99 Acquisition Group priced its IPO of 7.5 million units at $10 each — down 6% from the 8 million units initially registered in February.
The units began trading today on the Nasdaq Global under the ticker symbol NNAGU. Each consists of one share, a warrant and one right. Each right entitles the holder to receive one-fifth of a share at the closing of a combination.
Once the securities begin separate trading, the shares, warrants and rights are expected to list under the symbols NNAG, NNAGW and NNAGR.
The SPAC is led by Chairman and CEO Hiren Patel. Since November 2010, Patel has served as the CEO of Intelvative, a firm he founded in 2009 with a focus on ecommerce, government contracting and real estate consulting.
99 Acquisition plans to focus on identifying businesses in the real estate industry, including construction, homebuilding, real estate owners and operators, arrangers of financing, insurance, and other services for real estate, and adjacent businesses and technologies targeting the real estate space. Read more.