VIKASA SPAC Series I Acquisition in a letter to the SEC said it will not offer 20 million units initially registered in March 2021.
The SPAC in its original S-1 filing said it would “capitalize on our management team's significant knowledge of sustainable technology in the field of clean renewable energy and proven ability to source, acquire and manage a business facilitating the transition of the energy industry toward decarbonization and sustainability and that is positioned to generate long-term value and growing cash flows.”
CEO Ajit Kumar is a buy-side investment executive investing in global mining and energy metals sectors for multiple family offices in london. He currently serves as founding partner and CEO of Energy Metals Fund.
The SPAC had planned to apply for a listing on the Nasdaq with Cantor serving as sole book-running manager. Read more.