99 Acquisition Group announced today the closing of its initial public offering of 7.5 million units at $10 each.
The units list on the Nasdaq Global under the ticker symbol NNAGU. Each consists of one Class A share, a warrant and one right to receive one-fifth of a share upon the consummation of an initial business combination. Warrants are redeemable at the customary price of $11.50 per share.
Once the securities begin separate trading, shares, rights and warrants will list under the symbols NNAG, NNAGW and NNAGR, respectively.
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. Read more.
