New Beginnings Acquisition in an 8-K filing today said it planst to issue between $20 million and $66 million in convertible notes to support its merger with 5G network company Airspan.
The notes bear a 7% annual interest rate.
New Beginnings shareholders are scheduled to vote Aug. 11 on the merger. If approved, 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. Read more.
