Navigation Capital Acquisition VIII 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 at $11.50.
The new SPAC intends to intend to target a niche manufacturing services company.
Navigation Capital Acquisition VIII is led by Chairman Robert Willis, a co-founder of Navigation Capital Partners. CEO Dr. Lonnie Johnson is the president and founder of Johnson Research and Development and CEO of Johnson Battery Technologies. Johnson invented and licensed the Super Soaker® water gun in 1989 to Larami Corporation. It became one of the top selling toys in America with sales totaling nearly $1 billion.
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 IX.
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 selected a ticker symbol. Read more.
