Fairfield, Ohio – Quality Gold Inc. has cancelled its plans to go public.
The Fairfield, Ohio-based supplier announced in October 2022 that it planned to go public through a merger with special purpose acquisition company (SPAC) Tastemaker Acquisition Corp, but cancelled the plans last month, according to court documents.
A SPAC is a company formed to raise capital for the sole purpose of acquiring or merging with another company, sometimes referred to as a blank check company.
However, the SPAC market has experienced a slowdown, with few blank-check companies going public this year.
“We went through the lengthy process of going public because we believed the equity markets would be an attractive source of funding for the continued acquisition of complementary businesses,” Quality Gold said in a statement.
“Unfortunately, the post-COVID market for new offerings via IPO or SPAC merger remained very depressed and we chose instead to fund our continued expansion through internally generated funds and our long-term banking relationships.”
Blue Nile had also attempted an IPO via a SPAC, but was later acquired by Signet Jewelers.
