NEW YORK, Feb. 14, 2020 /PRNewswire/ -- Newborn Acquisition Corp. (NASDAQ: NBACU, the "Company") announced today that it priced its initial public offering of 5,000,000 units at $10.00 per unit. The units are expected to be listed on The NASDAQ Capital Market ("NASDAQ") and trade under the ticker symbol "NBACU" beginning today, February 14, 2020. Each unit consists of one ordinary share, one warrant to purchase one-half of one ordinary share and one right to receive one-tenth of one ordinary share upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares, warrants and rights are expected to be listed on NASDAQ under the symbols "NBAC," "NBACW," and "NBACR," respectively.
In addition, the underwriters have fully exercised the over-allotment option to purchase an additional 750,000 units offered by the Company to cover over-allotments.
The offering is expected to close on February 19, 2020, subject to customary closing conditions.
Chardan acted as sole book running manager in the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on February 13, 2020. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Chardan Capital Markets, LLC, 17 State Street, 21st floor, New York, New York 10004. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Newborn Acquisition Corp.
Newborn Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Newborn Acquisition Corp.'s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on operating businesses domiciled in and around Asia (excluding China) and the United States.
Forward Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Chairman and CEO
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SOURCE Newborn Acquisition Corp.