A blank-check vehicle backed by venture capital firm Bain Capital has withdrawn plans for a U.S. initial public offering, according to a regulatory filing on Tuesday, joining a slew of companies that have canceled listings this year.
The special purpose acquisition company (SPAC) which had filed to float its shares in March last year looking to raise up to $300 million did not disclose the reason for canceling its listing.
The alternate route to going public, which had taken Wall Street by storm last year, has seen a pullback in interest due to increasing regulatory scrutiny and poor performance of shares of popular firms.
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