New Providence Acquisition III, the third blank check company led by former soda executives targeting the consumer sector, filed on Monday with the SEC to raise up to $300 million in an initial public offering.
The Austin, TX-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. UBS O’Connor LLC, an affiliate of the sponsor, has indicated interest in purchasing up to 3 million units in the offering. At the proposed deal size, New Providence Acquisition III would command a market value of $375 million.
The company is led by Chairman Alexander Coleman, who founded Annex Capital Management and has served as Managing Partner since 2004; CEO and Director Gary Smith, who previously served as CEO of soda maker Big Red from 2007 until 2018 when it was acquired by Keurig Dr Pepper; and CFO James Bradley, who served as CFO of Big Red from 2009 to 2018. The group's other SPACs include New Providence Acquisition II (NPABU), which filed concurrently with New Providence Acquisition III, and New Providence Acquisition (NPA; +94% from $10 offer price), which raised $200 million in September 2019 and is pending an acquisition of satellite cellular network developer AST SpaceMobile.
New Providence Acquisition III seeks to acquire and operate a business in the consumer industry, with the belief that management is well-suited to identify opportunities which have the potential to generate attractive risk-adjusted returns for stockholders.
New Providence Acquisition II was founded in 2021 and plans to list on the Nasdaq under the symbol NPACU. Deutsche Bank is the sole bookrunner on the deal.
