Investor Alert

June 30, 2022, 10:13 a.m. EDT

SPAC Resources Acquisition withdraws $150 million IPO filing

Resources Acquisition Corp. filed Thursday to withdraw its previous filing for an initial public offering. The special purpose acquisition company (SPAC) had filed in February to go public, as it looked to raise $150 million through the sale of 15.0 million "units" at $10 a share, which each unit consisting of one common share and one-half of a warrant to buy a common share. The only reason the SPAC gave for the withdrawal was because it determined not to pursue an IPO. As part of the withdrawal, the SPAC requested that all fees paid to the Securities and Exchange Commission for the IPO filing be credited to its account. The withdrawal comes at a time of relative investor disdain for IPO'd stocks, as the Renaissance IPO ETF (PSE:IPO) has plunged 35.1% over the past three months while the S&P 500 (S&P:SPX) has dropped 18.7%.

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