Nubia Brand International Corp. Announces Closing of Upsized $123,500,000 Initial Public Offering Including Partial Exercise of Over-Allotment Option
March 15 2022 - 4:00PM
via NewMediaWire -- Nubia Brand
International Corp. (the "Company") today announced the closing of
its upsized initial public offering of 12,350,000 units at $10.00
per unit, including 1,350,000 units issued pursuant to the partial
exercise by the underwriters of their over-allotment option. The
units are listed on the Nasdaq Global Market ("Nasdaq") and trade
under the ticker symbol "NUBIU". Each unit consists of one share of
the Company's Class A common stock and one-half of one redeemable
warrant. Each whole warrant entitles the holder thereof to purchase
one share of Class A common stock at a price of $11.50 per share.
Once the securities comprising the units begin separate trading,
shares of the Class A common stock and warrants are expected to be
listed on Nasdaq under the symbols "NUBI" and "NUBIW,"
respectively. No fractional warrants will be issued upon
separation of the units and only whole warrants will trade.
The Company intends to use the net proceeds from
the offering, and the simultaneous private placements of warrants,
to consummate the Company’s initial business combination.
The Company is a blank check company formed for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. The Company has not
selected any specific business combination target and has not, nor
has anyone on its behalf, initiated any substantive discussions,
directly or indirectly, with any business combination target. While
the Company may pursue an initial business combination target in
any business or industry, it intends to focus its search on
wireless telecommunications companies.
Patrick Orlando and Arthur Percy serve as Special
Advisors to the Company’s board of directors (the “Board”) and
Alexander Monje serves as Chairman of the Board. The Company’s
management is led by Jaymes Winters, the Company’s Chief Executive
Officer, and Vlad Prantsevich, the Company’s Chief Financial
Officer.
EF Hutton, division of Benchmark Investments, LLC,
acted as the sole book running manager for the offering.
Loeb & Loeb LLP served as legal counsel to the
Company. Hogan Lovells US LLP served as counsel to EF Hutton,
division of Benchmark Investments, LLC.
The offering was made only by means of a
prospectus. Copies of the prospectus may be obtained from EF
Hutton, division of Benchmark Investments, LLC, Attn: Syndicate
Department, 590 Madison Ave., 39th Floor, New York, New York 10022,
by telephone at (212) 404-7002, by fax at (646) 861-4697, or by
email at syndicate@efhuttongroup.com.
A registration statement relating to these
securities was filed with, and declared effective by, the
Securities and Exchange Commission ("SEC") on March 10, 2022, and a
registration statement on Form S-1MEF (File No. 333-263465), was
filed with the SEC on the same date and became effective upon
filing. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
FORWARD-LOOKING STATEMENTSThis
press release contains statements that constitute "forward-looking
statements," including with respect to the Company’s initial public
offering, the anticipated use of the net proceeds thereof and the
Company’s search for an initial business combination. No assurance
can be given that the net proceeds of the initial public offering
will be used as indicated. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company's registration statement and prospectus for the initial
public offering filed with the SEC. Copies are available on the
SEC's website, www.sec.gov. The Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
Company Contact:Jaymes
WintersChief Executive OfficerEmail: IR@nubiabrand.usPhone:
(972) 918-5120
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