An­oth­er SPAC goes by the way­side as In­no­va­tus ditch­es its blank check ve­hi­cle

The pub­lic mar­ket has not spared SPACs, which of­fer an al­ter­na­tive to the tra­di­tion­al IPO. In re­cent months, some have had merg­ers called off, while oth­ers have nixed plans to go pub­lic al­to­geth­er.

Last week, In­no­va­tus Life Sci­ences Ac­qui­si­tion, head­ed by David Schiff, an­nounced it with­drew its $175 mil­lion IPO. Though the com­pa­ny did not cite any rea­sons for its with­draw­al, the blank check com­pa­ny had ini­tial­ly filed in April 2021, when the mar­ket con­di­tions looked dras­ti­cal­ly dif­fer­ent and SPACs were surg­ing.

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