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SPAC NextGen Acquisition II prices downsized $350 million IPO, targeting industrials, tech, and healthcare

March 22, 2021

NextGen Acquisition Corp. II, a blank check company targeting the industrial, technology, and healthcare sectors, raised $350 million by offering 35 million units at $10. The company originally filed in early March to raise $400 million in its IPO. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. 

The company is led by Co-Chairman George Mattson, a Partner of Comvest Partners and a director of Delta Air Lines and Virgin Galactic, and former Partner and Co-Head of the Global Industrials Group at Goldman Sachs, and Co-Chairman Gregory Summe, the founder and Managing Partner of Glen Capital Partners, and a director of State Street, Avantor, and NXP Semiconductors. The SPAC plans to leverage its management team's experience and target the industrial, technology, and healthcare sectors.

The team's previous SPAC, NextGen Acquisition (NGAC) saw its common shares close at $10.27 on Monday; NGAC has a pending merger agreement with commercial EV developer Xos.

NextGen Acquisition II plans to list on the Nasdaq under the symbol NGCAU. Goldman Sachs and Credit Suisse acted as lead managers on the deal.