99 Acquisition Group, a blank check company targeting the real estate sector, filed on Wednesday with the SEC to raise up to $80 million in an initial public offering.
The Gaithersburg, MD-based company plans to raise $80 million by offering 8 million units at $10. Each unit consists of one share of common stock, one right to receive one-fifth of a share upon the completion of an initial business combination, and one warrant, exercisable at $11.50. At the proposed deal size, 99 Acquisition Group would command a market value of $107 million.
The company is led by CEO and Chairman Hiren Patel, the founder and CEO of Intelvative, a firm focused on e-commerce, government contracting, and real estate consulting. The SPAC plans to target the real estate sector, including construction, homebuilding, real estate owners and operators, arrangers of financing, insurance, and other services for real estate, and adjacent businesses and technologies targeting the real estate space.
99 Acquisition Group was founded in 2022 and plans to list on the Nasdaq under the symbol NNAGU. The company filed confidentially on December 1, 2022. EF Hutton is the sole bookrunner on the deal.
