RXR Kills Plans For Proptech SPAC, Returns $345M To Investors

New York developer RXR Realty has abandoned hope of taking a proptech company public through a merger with a special-purpose acquisition company.
RXR, founded and led by Scott Rechler, disclosed its plans to fold RXR Acquisition Corp. and return $345M to investors in a Securities and Exchange Commission filing Tuesday, The Real Deal reports.
The company had “several opportunities to acquire various startups with strong business models and momentum,” but thought the valuations of those startups were too high, an RXR spokesperson told TRD in an email.
A redemption amount of $10 per share will be returned to the investors. RXR announced plans for its SPAC in February 2021, initially trying to raise $250M, a…
Source: RXR Kills Plans For Proptech SPAC, Returns 5M To Investors