AUSTIN, Texas, Sept. 19, 2019 (GLOBE NEWSWIRE) -- New Providence Acquisition Corp. (the “Company”), announced today that it completed the closing of the issuance of an additional 3,000,000 units (the “Over-Allotment Units”) pursuant to the exercise in full by BTIG, LLC and I-Bankers Securities, Inc. of their over-allotment option in connection with the Company’s initial public offering of 20,000,000 units. The Over-Allotment Units were priced at $10.00 per unit generating total gross proceeds of $30,000,000.
Of the proceeds received from the consummation of the initial public offering, a simultaneous private placement of warrants and the sale of the Over-Allotment Units, $230,000,000 (or $10.00 per unit sold in the public offering) was deposited in the Company’s trust account.
The units are listed on the NASDAQ Capital Market and trade under the ticker symbol “NPAUU”. Each unit consists of one share of Class A common stock of the Company and one-half of one 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 the NASDAQ Capital Market under the symbols “NPA” and “NPAWW,” respectively.
BTIG, LLC acted as the sole book running manager for the offering and I-Bankers Securities, Inc. acted as co-manager of the offering.
The offering was made only by means of a prospectus. Copies of the final prospectus related to the offering may be obtained by contacting BTIG, LLC at 65 East 55th Street, New York, NY 10022, or by e-mail at firstname.lastname@example.org.
A registration statement relating to the securities became effective on September 10, 2019 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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 offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the 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 preliminary prospectus for the offering filed with the Securities and Exchange Commission (“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.
About New Providence Acquisition Corp.
The Company is a newly organized blank check company incorporated in Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company has not selected any business combination target and it has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with respect to identifying any business combination target.
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