99 Acquisition Group, a blank check company targeting the real estate sector, raised $75 million by offering 7.5 million units at $10. The company offered 0.5 million fewer units than anticipated. Each unit consists of one share of common stock, one right to receive one-fifth of a share upon the completion of an initial business combination, and one warrant, exercisable at $11.50.
The company is led by CEO and Chairman Hiren Patel, the founder and CEO of Intelvative, a firm focused on e-commerce, government contracting, and real estate consulting. The SPAC plans to target the real estate sector, 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.
99 Acquisition Group plans to list on the Nasdaq under the symbol NNAGU. EF Hutton acted as sole bookrunner on the deal.
