Newbury Street Acquisition Corporation Announces Pricing of $120,000,000 Initial Public Offering
22 Marzo 2021 - 11:40PM
Newbury Street Acquisition Corporation (the “Company” or “NBST”)
announced today that it priced its initial public offering of
12,000,000 units at $10.00 per unit. The units are expected to be
listed on the Nasdaq Capital Market (“Nasdaq”) and trade under the
ticker symbol "NBSTU" beginning on March 23, 2021. Each unit
consists of one share of common stock and one-half of one
redeemable warrant. Each whole warrant entitles the holder thereof
to purchase one share of common stock at a price of $11.50 per
share. Only whole warrants are exercisable and will trade. Once the
securities comprising the units begin separate trading, shares of
the common stock and warrants are expected to be listed on Nasdaq
under the symbols “NBST” and “NBSTW,” respectively.
NBST 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.
NBST is led by Thomas Bushey, Chief Executive Officer and
Kenneth King, Chief Financial Officer.
EarlyBirdCapital, Inc. is acting as the sole book-running
manager for 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.
The offering is expected to close on March 25, 2021, subject to
customary closing conditions.
The offering is being made only by means of a prospectus. When
available, copies of the prospectus may be obtained by contacting
EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, NY
10017.
A registration statement relating to the securities has been
declared effective by the U.S. Securities and Exchange Commission
(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 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
proposed initial public offering and the anticipated use of net
proceeds. No assurance can be given that the offering discussed
above will be completed on the terms described, or at all, or that
the net proceeds of the offering will be used as indicated.
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 preliminary 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.
ContactMedia and
InvestorsThomas Bushey,
CEOTom.bushey@newburystreetspac.com
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