Upsized to $230 Million and Includes a $90 Million “Indication of Interest”
New Frontier Corp. filed an amended S-1 this morning with a few noteworthy changes. First, the transaction size is now $230 million, up from $200 million in previous filings. Second, and more importantly, there is now a new section titled “Indications of Interest”. The filing states:
“We have received indications of interest from Mr. Leung and Mr. Wu to purchase 900,000 units in this offering and additional indications of interest from certain other investors to purchase at least 8.1 million units.”
That’s a total of nine million units, or $90 million out of the total $230 million. Furthermore…..
“The underwriters will not receive any underwriting discounts or commissions on up to 9 million units purchased by such parties, including Mr. Leung and Mr. Wu.”
As a reminder, Mr. Antony Leung is New Frontier’s Chairman and Carl Wu is CEO and Director. It doesn’t state who the other interested parties are, but wow, that’s a large amount. However, probably a little bit of bummer for the underwriters now that their fees could potentially be 30% lighter. I say “potentially” because an indication of interest is not a lock. There is no binding commitment from any of the parties to actually purchase at IPO, they’re just saying they…”have an interest”.
One final note: I-Bankers Securities is now on the cover as co-manager so it’s looking like New Frontier is getting ready to price, so this could potentially IPO the end of next week.
At the SPAC of Dawn Today is the busiest day for SPACs in at least a month as three SPACs will hold extension votes and three more are seeking deal approval. Those completion votes will each bear watching and they include two of the most prominent deals of the past six months. Screaming Eagle (NASDAQ:SCRM)...
Some renewed hope around a 2024 rate cut propelled several stocks skyward in late Monday trading, and a large number of the day’s biggest gainers are tech-focused recent de-SPACs. The biggest one-day gain among de-SPACs late in the trading day is the +51.4% held by software firm XBP Europe (NASDAQ:XBP), which spun out from Exela...
Metals Acquisition (NYSE:MTAL) has begun an exchange of all outstanding warrants, offering holders up to 0.361 shares per warrant on a cashless basis or $0.10 per warrant if they so choose. The cashless option provides significantly more value as Metals last closed at $12.85, meaning warrants converted under that ratio would be worth about $4.63...
At the SPAC of Dawn Autonomous driving has seen some of the highest peaks and deepest valleys in share performance as the market has adjusted its appetites on tech companies. But, although it has shown many pitfalls, it continues to attract significant investment and is a focus for both startups and established automakers. Hyundai (KS:005380)...
Terms Tracker for the Week Ending May 3, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The big news this week was that SPACs finally had a new IPO price with Churchill Capital Corp. IX’s $250 million offering on Thursday. SPACs...