(Bloomberg) -- Brand Velocity Acquisition Corp., the blank-check firm whose advisers include former National Football League quarterback Eli Manning, dropped its plans for an initial public offering.
The special purpose acquisition company, or SPAC, asked to withdraw its registration for an IPO in a filing Wednesday with the U.S. Securities and Exchange Commission. The company filed last March to raise $200 million to seek a merger target, saying it planned to focus on “a branded consumer-facing businesses in North America.”
The SPAC is controlled by private equity firm Brand Velocity Partners, which was founded in 2019. It has acquired home brands such as BBQGuys, Blaze Outdoor Products and Magma stainless-steel grills. It also bought Original Footwear Co., which specializes in shoes and boots for the military and law enforcement.
Growing skepticism from investors and a crackdown by regulators have cooled the once-hot SPAC market. A global market rout has added to the pressure on blank-check firms, with the De-SPAC Index slumping nearly 29% this month.
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