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SPAC Nubia Brand International prices upsized $110 million IPO, targeting wireless telecommunications

March 11, 2022

Nubia Brand International, a blank check company targeting the wireless telecommunications sphere, raised $110 million by offering 11 million units at $10. The company offered 1 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by CEO and Director Jaymes Winters, the current CEO of wireless telecommunications firm Mach FM; CFO and Director Vlad Prantsevich, the current EVP of Operations of Mach FM; and Chairman Alexander Monje, the Chief Legal Officer of SPAC-focused consulting and advisory firm Benessere Investment Group. SPAC veteran Patrick Orlando, whose current roles include CEO of Yunhong International (Nasdaq: ZGYH) and Chairman of Digital World Acquisition Corp. (DWAC), serves as an advisor to the board. 

Nubia Brand International plans to list on the Nasdaq under the symbol NUBIU. EF Hutton acted as sole bookrunner on the deal.