Northern Genesis Acquisition Corp. III has closed its initial public offering of 15,000,000 units at $10.00 per unit, resulting in gross proceeds of $150 million. The units commenced trading on the New York Stock Exchange under the ticker symbol “NGC.U” on March 24, 2021. Each unit consists of one share of the company’s common stock and one-quarter of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of common stock at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the common stock and warrants are expected to be listed on the NYSE under the symbols “NGC” and “NGC.WS” respectively.
The company is a special purposes acquisition 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. Although the company may pursue an acquisition opportunity in any business or industry, it intends to focus on opportunities whose business model demonstrates clear commitments to sustainability and strong alignment with environmental, social and governance principles.
Morgan Stanley & Co. LLC, Wells Fargo Securities LLC and TD Securities (USA) LLC are acting as the joint book running managers for the offering. The company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any.