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Growth-focused SPAC New Beginnings Acquisition files for a $75 million IPO

September 21, 2020

New Beginnings Acquisition, a blank check company formed by the co-founder of Crescent Heights and an executive from Alliant Insurance Services, filed on Monday with the SEC to raise up to $75 million in an initial public offering.

The Miami, FL-based company plans to raise $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed price, New Beginnings Acquisition would command a market value of $97 million.

The company is led by Chairman Russell Galbut, co-founder and Managing Principal of leading residential property developer Crescent Heights, and CEO Michael Liebowitz, who serves as a Managing Director and EVP of Alliant Insurance Services and previously served as CEO of Harbor Group Consulting. The company does not plan on targeting a specific industry or geography but will seek to capitalize on the operational and investment experience of its management team, focusing on businesses with significant growth prospects and the potential to generate attractive returns.

New Beginnings Acquisition was founded in 2020 and plans to list on the NYSE under the symbol NBA.U. Ladenburg Thalmann is the sole bookrunner on the deal.