Liberty Lane Acquisition Corp. has
scrapped a planned $350 million
initial public offering, the first-ever blank-check IPO Goldman, Sachs
& Co. was priming to underwrite.
Continue reading below
Liberty Lane, a Hampton, N.H.-based blank-check company formed by Liberty Lane Partners LLC, said in a statement late Wednesday it would not proceed with its planned offering, citing market conditions.
Goldman was taking a different tack with the SPAC in a move to attract long-term investors and create long-term value. Pricing for the offering was postponed twice before the offering was scrapped Wednesday, while the different terms made it a harder sell, according to a Reuters report.
The offering is not only the latest IPO to be pulled back, it's the last SPAC to turn sour. For more, see
Dealwatch: SPAC attack. -
Carolyn MurphySee press releaseSee full story on TheDeal.com shortly
See earlier Deal.com story:
Goldman underwrites first SPAC deal
