Newbury Street Acquisition prices downsized $120 million IPO; SPAC targets internet and media

Newbury Street Acquisition, a blank check company targeting a tech business in the consumer internet or media space, raised $120 million by offering 12 million units at $10. The company originally filed in late January to raise $150 million in its IPO. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

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 and former PM at Blackrock and Millennium Partners. Its CFO and director Kenneth King is a founding partner of Cambium Grove 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 plans to list on the Nasdaq under the symbol NBSTU. EarlyBirdCapital acted as lead manager on the deal.