DWAC CEO-Advised Telco SPAC Nubia Brand International Prices US$110 Million IPO
Special purpose acquisition company Nubia Brand International Corp. (Nasdaq: NUBIU) started trading its securities on the Nasdaq Global Market today. The firm priced its initial public offering, aiming to raise total proceeds of US$110.0 million.
The offering will entail selling 11.0 million units, upsized from 10.0 million units, priced at US$10.00 per unit. Each unit is composed of one Class A common share and one whole warrant exercisable to purchase one common share at US$11.50 per share.
The company units trade on the Nasdaq big board under the symbol “NUBIU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “NUBI” and “NUBIW”, respectively.
The proposed offering is being managed by EF Hutton as the sole bookrunner. The underwriters were granted a 45-day over-allotment option to purchase additional 1.65 million company units.
The offering is expected to close on March 15, 2022, subject to customary closing conditions.
Digital World Acquisition (Nasdaq: DWAC) CEO Patrick Orlando serves on the blank check firm’s advisory board. The SPAC is backed by telco firm Mach FM, whose top honcho Jaymes Winters also serves as the firm’s CEO.
The company said it intends to focus its search for business combinations among wireless telecommunications companies.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
