AUSTIN, Texas, Nov. 10, 2021 /PRNewswire/ -- New Providence
Acquisition Corp. II ("NPA") (NASDAQ: NPABU), a consumer-focused
special purpose acquisition company ("SPAC") announced today that
it had closed its upsized public offering of 25,000,000 units,
including 2,500,000 units issued pursuant to the partial exercise
by the underwriter of its over-allotment option. The units began
trading on the NASDAQ Global Market, or NASDAQ, on November 5, 2021, under the ticker symbol
"NPABU." Each unit consists of one share of Class A common stock of
the Company and one-third of one redeemable warrant. Each whole
warrant entitles the holder thereof to purchase one share of Class
A common stock of the Company at a price of $11.50 per share. Only whole warrants are
exercisable. Once the securities comprising the units begin
separate trading, the shares of Class A common stock and warrants
are expected to be listed on NASDAQ under the symbols "NPAB" and
"NPABW," respectively.
The management team, Alex
Coleman, Gary Smith and
James Bradley, are consumer sector
veterans who have worked together for over a decade to successfully
buy, build and monetize consumer businesses, and successfully
completed a business combination between New Providence Acquisition
Corp. ("NPA I"), a consumer-focused special purpose acquisition
company, and AST SpaceMobile, Inc. ("AST") earlier this year.
Certain private funds managed by UBS O'Connor LLC ("UBS O'Connor"),
a registered investment adviser that operates within the asset
management division of UBS AG, continue to work with the management
team and are again investors in the sponsor and in NPA. Deutsche
Bank Securities Inc. acted as sole bookrunner.
Mr. Coleman is a private equity principal, having been co-head
of Citi's merchant banking group, Citicorp Venture Capital and,
prior to that, a co-head of Dresdner Bank's North American merchant
bank. Mr. Smith has an operational background in consumer-packaged
goods, having started his career at PepsiCo, from which he was
recruited in the early 2000's to lead efforts at Red Bull North
America Energy Drink. During Mr. Smith's 7-year tenure,
Red Bull grew significantly in
revenue and profit. Mr. Smith then partnered with Citi and Mr.
Coleman in 2007 to help him acquire a foundation business known as
Big Red. Following a career in investment banking and M&A due
diligence, Mr. Bradley joined Mr. Smith and Mr. Coleman in 2009 as
the CFO of Big Red. The management team transformed Big Red into a
diversified beverage company which was sold to Keurig Dr Pepper in
August 2018. In 2019 the management
team formed NPA I, a consumer-focused special purpose acquisition
company, which closed a business combination with AST on
April 6, 2021 and raised $462 million through IPO and PIPE proceeds to
fully fund the development and first phase of AST's satellite
constellation. AST is building the first, and only, space-based
global broadband cellular network to operate directly with
standard, unmodified mobile devices based on its extensive IP and
patent portfolio.
"We believe the SPAC market lines up well with the opportunities
we are seeing in the private market," said Mr. Smith, CEO of NPA.
"The ideal size of an attractive target would have an expected
market valuation of $700 million to
over $1 billion, with a defensible
market position and attractive growth prospects. We are looking to
combine the benefits of a SPAC, including up-front liquidity and
future upside for shareholders of a private company at an
attractive price, while also accelerating growth initiatives by
leveraging our team and potentially expanding market share with our
publicly traded equity."
"NPA is very fortunate to have both an accomplished operating
team as well as UBS O'Connor-managed funds as a returning partner
in the management company," Mr. Coleman said. "A SPAC is a very
attractive vehicle for the right company to access the public
equity markets in an expedited way. NPA's relationship with the UBS
O'Connor-managed funds combined with Gary's operational
relationships provide NPA with a competitive advantage not just in
identifying a good company, but also in delivering additional
shareholder returns. We are looking forward to engaging with
businesses which could benefit from the resources we can
provide."
Forward-looking statements
This press release
contains statements that constitute "forward-looking statements,"
identified by words such as "plans" and "believes". Forward-looking
statements are subject to numerous factors such as market
conditions and competition from other potential acquirors, many of
which are beyond the control of NPA, including those set forth in
the Risk Factors section of NPA's registration statement filed with
the Securities and Exchange Commission ("SEC"). Copies are
available on the SEC's website, www.sec.gov. NPA undertakes no
obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
Please send inquiries to info@npa-corp.com
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SOURCE New Providence Acquisition Corp
