Newborn Acquisition Corp. Announces Additional Trust Account Contribution if Necessary to Extend Period to Consummate Business Combination
NEW YORK, Feb. 16, 2021 /PRNewswire/ -- Newborn Acquisition Corp. (NASDAQ: NBAC, the "Company"), a special purpose acquisition company, announced today that its insiders have advised the Company that, in the event that the proposal for an unpaid extension currently before shareholders is not approved, the Company's insiders or their designees will deposit into the Company's trust account an aggregate of $575,000 (representing $0.10 per public ordinary share), in order to extend the period of time the Company has to complete an initial business combination for an additional three (3) months period, from February 19, 2021 to May 19, 2021. The purpose of the extension is to provide time for the Company to complete an initial business combination. The funds will be provided by the Company's insiders or their designees in the form of a loan, which will not be repaid if an initial business combination is not completed.
About Newborn Acquisition Corp.
Newborn Acquisition Corp. is a blank check company, holding approximately $57.5 million in its trust account, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar Business Combination with one or more businesses.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Investor Contact
Lytham Partners
Robert Blum
[email protected]
+1 602 889 9700
SOURCE Nuvve Corporation
