NAAC raised $380 million in an initial public offering in January 2021 with a view to acquiring an operating company that was seeking a stock market listing within two years. Photograph: Justin Lane/EPAAn Irish-led so-called blank check company that floated in New York two years ago has decided to liquidate itself after failing to secure a follow-up deal following the collapse of an agreed $1.
Known as a special purpose acquisition company or blank check firm, North Atlantic Acquisition Corporation , founded by Irish packaging industry veteran Patrick Doran and corporate financier Gary Quin. NAAC raised $380 million in an initial public offering in January 2021 with a view to acquiring an operating company that was seeking a stock market listing within two years.An increase in office stock, the switch to hybrid working, as well as job losses in the tech sector have contributed to a slowdown in the Dublin commercial real estate market, according to industry expert, John Moran.
It agreed in late 2021 to merge with Telesign, a digital identity verification company owned by Brussels-based Proximus, in a $1.74 billion deal. However, that was called off in June.