Catcha Investment Corp 2.0, the second blank check company formed by Southeast Asian internet group Catcha Group, has withdrawn its plans for an initial public offering (IPO) in the United States.

Catcha Investment Corp 2.0 is incorporated in the state of Cayman Islands. Catcha Investment Corp 2.0 is primarily in the business of blank checks, according to U.S. Securities and Exchange Commission. The registration withdrawal request was filed on Monday (Aug 1). Renaissance Capital first reported the news.

“The company is withdrawing the Registration Statement because it has determined not to pursue an initial public offering of its securities. Therefore, withdrawal of the Registration Statement is consistent with the public interest and the protection of investors, as contemplated by paragraph (a) of Rule 477 under the Securities Act,” the special purpose acquisition company (SPAC) said in the filing.

The SPAC has filed in March 2021 to raise $250 million by offering 25 million units. Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-third of one redeemable warrant, its earlier prospectus showed.

The withdrawal request also came as SPAC activity started to lose its popularity this year. SPACs were the preferred way for tech companies to go public in the past two years. Singapore-headquartered super app Grab went public on NASDAQ last year after Altimeter Growth Corp’s investors approved the merger between the two companies. Market uncertainties and the threat of tighter regulations towards SPAC deals have affected investors’ and sponsors’ appetite.

Catcha Investment Corp 2.0 was set to be led by Chairman and Chief Executive Offcer Patrick Grove and President and Director Luke Elliott, co-founders of Catcha Group. Grove is also the Chairman and CEO of Catcha Investment Corp (Catcha Investment 1), while Elliott is also the President and Director of Catcha Investment 1. Catcha Investment 1 completed its IPO in February 2021.

Catcha Investment Corp 2.0 intends to focus its search on a target with operations or prospective operations in the technology, digital media, financial technology, or digital services sectors, which it refers to as the “new economy sectors”, across Asia Pacific, in particular Southeast Asia and Australia, according to its prospectus.

Founded in 1999 and led by Grove and Elliott, Catcha Group said it is one of the earliest and most established internet-focused investment groups in Southeast Asia and Australia. Headquartered in Malaysia and Singapore and with over 20 years of operating experience, Catcha Group has a strong focus and deep local understanding of the region, according to its website.

[Updated] Catcha Group’s Patrick Grove considers SPAC-listing in Singapore