Newbury Street Acquisition Corporation Announces Pricing of $120,000,000 Initial Public Offering

Rhea-AI Summary

Newbury Street Acquisition Corporation (NBST) has priced its initial public offering (IPO) of 12 million units at $10.00 each. The units will trade on Nasdaq starting March 23, 2021. Each unit consists of one share of common stock and one-half redeemable warrant, with whole warrants exercisable at $11.50 per share. The SPAC aims to focus on acquiring technology businesses in the consumer internet or media sectors, targeting enterprise values between $500 million and $2.5 billion. The offering is set to close on March 25, 2021.

Positive

• Initial public offering of 12 million units priced at $10.00 each, indicating strong investor interest.
• SPAC model allows for potential flexibility in targeting a technology business in the consumer internet or media sectors.

Negative

• Dependence on the success of future acquisitions as a SPAC may lead to uncertainties regarding profitability.
• The offering is subject to customary closing conditions, which may impact the timeline.

NEW YORK, March 22, 2021 (GLOBE NEWSWIRE) -- 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, 8^th 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.

Contact

Media and Investors
Thomas Bushey, CEO
Tom.bushey@newburystreetspac.com 

FAQ

What is the IPO price for Newbury Street Acquisition Corporation (NBSTU)?

The IPO price for Newbury Street Acquisition Corporation (NBSTU) is set at $10.00 per unit.

When will Newbury Street Acquisition Corporation (NBSTU) start trading on Nasdaq?

Newbury Street Acquisition Corporation (NBSTU) is expected to start trading on Nasdaq on March 23, 2021.

What is the target enterprise value for acquisitions by Newbury Street Acquisition Corporation?

Newbury Street Acquisition Corporation intends to target businesses with enterprise values between $500 million and $2.5 billion.

How many units are being offered in Newbury Street Acquisition Corporation's IPO?

The offering includes 12 million units.

What date is the offering for Newbury Street Acquisition Corporation expected to close?

The offering is expected to close on March 25, 2021.