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Newbury Street II Acquisition Corp (NTWO0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's status as a blank check company, incorporated for the purpose of effecting a Business Combination. The company has not yet selected a target for its initial Business Combination.
On November 4, 2024, Newbury Street II Acquisition Corp completed its Initial Public Offering of 17,250,000 units, generating gross proceeds of $172,500,000. Each unit consists of one Class A Ordinary Share and one-half of one redeemable warrant.
Simultaneously with the IPO, the company completed a private sale of 648,375 units to its Sponsor and BTIG, generating additional gross proceeds of $6,483,750.
A total of $173,362,500 from the IPO and private placement was placed in a Trust Account. These funds are intended to be used for the Business Combination.
The company must complete its initial Business Combination by November 4, 2026, or it will cease operations and liquidate the Trust Account to redeem the Public Shares.
Newbury Street II Acquisition Corp reported a net income of $1,042,224 for the period from June 18, 2024 (inception) through December 31, 2024, primarily due to interest earned on the funds held in the Trust Account.
The company's management team, led by CEO Thomas Bushey and Chairman Matthew Hong, is responsible for identifying and completing the Business Combination.
The company faces competition from other entities seeking to acquire businesses, which may increase the cost and complexity of completing a Business Combination.
Newbury Street II Acquisition Corp is subject to various risks, including the inability to complete a Business Combination within the specified timeframe, potential market volatility, and geopolitical instability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Newbury Street II Acquisition Corp annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.