Newbury Street Acquisition Corporation Announces Closing of $120 Million Initial Public Offering
25 Março 2021 - 7:20PM
Newbury Street Acquisition Corporation (the “Company”) announced
today the closing of its initial public offering of 12,000,000
units at a price of $10.00 per unit, resulting in gross proceeds of
$120 million.
The Company’s units commenced trading on the
Nasdaq Capital Market (“Nasdaq”) under the ticker symbol “NBSTU” on
March 23, 2021. Each unit consists of one share of the Company’s
common stock and one-half of one redeemable warrant, each whole
warrant entitling the holder thereof to purchase one share of
common stock at a price of $11.50 per share. Once the securities
comprising the units begin separate trading, the shares of common
stock and warrants are expected to be listed on Nasdaq under the
symbols “NBST” and “NBSTW,” respectively. The Company is
a special purpose acquisition company (“SPAC”) whose business
purpose is to effect a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. While the Company may
pursue an acquisition or business combination target in any
business or industry, it intends to focus its search on a
technology business in the consumer internet or media space,
including sports and entertainment verticals, with enterprise
values of approximately $500 million to $2.5 billion. NBST is
sponsored by Newbury Street Acquisition Sponsor LLC.
The Company is led by Thomas Bushey, Chief Executive Officer and
Kenneth King, Chief Financial Officer. The Company’s directors
include Jennifer Vescio, Matthew Hong, and Teddy Zee. Additionally,
the Company’s advisors include Kenneth Ng, Ted Seides, and Katie
Soo.
EarlyBirdCapital, Inc. acted as sole
book-running manager of the offering. The Company has granted the
underwriters a 45-day option to purchase up to an additional
1,800,000 units at the initial public offering price to cover
over-allotments, if any.
Of the proceeds received from the consummation
of the offering and a simultaneous private placement of units, $120
million (or $10.00 per unit sold in the offering) was placed in the
Company’s trust account. An audited balance sheet of the Company as
of March 25, 2021 reflecting receipt of the proceeds upon
consummation of the offering and the private placement will be
included as an exhibit to a Current Report on Form 8-K to be filed
by the Company with the Securities and Exchange Commission (the
“SEC”).
The offering was made only by means of a
prospectus. Copies of the preliminary prospectus relating to the
offering and final prospectus, when available, may be obtained from
EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York,
New York 10017.
A registration statement relating to these
securities has been filed with, and declared effective by, the SEC
on March 22, 2021. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that
constitute “forward-looking statements,” including with respect to
the initial public offering and the search for an initial business
combination. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of the Company,
including those set forth in the Risk Factors section of the
Company’s registration statement and prospectus for the offering
filed with the SEC. Copies are available on the SEC’s
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Contact
Media and InvestorsThomas Bushey,
CEOTom.bushey@newburystreetspac.com
Newbury Street Acquisition (NASDAQ:NBSTU)
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