Shanghai-based SPAC Pomelo Acquisition withdraws $75 million IPO

Pomelo Acquisition, a blank check company targeting businesses in the Asia-Pacific and North America regions, withdrew its plans for an initial public offering on Friday. It had filed in November 2021 to raise $75 million by offering 7.5 million units at $10, with each unit containing one share of common stock and one-half of a warrant. The company had not updated its prospectus since March 2022.

Pomelo Acquisition was set to be led by CEO and Chairman Kiyohiro Kawayanagi, a Founding Partner of TMT-focused Japanese investment firm Bit World Japan Investment. The company had planned to target businesses in the APAC and North America regions, focusing on those with a leading industry position, sustainable competitive differentiation and superior economic models, and growth potential, among other characteristics.

The Shanghai, China-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol PACLU. Prime Number Capital was set to be the sole bookrunner on the deal.