99 Acquisition Group Inc. Announces Pricing of $75,000,000 Initial Public Offering
18 August 2023 - 11:09AM
via NewMediaWire – 99 Acquisition Group Inc. (the "Company")
announced today that it priced its initial public offering of
7,500,000 units at $10.00 per unit. The units will be listed on
Nasdaq Global Market (“Nasdaq”) and are expected to begin trading
tomorrow, August 18, 2023, under the ticker symbol "NNAGU". Each
unit consists of one share of Class A common stock, one redeemable
warrant and one right. Each warrant entitles the holder thereof to
purchase one ordinary share at a price of $11.50 per share. Each
right entitles the holder thereof to receive one-fifth (1/5) of one
share of Class A common stock upon the consummation of an initial
business combination. Once the securities comprising the units
begin separate trading, the shares of Class A common stock,
warrants and rights are expected to be listed on Nasdaq under the
symbols "NNAG", “NNAGW” and “NNAGR”, respectively.
EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”)
is acting as sole book-running manager and Brookline Capital
Markets, a division of Arcadia Securities, LLC, is acting as
co-manager for the offering. The Company has granted the
underwriters a 45-day option to purchase up to an additional
1,125,000 units at the initial public offering price to cover
over-allotments, if any. The offering is expected to close on
August 22, 2023, subject to customary closing conditions.
The Company is a newly organized blank check company formed for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. The Company has not
selected any business combination target and has not, nor has
anyone on its behalf, initiated any substantive discussions,
directly or indirectly, with any business combination target.
Although the Company is not limited to a particular industry or
geographic region for purposes of consummating an initial business
combination, it intends to focus its search for a target business
in the real estate industry with an aggregate combined enterprise
value of approximately $75 million to $150 million. The Company is
led by Hiren Patel, Chairman and Chief Executive Officer.
Loeb & Loeb LLP is serving as legal counsel to the Company.
Winston & Strawn LLP is serving as counsel to EF Hutton.
The offering is being made only by means of a prospectus. Copies
of the prospectus may be obtained, when available, from EF Hutton,
Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York,
New York 10022, by telephone at (212) 404-7002, by fax at (646)
861-4697, or by email at syndicate@efhuttongroup.com.
A registration statement on Form S-1 (File No. 333-269923)
relating to these securities has been filed with the Securities and
Exchange Commission ("SEC"), and became effective on August 14,
2023. A final prospectus relating to this offering will be filed
with the SEC. 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
Company’s initial public offering. No assurance can be given that
the offering discussed above will be completed on the terms
described, or at all. 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.
Company Contact: Hiren PatelChairman and Chief
Executive Officer99 Acquisition Group, Inc. (703)
371-4260hpatel@intelvative.com
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