New Beginnings Acquisition set an Aug. 11 meeting for shareholders to vote on the SPAC’s proposed merger with 5G company Airspan Networks. The SPAC also said the SEC has declared effective the registration statement on Form S-4. The deal has an enterprise value of $822 million.
The combined company expects to receive approximately $166 million in net proceeds, assuming no redemptions by the SPAC’s existing stockholders, including proceeds from a $75 million PIPE, which has participation from SoftBank Group Capital Limited and Dish Network Corporation, as well as other existing and institutional investors.
If the deal is approved, Airspan Networks Holdings is expected to list on the NYSE under MIMO. Read more.
