Muilenburg-backed SPAC aims to raise $200 mln in IPO

Ark Solutions

01/02/2021 22:49

Feb 1 (Reuters) - A blank-check firm backed by former Boeing
Co  BA.N  chief executive officer Dennis Muilenburg is aiming to
raise about $200 million in an initial public offering (IPO), a
regulatory filing showed on Monday.
    New Vista Acquisition Corp, a special purpose acquisition
company (SPAC), said it would sell 20 million units, comprising
shares and warrants, priced at $10 apiece in the IPO. https://bit.ly/3ajrXgshttps://bit.ly/3ajrXgs
    A SPAC is a shell company that raises money in an IPO to
merge with a privately held company, turning it into a
publicly-traded firm.
    SPACs have emerged as a popular IPO alternative for
companies, providing a path to going public with less regulatory
scrutiny and more certainty over the valuation that will be
attained and funds that will be raised.
    Ninety-one U.S. SPACs raised $25.09 billion in January,
according to data provider Dealogic.  urn:newsml:reuters.com:*:nL4N2K244A
    New Vista Acquisition Corp will list its units on the Nasdaq
under the symbol "NVSAU". Citigroup and Jefferies are the
underwriters for the offering.
    Boeing fired Muilenburg at the end of 2019 after repeatedly
failing to contain the fallout from a pair of fatal crashes that
halted output of its best-selling jetliner and tarnished its
reputation with airlines and regulators.  urn:newsml:reuters.com:*:nL4N28X30H
    

 (Reporting by Noor Zainab Hussain in Bengaluru; Editing by
Aditya Soni)
 ((noor.hussain@thomsonreuters.com; Within U.S. +1 646 223 8780;
Outside U.S. +91 80 6182 2663 or +91 80 3796 2663 ;))