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Smart tech SPAC Novus Capital Corp II files for a $250 million IPO

January 13, 2021
NXU.U

Novus Capital Corp II, a blank check company targeting businesses enabling smart technology evolution, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.

The Indianapolis, IN-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Novus Capital Corp II would command a market value of $313 million.

The company is led by CEO and Director Robert Laikin, who is currently a Managing Member of L7 Investments and previously served as Government Relations Executive at Ingram Micro, and Chairman Larry Paulson, who previously served as Qualcomm's VP of Sales in North America, and is also the founder and Principal of wireless consulting firm Rancho Santa Fe Solutions.

Novus Capital Corp II plans to target businesses that are on the forefront of high technology and enabling the future evolution of smart technologies, 5G communication, virtual reality, and other areas. The company plans to focus on businesses with valuations between $500 million and $1.5 billion, and also intends to consider environmental, social and corporate governances (ESG) factors.

Management's previous SPAC, Novus Capital Corp (NOVS; +140% from $10 offer price), went public in May 2020 and currently has a pending merger agreement with "high-tech greenhouse" developer AppHarvest.

Novus Capital Corp II was founded in 2020 and plans to list on the NYSE under the symbol NXU.U. Cowen is the sole bookrunner on the deal.