Newbury Street II Acquisition Corp Secures $172.5 Million IPO Windfall

Deal News | Nov 04, 2024 | EIN

Newbury Street II Acquisition Corp Secures $172.5 Million IPO Windfall

Newbury Street II Acquisition Corp has completed its initial public offering, raising $172.5 million through the sale of 17,250,000 units at a price of $10 per unit. The transaction includes the exercise of the underwriters' over-allotment option. The company's units started trading on November 1, 2024, on the Nasdaq Global Market under the ticker NTWOU, comprising one Class A share and a half redeemable warrant. The IPO proceeds, alongside a private placement, amount to $173.4 million, with $10.05 per unit being placed in a trust account. Newbury Street II is a blank check company aiming for a merger or similar business combination in undetermined industries. The management team is led by CEO Thomas Bushey, with a notable board of directors including Matthew Hong as Chairman. BTIG, LLC was the sole book-running manager, and a registration statement was approved by the SEC. Forward-looking statements made in the release were accompanied by necessary legal disclaimers regarding uncertainty and risks.

Sectors

  • Financial Services
  • Special Purpose Acquisition Companies (SPACs)

Geography

  • United States – The IPO took place on the Nasdaq Global Market in the United States, and the company and relevant parties are based in New York.

Industry

  • Financial Services – The article centers around an Initial Public Offering (IPO), a key component of the financial services industry, focusing on investment banking and capital markets.
  • Special Purpose Acquisition Companies (SPACs) – Newbury Street II Acquisition Corp is a SPAC, which is a company that raises money through an IPO to acquire another company, and thus critical to this classification.

Financials

  • $172,500,000 – Gross proceeds from the initial public offering before deducting expenses.
  • $173,362,500 – Total proceeds including a private placement, placed in a trust account.
  • $10.00 – Price per unit in the initial public offering.

Participants

NameRoleTypeDescription
Newbury Street II Acquisition CorpIssuerCompanyA blank check company formed to pursue a merger or acquisition.
BTIG, LLCBook-running manager and underwriterCompanyAn investment banking firm that managed the IPO process.
Thomas BusheyChief Executive OfficerPersonLead executive of Newbury Street II Acquisition Corp.
Matthew HongChairman of the BoardPersonChairman of the Board of Directors at Newbury Street II Acquisition Corp.
U.S. Securities and Exchange Commission (SEC)Regulatory bodyGovernmentThe U.S. regulatory authority that declared the registration statement effective.