New Beginnings Acquisition Corp. Announces Closing of $100 Million Initial Public Offering
04 November 2020 - 8:05AM
Business Wire
New Beginnings Acquisition Corp. (the "Company") announced today
that it has closed its initial public offering of 10,000,000 units
at a price of $10.00 per unit. The units are listed on NYSE
American and began trading under the ticker symbol "NBA.U" on
October 30, 2020. Each unit consists of one share of common stock
and one redeemable warrant exercisable to purchase one share of
common stock at a price of $11.50 per share. After the securities
comprising the units begin separate trading, the shares of common
stock and warrants are expected to be listed on the NYSE American
under the symbols "NBA" and "NBA WS," respectively.
New Beginnings Acquisition Corp. is a blank check company formed
for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses. Although the Company may
pursue a target business in any industry or sector, and in any
geographic region, the Company intends to initially focus on
companies in the travel, hospitality, leisure, financial technology
(fintech), insurance technology and property technology (proptech)
sectors. The Company is led by Chairman Russell W. Galbut,
co-founder and Managing Principal of Crescent Heights, and Chief
Executive Officer and Director Michael S. Liebowitz, who serves as
a Managing Director and Executive Vice President of Alliant
Insurance Services, Inc.
EarlyBirdCapital, Inc. and Ladenburg Thalmann & Co. Inc.
acted as joint book-running managers of the offering.
A registration statement relating to these securities was
declared effective by the U.S. Securities and Exchange Commission
(the "SEC") on October 29, 2020. 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.
The offering is being made only by means of a prospectus. Copies
of the prospectus relating to this offering may be obtained from
Ladenburg Thalmann, Attn: Syndicate Department, 277 Park Avenue,
26th floor, New York, New York 10172, Attn: Syndicate Department,
telephone: 1-800-573-2541 or email: prospectus@ladenburg.com; and
EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, NY
10017, Attn: Syndicate Department, telephone: 212-661-0200.
Forward Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the initial
public offering and search for an initial business combination. No
assurance can be given 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 for the initial public
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201103005161/en/
Investor Contact: Debbie Glickman New Beginnings Corp.
debbie@m2afo.com (917) 592-7979
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