Newbury Street Acquisition Corp. (NBST) Prices 12M Unit IPO at $10/Unit

March 23, 2021 6:17 AM EDT

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Newbury Street Acquisition Corporation (NASDAQ: NBST) announced today that it priced its initial public offering of 12,000,000 units at $10.00 per unit. The units are expected to be listed on the Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol "NBSTU" beginning on March 23, 2021. Each unit consists of one share of common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, shares of the common stock and warrants are expected to be listed on Nasdaq under the symbols “NBST” and “NBSTW,” respectively.

NBST is a special purpose acquisition company (“SPAC”) whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition or business combination target in any business or industry, it intends to focus its search on a technology business in the consumer internet or media space, including sports and entertainment verticals, with enterprise values of approximately $500 million to $2.5 billion. NBST is sponsored by Newbury Street Acquisition Sponsor LLC.

NBST is led by Thomas Bushey, Chief Executive Officer and Kenneth King, Chief Financial Officer.

EarlyBirdCapital, Inc. is acting as the sole book-running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,800,000 units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on March 25, 2021, subject to customary closing conditions.

The offering is being made only by means of a prospectus.



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