New Providence Acquisition II, the second blank check company led by former soda executives targeting the consumer sector, raised $225 million by offering 22.5 million units at $10. The company offered 2.5 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. An affiliate of the sponsor had indicated on 1.98 million units in the offering.
The company is led by Chairman Alexander Coleman, the founder and Managing Partner of Annex Capital Management; CEO and Director Gary Smith, who previously served as CEO of soda maker Big Red, until it was acquired by Keurig Dr Pepper in 2018; and CFO James Bradley, the former CFO of Big Red.
New Providence Acquisition II 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 plans to list on the Nasdaq under the symbol NPABU. Deutsche Bank acted as sole bookrunner on the deal.
