Newbury Street Acquisition priced its IPO of 12 million units at $10 each, which was 3 million fewer units than the SPAC initially registered last month.
Units begin trading today on the Nasdaq under NBSTU. Each consists of one share of common stock and one-half of one redeemable warrant; whole warrants exercisable at $11.50. Once the securities comprising the units begin separate trading, shares and warrants are expected to list under NBST and NBSTW, respectively.
The SPAC intends to target 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. Read more.
