Newborn Acquisition, a blank check company led by equity investment veterans targeting businesses operating in Asia and the US, filed on Friday with the SEC to raise up to $50 million in an initial public offering.
The Shanghai, China-based company plans to raise $50 million by offering 5 million units at $10 to command a market value of $65 million. Each unit consists of one share of common stock, one warrant for one-half of a share exercisable at $11.50, and one right to one-tenth of a share upon completion of the initial business combination.
The Shanghai, China-based company was founded in 2019 and plans to list on the Nasdaq under the symbol NBACU. Newborn Acquisition filed confidentially on June 26, 2019. Chardan Capital Markets is the sole bookrunner on the deal.
