Newbury Street II Acquisition Corp. Announces the Pricing of $150,000,000 Initial Public Offering

Rhea-AI Summary

Newbury Street II Acquisition Corp has announced the pricing of its initial public offering of 15,000,000 units at $10.00 per unit, totaling $150,000,000. The units will trade on Nasdaq under 'NTWOU' starting November 1, 2024. Each unit includes one Class A ordinary share and one-half redeemable warrant, with whole warrants allowing purchase of one Class A share at $11.50. The company granted underwriters a 45-day option to purchase up to 2,250,000 additional units. As a blank check company, it aims to pursue business combinations across any industry. BTIG, serves as the sole book-running manager for the offering.

Positive

• Successfully priced $150M IPO at $10.00 per unit
• Secured Nasdaq listing with trading to commence immediately
• 45-day over-allotment option for additional $22.5M in units

Negative

• Blank check company with no current operating business
• No specific acquisition target identified
• Warrant dilution potential at $11.50 exercise price

Insights

Financial Analyst

This SPAC IPO pricing announcement represents a significant development in the market, with $150 million in capital raised through 15 million units at $10.00 per unit. The structure includes a half-warrant sweetener at $11.50 strike price, which is standard for SPAC offerings. Notable is the 45-day over-allotment option for additional 2.25 million units, potentially increasing the total raise to $172.5 million.

The blank check company's broad mandate without a specific sector focus provides maximum flexibility but also increases uncertainty for investors. The management team's blend of experience across media, gaming and investment management suggests potential targets could span multiple industries. BTIG's involvement as sole book-runner indicates a focused distribution strategy typical of mid-sized SPAC offerings.

New York, NY, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Newbury Street II Acquisition Corp. (the “Company”) today announced the pricing of its initial public offering of 15,000,000 units at a price of $10.00 per unit. The units are expected to be listed on The Nasdaq Stock Market LLC (“Nasdaq”) and begin trading tomorrow, November 1, 2024, under the ticker symbol “NTWOU.” Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “NTWO” and “NTWOW,” respectively. The offering is expected to close on November 4, 2024, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry.

The Company’s management team is led by Thomas Bushey, its Chief Executive Officer.  In addition, the Company’s Board of Directors includes Chairman Matthew Hong, Jennifer Vescio, Josh Gold and Ted Seides.

BTIG, LLC is acting as sole book-running manager and representative of the underwriters in the offering.

The offering is being made only by means of a prospectus, copies of which may be obtained from BTIG, LLC, 65 East 55th Street, New York, New York 10022, or by email at ProspectusDelivery@btig.com.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on October 31, 2024. 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, the anticipated use of the net proceeds and 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, 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 prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents 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.

Investor Contacts

Newbury Street II Acquisition Corp.
info@NewburyStreetII.com
(617) 334-2805

FAQ

When will Newbury Street II Acquisition Corp (NTWO) start trading on Nasdaq?

The units will begin trading on Nasdaq under symbol 'NTWOU' on November 1, 2024. The Class A shares and warrants will later trade separately under 'NTWO' and 'NTWOW' respectively.

How much did Newbury Street II Acquisition Corp raise in its IPO?

The company raised $150,000,000 through its initial public offering of 15,000,000 units priced at $10.00 per unit.

What is the warrant structure for Newbury Street II Acquisition Corp (NTWO)?

Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant allows the purchase of one Class A share at $11.50 per share.

Who is the underwriter for Newbury Street II Acquisition Corp's IPO?

BTIG, is acting as the sole book-running manager and representative of the underwriters for the offering.