Falcon Peak Acquisition Withdraws $250M IPO After Founder’s Indictment

Cancelled

Falcon Peak Acquisition in an SEC filing today said it is withdrawing a registered offerring of 25 million units at $10 each.

The SPAC’s founder, Tom Barrack, dropped the IPO following his indictment on charges of illegally lobbying for a foreign government.

Falcon Peak was co-sponsored by venture firm TI Capital Management and Falcon Peak Partners, Barrack’s family office.

Barrack was arrested Tuesday on charges of working on behalf of the United Arab Emirates in an effort to sway Donald Trump’s foreign policy, even before he became president, according to a felony indictment unsealed in Brooklyn.

The SPAC was planning to target tech-driven businesses.

Cantor was set to be the sole book-runner of the offer, which was to list on the NYSE. Read more

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