Volocopter is not going public via Spac after all

The air cab company from Bruchsal is not going public after all. This also has consequences for investors.

Volocopter has canceled its IPO, as Finance Forward reports. In the summer, the company from Bruchsal had announced its intention to go public on the US technology exchange Nasdaq with the help of a Spac. The air cab start-up would have merged with a company already listed on the stock exchange.

"Unfortunately, the facts and figures in recent weeks and months make it abundantly clear that the current timing is extremely unfavorable for a successful SPAC transaction," Volocopter said in a letter obtained by Finance Forward. The IPOs of competitors have also deterred the company.

The cancellation of the IPO has hit investors hard. Volocopter terminated their loans at the end of the year. Instead of receiving a share of the company's profits, they will presumably only be repaid their loan plus one percent interest.

In 2013, Volocopter launched a crowdfunding campaign on Seedmatch under the name e-volo. 750 investors invested between 250 and 10,000 euros in the air cab company, raising a total of 1.2 million euros.