New Frontier Corporation Announces Pricing of Initial Public Offering
27 Junio 2018 - 7:55PM
Business Wire
New Frontier Corporation Announces Pricing of Initial Public
Offering and Committed Capital Raise of up to $468.5 Million in the
Aggregate, Comprised of a $250 Million Initial Public Offering (up
to $287.5 Million if the Underwriters Exercise their Over-allotment
Option in Full), plus $181 Million in Committed Capital to Complete
an Initial Business Combination
New Frontier Corporation (the “Company”) announced today the
pricing of its initial public offering of 25,000,000 units at
$10.00 per unit. The Company has granted the underwriters a 45-day
option to purchase up to 3,750,000 additional units at the initial
public offering price to cover over-allotments, if any. The units
will be listed on the New York Stock Exchange (“NYSE”) in the
United States and trade under the ticker symbol “NFC.U” beginning
on June 28, 2018. Each unit consists of one Class A ordinary share
and one-half of one redeemable warrant, with each warrant entitling
the holder thereof to purchase one Class A ordinary share at a
price of $11.50 per share. Once the securities comprising the units
begin separate trading, the Class A ordinary shares and warrants
are expected to be listed on the NYSE under the symbols “NFC” and
“NFC WS,” respectively. The initial public offering is expected to
close on July 3, 2018, subject to customary closing conditions.
Credit Suisse and UBS Investment Bank are serving as joint book
runners for the offering.
New Frontier Corporation is a special purpose acquisition
company formed by New Frontier Public Holding Ltd., an affiliate of
New Frontier Group, for the purpose of entering into a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses. New
Frontier Group is a China-focused investment group that invests in,
builds and operates diversified businesses in the Chinese new
economy sectors.
Prior to the initial public offering, certain investors have
agreed to provide $181 million in the form of committed capital in
a private placement to occur concurrently with the Company’s
initial business combination. The Company intends to use the net
proceeds of the initial public offering and private placement for
an initial business combination with a target with operations or
prospects in the healthcare, technology and education sectors in
China and to cover certain expenses and working capital.
The initial public offering is being made only by means of a
prospectus. When available, copies of the prospectus relating to
the offering may be obtained for free from the U.S. Securities and
Exchange Commission website http://www.sec.gov; Credit Suisse
Securities (USA) LLC (Address: Credit Suisse Securities (USA) LLC,
Prospectus Department, Eleven Madison Avenue, New York, NY 10010;
Tel: (800) 221-1037; Email: newyork.prospectus@credit-suisse.com);
UBS Securities LLC (Address: UBS Securities LLC, Attention:
Prospectus Department, 1285 Avenue of the Americas, New York, NY
10019; Tel: 888-827-7275; Email: ol-prospectusrequest@ubs.com).
A registration statement relating to the securities sold in the
initial public offering has been declared effective by the U.S.
Securities and Exchange Commission on June 27, 2018. This press
release shall not constitute an offer to sale 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.
The securities to be sold in the private placement have not been
registered under the Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration or
an applicable exemption from the registration requirements of such
Act and applicable state securities laws.
About New Frontier Corporation
New Frontier Corporation is a special purpose acquisition
company formed by New Frontier Public Holding Ltd., an affiliate of
New Frontier Group, for the purpose of entering into a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses. While
the Company may pursue a business combination target in any
business or industry, the Company intends to focus its search for a
target with operations or prospects in the healthcare, technology
or education sectors in China. New Frontier Group is a
China-focused investment group that invests in, builds and operates
diversified businesses in the Chinese new economy sectors.
Cautionary Note Concerning Forward-Looking Statements
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
thereof. No assurance can be given that the offering discussed
above will be completed on the terms described, or at all, or 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 Company’s offering
filed with the 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180627006386/en/
New Frontier CorporationHarry Chang, +852 9822
1806Vice-President of Corporate Development and
SecretaryorLinkforward PA Consulting CompanyShiming Li, +852 9389
8961Consultant
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