New Beginnings Acquisition, a blank check company formed by the co-founder of Crescent Heights and an executive from Alliant Insurance Services, raised the proposed deal size for its upcoming IPO on Thursday.
The Miami, FL-based company now plans to raise $100 million by offering 10 million units at a price of $10. The company had previously filed to offer 7.5 million units at $10. Each unit will now consist of one share of common stock and one whole warrant, exercisable at $11.50. Each unit originally contained one-half of a warrant. At the revised deal size, New Beginnings Acquisition will raise 33% more in proceeds than previously anticipated.
The company is led by Chairman Russell Galbut, co-founder and Managing Principal of leading residential property developer Crescent Heights, and CEO and Director Michael Liebowitz, who serves as a Managing Director and EVP of Alliant Insurance Services and previously served as CEO of Harbor Group Consulting. The company plans to leverage its management team's experience, focusing on businesses with significant growth prospects and the potential to generate attractive returns. It intends to initially focus on companies in the travel, hospitality, leisure, fintech, insurance technology and property technology sectors that have enterprise values between $400 and $600 million.
New Beginnings Acquisition was founded in 2020 and plans to list on the NYSE under the symbol NBA.U. EarlyBird Capital and Ladenburg Thalmann are the joint bookrunners on the deal.
