Tech SPAC Newbury Street Acquisition files for a $150 million IPO

Newbury Street Acquisition, a blank check company targeting a tech business in the consumer internet or media space, filed on Monday with the SEC to raise up to $150 million in an initial public offering.

The Boston, MA-based company plans to raise $150 million by offering 15 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 deal size, Newbury Street Acquisition would command a market value of $195 million.

The company is led by Chairman Matthew Hong, the former COO of Turner Sports, and CEO and Director Thomas Bushey, the founder and CEO of Sunderland Capital. The company plans to target technology businesses in the consumer internet or media space, including sports and entertainment verticals, with enterprise values between $500 million and $2.5 billion.

Newbury Street Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol NBSTU. EarlyBirdCapital is the sole bookrunner on the deal.