NavSight Holdings, Inc. announced today that it closed its initial public offering in which it raised $230,000,000.
NavSight Holdings, Inc. intends to focus its search on identifying a prospective target business that provides expertise and technology to U.S. government customers in support of their national security, intelligence and defense missions.
The Company sold 23,000,000 units at a price of $10.00 per unit, which includes 3,000,000 million units issued pursuant to the underwriter's exercise of its over-allotment option in full, resulting in gross proceeds of $230,000,000. Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $230,000,000 (or $10.00 per unit sold in the public offering) was placed in trust.
The Company's units began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "NSH.U" on September 10, 2020. Each unit consists of one share of the Company's Class A common stock and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on the NYSE under the symbols "NSH" and "NSH WS," respectively.
Credit Suisse Securities (USA) LLC served as the underwriter for the offering.
Venable LLP acted as counsel to the Company and Shearman & Sterling LLP acted as counsel to the underwriters.
About NavSight Holdings, Inc.
NavSight Holdings, Inc. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination target in any business or industry, it intends to focus its search on identifying a prospective target business that provides expertise and technology to U.S. government customers in support of their national security, intelligence and defense missions.
