Newbury Street Acquisition II, the second blank check company led by the former COO of Turner Sports, raised $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 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; +7% from $10 offer price) has a pending merger agreement with metaverse developer Infinite Reality.
Newbury Street Acquisition II plans to list on the Nasdaq under the symbol NTWOU. BTIG acted as sole bookrunner on the deal.
