Make Kitco Your Homepage

Billionaire Thomas Barrack-backed SPAC withdraws IPO filing

Kitco News

(Adds details on canceled IPO, background about Barrack)

July 23 (Reuters) - Falcon Peak Acquisition Corp, a blank-check company backed by former U.S. President Donald Trump’s billionaire ally Thomas Barrack, on Friday withdrew its application for an initial public offering in the United States.

The company, which had filed for a $250 million IPO in March, did not give a reason for scrapping the proposed share sale.

Earlier this week, Barrack, who chaired Trump’s inaugural fund, was arrested and charged with illegally lobbying the Trump administration on behalf of the United Arab Emirates.

His spokesperson, however, has refuted the charges.

The billionaire founded telecommunications infrastructure-focused private equity firm Colony Capital in 1991, which was rebranded as DigitalBridge Group Inc. He stepped down as DigitalBridge’s chief executive in 2020. (Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.