New Beginnings Acquisition III, the third blank check company led by the co-founder of Crescent Heights and an Alliant Insurance Services exec, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
The Miami Beach, FL-based company plans to raise $100 million by offering 10 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, New Beginnings Acquisition III would command a market value of $130 million.
The company is led by Chairman Russell Galbut, the co-founder and Managing Principal of leading US residential developer Crescent Heights, and CEO and Director Michael Liebowitz, whose current roles include Managing Director and EVP of Alliant Insurance Services and President of the Harbor Group Division. The company plans to target the travel, hospitality, leisure, financial technology, insurance technology, and property technology sectors in the US.
Management's other SPACs include New Beginnings Acquisition II (NBAB.U), which filed concurrently with New Beginnings Acquisition III, and New Beginnings Acquisition (NBA; +2% from $10 offer price), which went public in October 2020 and has a pending merger agreement with 5G technology provider Airspan Networks.
New Beginnings Acquisition III was founded in 2021 and plans to list on the NYSE American under the symbol NBAD.U. Ladenburg Thalmann is the sole bookrunner on the deal.
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