99 Acquisition Group (NASDAQ: NNAGU), a newly organized 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, announced the closing of its initial public offering. The offering comprised 7,500,000 units at $10 per unit; the units, which began trading on Aug. 18, 2023, are listed on NASDAQ Global Market. According to the announcement, each unit consists of one class A ordinary share, one redeemable warrant and one right to receive one-fifth of a class A ordinary share upon the consummation of an initial business combination. The announcement also noted that each redeemable warrant entitles the holder to purchase one class A ordinary share at $11.50 per share. When the securities start trading separately, the class A ordinary shares, rights and warrants will be traded on NASDA under the symbols NNAG, NNAGW and NNAGR, respectively. The company noted that it anticipates using the proceeds from the offering to consummate its initial business combination. EF Hutton acted as the sole book running manager for the offering, and Brookline Capital Markets acted as comanager.
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About 99 Acquisition Group Inc.
99 Acquisition Group is a newly organized 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 business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. Although the company is not limited to a particular industry or geographic region for purposes of consummating an initial business combination, it intends to focus its search for a target business in the real estate industry with an aggregate combined enterprise value of approximately $75 million to $150 million. The company is led by Hiren Patel, chairman and CEO.
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