Newbury Street Acquisition II, a second blank check company led by the former COO of Turner Sports, lowered the proposed deal size for its upcoming IPO on Thursday.
The Boston, MA-based company now plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company had previously filed to offer 20 million units at the same price. At the revised deal size, Newbury Street Acquisition II will raise -25% less in proceeds than previously anticipated and command a market value of $210.2 million.
The company is led by Chairman Matthew Hong, the former COO of Turner Sports, and CEO and Director Thomas Bushey, the founder and CEO of Sunderland Capital. The company plans to target a business that provides diverse drivers of revenue and earnings growth, among other characteristics. The duo's first SPAC, Newbury Street Acquisition (NBST) is currently pending a merger with metaverse developer Infinite Reality at a $1.85 billion valuation
Newbury Street Acquisition II was founded in 2024 and plans to list on the Nasdaq under the symbol NTWOU. BTIG is the sole bookrunner on the deal.
