Tom Barrack's SPAC withdraws its IPO filing days after the billionaire was arrested and charged with illegal lobbying

• The SPAC backed by Thomas Barrack withdrew its IPO application with the SEC on Friday.
• The move comes days after the billionaire was arrested and charged with seven felony counts.
• Falcon Acquisition had filed for a $250 million IPO in March with the goal of targeting tech-driven businesses.

The blank-check company backed by billionaire Thomas Barrack withdrew its application for an initial public offering Friday, just days after the 74-year-old was arrested and charged with seven felony counts.

Falcon Acquisition, the New York based-SPAC led by Barrack, filed for a $250 million IPO in March this year with the goal of targeting tech-driven businesses. Falcon Acquisition was founded in 2020.

In a letter to the Securities and Exchange Commission dated July 23, the company only said, "it has elected to abandon the transactions subject thereto."

On July 20, Barrack, the chairman of Donald Trump's inaugural fund, was accused of illegally lobbying the Trump administration on behalf of the United Arab Emirates.

Barrack was charged along with Matthew Grimes and Rashid Sultan Rashid Al Malik Alshahhi.

The billionaire's spokesperson told Insider that Barrack, founder and former executive chairman of the investment-management firm Colony Capital, would plead not guilty.

Barrack was arrested in Sylmar, California, and has been held in a federal jail in Los Angeles since then. He is scheduled to appear before a federal judge in Los Angeles on Friday.