(Reuters) – A blank-check firm backed by former Boeing Co 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. here
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.
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.
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni