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EdTech-focused SPAC Noble Education Acquisition files for a $100 million IPO

May 23, 2022

Noble Education Acquisition, a blank check company focusing on the EdTech sector, filed on Monday with the SEC to raise up to $100 million in an initial public offering.

The company plans to raise $100 million by offering 10 million units at $10. Each unit contains one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant, exercisable at $11.50. At the proposed deal size, Noble Education Acquisition would command a market value of $127 million.

Noble Education Acquisition is led by CEO and Co-Chairman David Noble, Associate Professor In-Residence in the Department of Management at the University of Connecticut, President and Co-Chairman Peter Barkman, the CMO and EVP of International Expansion at Solita, and CFO Andrew Bilbao, the former Global Head of Corporate Development at John Wiley & Sons (NYSE: WLY). The company seeks to leverage management's experience to target the educational technology (EdTech) sector, focusing on businesses operating as a going concern with a need for increased capital flows to expand offerings, among other characteristics.

The Miami, FL-based company was founded in 2021 and plans to list on the Nasdaq under the symbol NEATU. Noble Education Acquisition filed confidentially on January 14, 2022. EF Hutton and Brookline Capital Markets are the joint bookrunners on the deal