(Reuters) – Spinning Eagle Acquisition Corp filed Wednesday to withdraw its U.S. initial public offer of up to 2 billion dollars. It is a blank-check business that was backed Hollywood actors Harry Sloan and Jeff Sagansky.

SPAC, a special purpose acquisition corporation (SPAC), did not reveal the reasons for its withdrawal. It increased its offer from $1.5 Billion to $1.5 Billion in June 2013.

Spinning Eagle is one of a number of companies that have cancelled offerings in this year’s volatile U.S. stock market. This has been due to concerns about rate hikes, geopolitical tensions, and the sell-off in tech stocks.

Sloan and Sagansky backed another blank-check vehicle last year to make Ginkgo, a biotech company that specializes in biotech products, public. It was valued at $17.5 billion. Ginkgo shares lost over half of their market capitalization this year.

After the IPO, Wall Street was taken by surprise in 2020 when this alternative route to listing became a popular choice. However, there has been a decline in investor interest and increased regulation scrutiny. Shares of many companies that merged with SPACs have fallen since then.

A new rule was recently released by the U.S. Securities regulator. It would require SPACs disclose more information about their listings in an effort to prevent companies issuing unrealistic earnings projections.

SPAC refers to a publically traded firm that does not have any business activities but seeks capital for mergers with private companies and making it publicly listed.