Novus Capital Corporation II Announces Closing of $287.5 Million Initial Public Offering

Rhea-AI Summary

Novus Capital Corporation II (NYSE: NXU.U) has successfully closed its initial public offering (IPO) of 28,750,000 units at $10.00 each, raising gross proceeds of $287.5 million. This includes 3,750,000 units sold due to the underwriter's overallotment option. Each unit consists of one share of Class A common stock and one-third of a redeemable warrant, which allows the purchase of additional shares at $11.50. The proceeds have been placed in trust, with further financial details to be disclosed in a Form 8-K filing with the SEC.

Positive

• Raised gross proceeds of $287.5 million from the IPO.
• Units include warrants, providing potential for future equity gains.

Negative

• Potential dilution from the exercise of warrants.

Novus Capital Corporation II (NYSE: NXU.U) (the “Company”) announced today that it closed its initial public offering of 28,750,000 units at $10.00 per unit, including 3,750,000 units sold pursuant to the underwriter’s exercise of its overallotment option in full. The offering resulted in gross proceeds to the Company of $287.5 million before deducting underwriting discounts and estimated offering expenses.

The Units began trading on the New York Stock Exchange under the symbol “NXU.U” on February 4, 2021. Each unit consists of one share of Class A common stock and one-third of one redeemable warrant, with each whole warrant entitling the holder to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be traded on the New York Stock Exchange under the symbols “NXU and “NXU WS”, respectively.

Cowen and Company, LLC acted as the sole book-running manager of the offering.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $287.5 million (or $10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of the closing date reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (“SEC”).

The offering was made only by means of a prospectus, copies of which may be obtained from Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, email: PostSaleManualRequests@broadridge.com, telephone: (833) 297-2926. A registration statement relating to these securities was declared effective by the SEC on February 3, 2021.

This press release shall not constitute an offer to sell or a 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.

About Novus Capital Corporation II

Novus Capital Corporation II is a blank check company organized 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 is led by Robert J. Laikin and Larry Paulson, who have significant hands-on experience helping high-tech companies optimize their existing and new growth initiatives by exploiting insights from rich data assets and intellectual property that already exist within most high-tech companies. The other board members of the Company are Hersch Klaff, Jeffrey Foster, Heather Goodman and Ronald Sznaider. The Company intends to focus its efforts on evaluating business combination targets opportunities in the smart technology innovations market. Specifically, the Company intends to target companies that are at the forefront of high technology and are enabling the future evolution of smart technologies, 5G communication, virtual reality, artificial intelligence, spatial computing, cloud analytics, machine learning, hardware and software distribution, value added customized logistics services, sustainable smart city systems and sustainable agricultural technology, or AgTech. The Company’s board of directors and management intend to consider environmental, social and corporate governances, or ESG, factors in connection with their analysis of target businesses. ESG principles are the three central factors in measuring the sustainability and societal impact of an investment in a company or business. These criteria help to better determine the future financial performance of companies. The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including with respect to the initial public offering and the anticipated use of the proceeds thereof, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements, including those set forth in the risk factors section of the registration statement and prospectus for the Company’s initial public offering. Copies of these documents can be accessed through the SEC’s website at www.sec.gov. No assurance can be given that the net proceeds of the offering will be used as indicated. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.

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FAQ

What is the IPO size of Novus Capital Corporation II?

Novus Capital Corporation II closed its IPO at 28,750,000 units, raising $287.5 million.

What does each unit consist of in the Novus Capital Corporation II IPO?

Each unit consists of one share of Class A common stock and one-third of a redeemable warrant.

What is the stock symbol for Novus Capital Corporation II?

The stock symbol for Novus Capital Corporation II is NXU.U.

What are the expected trading symbols for the Class A common stock and warrants?

The expected trading symbols are NXU for Class A common stock and NXU WS for warrants.

How will the proceeds from the IPO be used?

The proceeds will be placed in trust and are intended for future mergers or business combinations.

Who was the underwriter for the IPO of Novus Capital Corporation II?

Cowen and Company, LLC acted as the sole book-running manager for the IPO.