German-based Volocopter GmbH has canceled its plans to go public via its anticipated merger with a SPAC, Flying magazine reports.
Despite gaining strong institutional investor backing and having completed various proof-of-concept flights, the company decided to hold off on its plans to become a public company.
The eVTOL developer told its investors that it was an “extremely unfavorable” time for SPAC transactions.
Some of the company’s investors were first put on notice that the SPAC-IPO plans had shifted when they received confidential letters from Volocopter ahead of the news. These investors make up a class of 750 Seedmatch crowdfunders, who provided early capital to the company, mostly through profit participating loans, when it launched a fundraising campaign on Seedmatch in 2013. Read more.
