joint bookrunners on the deal.