99 Acquisition Group Inc. Announces Closing of $75,000,000 Initial Public Offering
23 August 2023 - 5:00AM
via NewMediaWire
- 99 Acquisition Group Inc. (the "Company")
announced today the closing of its initial public offering of
7,500,000 units at $10.00 per unit. The units are listed on Nasdaq
Global Market ("Nasdaq") and began trading on August 18, 2023,
under the ticker symbol "NNAGU". Each unit consists of one
Class A ordinary share, one redeemable warrant and one right to
receive one-fifth (1/5) of a Class A ordinary share upon the
consummation of an initial business combination. Each redeemable
warrant entitles the holder thereof to purchase one Class A
ordinary share at a price of $11.50 per share. Once the securities
comprising the units begin separate trading, the Class A ordinary
shares, rights and warrants will be traded on Nasdaq under the
symbols “NNAG", “NNAGW” and “NNAGR”, respectively. No fractional
warrants will be issued upon separation of the units and only whole
warrants will trade.
The Company intends to use the net proceeds from the offering,
and the simultaneous private placements of warrants, to consummate
the Company’s initial business combination.
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.
EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”)
acted as the sole book running manager for the offering and
Brookline Capital Markets acted as co-manager.
Loeb & Loeb LLP served as legal counsel to the Company.
Winston & Strawn LLP served as counsel to EF Hutton.
The offering was made only by means of a prospectus. Copies of
the prospectus may be obtained from EF Hutton, division of
Benchmark Investments, LLC, 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 was filed with
the SEC on August 21, 2023. 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, the
anticipated use of the net proceeds thereof and the Company’s
search for an initial business combination. 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 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 Patel Chairman and Chief Executive
Officer99 Acquisition Group, Inc. (703) 371-4260
hpatel@intelvative.com
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