The IPO Buzz: 99 Acquisition Group Prices Downsized SPAC IPO

99 Acquisition Group (NNAGU) trimmed its SPAC IPO at pricing to raise $75.0 million on Thursday night (Aug. 17, 2023): 7.5 million units – down from 8.0 million in the prospectus – at $10.00 per unit. The real estate-focused SPAC’s IPO started trading today – Friday, Aug. 18, 2023 – on the NASDAQ. 99 Acquisition Group’s stock opened at $10.14 – up 14 cents from its IPO price. Near midday, the stock was trading at $10.19 – up 19 cents or up 1.9 percent from its $10.00 IPO price. 99 Acquisition Group’s stock closed at $10.16, up 16 cents or up 1.6 percent in its first day of NASDAQ trading on volume of about 9.09 million shares.

EF Hutton was the sole book-runner.

Each unit consists of one share of Class A common stock, one redeemable warrant to buy one share of stock, and one right. Each right entitles the holder to receive one-fifth (1/5) of one share of Class A common stock upon the consummation of an initial business combination.

99 Acquisition Group, based in Gaithersburg, Maryland, intends to search for a target business in the real estate industry with an aggregate combined enterprise value of approximately $80 million to $160 million, according to the prospectus.

“We currently intend 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,” the prospectus says.

99 Acquisition Group is the first SPAC IPO priced in August 2023 and the 22nd SPAC IPO priced so far this year.

Stay tuned.

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