Navigation Capital Acquisition IX registered with the SEC to offer 15 million units at $10 each. A unit consists of one share of Class A common stock and one-third of one redeemable warrant; whole warrants exercisable for a share at $11.50.
The new SPAC intends to target a business and distribution services company.
The SPAC is led by CEO Vicki Palmer, who will also serve as a director after the offering closes. She is the president of The Palmer Group, a general management consulting company.
The new blank-check company is sponsored by Navigation Capital, which also filed registrations for three other SPACs on June 28 — Navigation Capital Acquisition VI, VII and VIII — each planning to raise $150 million in an IPO.
Wells Fargo and Mizuho are joint book-runners for the offering. Loop Capital Markets is co-manager. The underwriters have an option to purchase up to 2.25 million additional units to cover any over-allotments.
The SPAC has applied to list on the NYSE but has not yet selected a ticker symbol. Read more.
