B Capital—an investment firm led by Facebook cofounder Eduardo Saverin and former Bain Capital executive Raj Ganguly—won’t pursue an earlier plan to launch a SPAC, joining a growing number of companies pulling the plug on such deals amid surging market volatility, Forbes reports.
“We’ve looked at the option to do our own SPAC,” Ganguly, managing partner of B-Capital, said in an interview with Forbes Asia via video conferencing. “At this point, we don’t have any current plans to do a SPAC. We do think the SPAC market is an interesting market that got quite overheated last year.”
In February 2021, B Capital filed paperwork with the SEC to raise $300 million for a SPAC, dubbed B Capital Technology Opportunities. Since then, investors’ appetites for SPACs have turned sour as the Covid-19 pandemic continued to disrupt the global economy and global equity prices plunged as Russia invaded Ukraine. Many of the high-profile SPAC-sponsored listings have tanked.
Although Forbes reported today on B Capital’s decision, a review of SEC records shows that the SPAC has not formally filed notice of its intent to withdraw the offering. Read more.
