New Providence Acquisition III, the third blank check company led by former soda executives targeting the consumer sector, raised $261 million by offering 26.1 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
New Providence Acquisition III is led by Co-CEO and Co-Chair Alexander Coleman, the founder and Managing Partner of Annex Capital Management and former Chair of soda maker Big Red, and Co-CEO and Co-Chair Gary Smith, who previously served as CEO of Big Red, until it was acquired by Keurig Dr Pepper in 2018. The SPAC plans to target the consumer sector.
Management's previous SPACs include New Providence Acquisition II (NPABU), which liquidated in late 2024, and New Providence Acquisition, which completed its combination with AST SpaceMobile (Nasdaq: ASTS; +124% from $10 offer price) in 2021.
New Providence Acquisition III plans to list on the Nasdaq under the symbol NPACU. Cantor Fitzgerald acted as sole bookrunner on the deal.
