Figure Acquisition Corp. I, a SPAC that was in talks to buy a bank, plans to cease operations after the New York Stock Exchange decided to delist the company.
The SPAC, which is affiliated with blockchain firm Figure Technologies, disclosed in a regulatory filing that it does not intend to appeal the NYSE’s determination. The plan is for the SPAC to redeem all of its Class A common stock on Dec. 30.
“While receiving the votes to extend the SPAC, we made the decision to dissolve FACA,” Mike Cagney, Figure Technologies’ CEO and the SPAC’s chairman, said in a recent LinkedIn post.
“While we are disappointed, our decision reflects the state of the capital markets,” Cagney added. “We’ll continue to bring you wins on blockchain in 2023. I’m hoping we can bring some life back to the SPAC space, if not for just one deal.”
The announcement comes just weeks after the SPAC disclosed that it had a nonbinding letter of intent to buy a bank holding company with national mortgage operations and $3 billion to $5 billion of assets.
The SPAC had expressed optimism that it could complete that acquisition by August 2023.