Two SPAC IPOs- Bleichroeder Acquisition Corp. I and Newbury Street Acquisition II Corp. – raised $400 million combined at pricing on Halloween night, Thursday, Oct. 31, 2024:
- –Bleichroeder Acquisition Corp. I (BACQU) priced 25.0 million units at $10.00 each to raise $250.0 million. Cohen & Company Capital Markets and Seaport Global were the joint book-runners. Each unit consists of one Class A ordinary share and one right to receive one-tenth (1/10) of a Class A ordinary share upon the consummation of an initial business combination. Bleichroeder I is a tech, media and telecom (TMT) SPAC co-founded by Michel Combes, the former CEO of SoftBank International, and Andrew Gundlach, the president and co-CEO of Bleichroeder LP, a registered investment advisor focused on ultra-high-net-worth families. (Incorporated in the Cayman Islands)
- –Newbury Street Acquisition Corp. II (NTWOU) priced 15.0 million units at $10.00 each to raise $150.0 million. BTIG was the sole book-runner. Each unit consists of one share of common stock and one-half of a warrant. Thomas Bushey, the SPAC’s CEO, is the founder and CEO of Sunderland Capital Partners L.P., an investment management firm with a focus on emerging technologies and the consumer Internet. Matthew Hong, the SPAC’s nominee for chairman, is the former COO of Turner Sports. He is the president and COO of 2080 Media Inc., a company engaged in streaming live and on-demand high school sports. (Incorporated in the Cayman Islands)
Both SPAC IPOs started trading today – Friday, Nov.1, 2024 – on the NASDAQ. Newbury Street II shares started trading at 10:25 a.m. EDT at $9.98 – 2 cents below their IPO price. Bleichroeder I shares also did exactly that – opening at 11 a.m. EDT at $9.98 – 2 cents below their IPO price.
Stay tuned.
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