SPAC: Newbridge Acquisition prices $50 million US IPO, targeting small-cap businesses
IPO Overview
Newbridge Acquisition, a Hong Kong-based blank check company targeting small-cap businesses, raised $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and one right to receive one-eighth of one share upon the consummation of an initial business combination.
The Hong Kong-based company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and one right to receive one-eighth of a share upon the completion of an initial business combination.
Newbridge Acquisition is led by CEO and Chairman Yongsheng Liu, the former COO of Goldenstone Acquisition and former Chairman and CEO of Wealthbridge Acquisition （merged with Scienjoy Holding （SJ））； before that SPAC experience he was formerly the CEO of Royal China Holdings.
The SPAC plans to target small-cap companies in North America, Europe, and/or the Asia Pacific regions, focusing on areas such as green and sustainable business, new energy, cutting-edge technologies, AI applications, business software, and healthcare products.
Newbridge Acquisition plans to list on the Nasdaq under the symbol NBRGU. Kingswood Capital Markets acted as sole bookrunner on the deal.
About the Company
We are a blank check company. Although there is no restriction or limitation on what industry our target operates in, it is our intention to pursue prospective targets that are focused on green and sustainable business, new energy, cutting-edge technologies, artificial intelligent applications, business software and health care products. We anticipate targeting what are traditionally known as “small cap” companies domiciled in North America, Europe and/or the Asia Pacific （“APAC”） regions that are developing assets in Asia, Europe and North America, which aligns with our management team’s experience in operating emerging start-up companies. Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region. As such, although we are not targeting target companies in China, we may consider a business combination with an entity or business with a physical presence or other significant ties to China, including Hong Kong and Macau, which may subject the post-business combination business to the laws, regulations and policies of China. At the time of preparing this prospectus, we have not identified any specific business combination, nor has anyone on our behalf initiated or engaged in any substantive discussions, formal or otherwise, related to such a transaction. Our efforts to date are limited to organizational activities related to this offering.