New Beginnings Acquisition, a blank check company formed by the co-founder of Crescent Heights and an executive from Alliant Insurance Services, raised $100 million by offering 10 million units at $10. Each consists of one share of common stock and one whole warrant, exercisable at $11.50. The company had originally filed to offer 7.5 million units, comprised of one share of common stock and one-half of a warrant.
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 plans to list on the NYSE American under the symbol NBA.U. EarlyBirdCapital and Ladenburg Thalmann acted as joint bookrunners on the deal.
