Newbury Street II Acquisition Corp (NASDAQ:NTWO), a blank check company, announced the successful completion of its initial public offering (IPO) on Monday (NASDAQ:MNDY), November 4, 2024.
The company, headquartered in Boston, Massachusetts, issued 17,250,000 units, raising gross proceeds of $172.5 million. This figure includes the full exercise of the underwriters' over-allotment option.
Each unit sold at $10.00 consists of one Class A ordinary share and half of one redeemable warrant. Each whole warrant allows the holder to purchase one Class A ordinary share at $11.50.
Alongside the IPO, the company also conducted a private sale of 648,375 units, generating an additional $6.48 million. The sponsor, Newbury Street II Acquisition Sponsor LLC, purchased 484,500 units, while BTIG, LLC acquired 163,875 units at the same unit price.
The combined net proceeds from the IPO and the private sale, totaling $173.36 million, have been placed into a U.S.-based trust account with Continental Stock Transfer & Trust Company serving as trustee. This amount includes $6.03 million from the underwriter's deferred discount.
Newbury Street II Acquisition Corp's primary business objective is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company is classified under the "Blank Checks" industry with the standard industrial classification code 6770.
The company has also released an audited balance sheet dated November 4, 2024, which reflects the receipt of the proceeds from the IPO and the private placement. This financial documentation is included as Exhibit 99.1 in the company's latest Form 8-K filing with the Securities and Exchange Commission.
Shares and warrants of Newbury Street II Acquisition Corp are listed on The Nasdaq Stock Market under the symbols NTWO and NTWOW, respectively. The units, which include one Class A ordinary share and half of one redeemable warrant, are listed under the symbol NTWOU.
This announcement is based on the information provided in the company's SEC filing.
InvestingPro Insights
Recent data from InvestingPro sheds light on Newbury Street II Acquisition Corp's (NASDAQ:NTWO) market performance and financial characteristics. As a newly listed blank check company, NTWO's stock has shown minimal price movement across various timeframes, with a consistent 0.1% return over periods ranging from one week to one year. This aligns with an InvestingPro Tip indicating that the stock generally trades with low price volatility, which is typical for Special Purpose Acquisition Companies (SPACs) in their early stages.
The average daily trading volume for NTWO over the past three months stands at 1.82 million USD, reflecting moderate investor interest in this newly public entity. It's worth noting that as a SPAC, NTWO does not pay dividends to shareholders, which is common for companies of this type that are focused on identifying potential merger or acquisition targets.
For investors considering NTWO, InvestingPro offers additional insights, with 4 more tips available to subscribers. These tips could provide valuable context for understanding the potential risks and opportunities associated with investing in SPACs like Newbury Street II Acquisition Corp.
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