99 Acquisition Group registered to offer 8 million units at $10 each to raise capital for targeting the real estate sector for a merger.
A unit consists of one share, a warrant and one right to receive one-fifth of a share after the SPAC closes a deal.
99 Acquisition plans to focus on identifying businesses in the real estate industry, including construction, homebuilding, real estate owners and operators, arrangers of financing, insurance, and other services for real estate, and adjacent businesses and technologies targeting the real estate space.
The SPAC is led by Chairman and CEO Hiren Patel. Since November 2010, Patel has served as the CEO of Intelvative, a firm he founded in 2009 with a focus on ecommerce, government contracting and real estate consulting.
EF Hutton is sole bookrunner for the offering.
The SPAC has applied for a Nasdaq listing under the symbol NNAGU. Read more.
