Newbury Street II Acquisition Corp, a special purpose acquisition company (SPAC) incorporated in June 2024, has reported its financial performance for the fiscal year ending December 31, 2024, in its recent 10-K filing. The company successfully completed its Initial Public Offering (IPO) on November 4, 2024, raising gross proceeds of $172.5 million from the sale of 17.25 million Public Units, which included 2.25 million units sold under the Over-Allotment Option. Additionally, the company raised $6.48 million through a private placement of 648,375 Private Placement Units, bringing the total funds placed in the Trust Account to approximately $173.36 million.
In terms of profitability, Newbury Street II Acquisition Corp reported a net income of $1.04 million for the period from inception through the end of 2024. This income was primarily derived from interest earned on marketable securities held in the Trust Account, amounting to $1.22 million, offset by formation and operating costs of $175,611. The company has not yet engaged in any operations or generated revenue from business activities, as its focus remains on identifying a suitable target for its initial business combination.
The filing highlights significant strategic developments, including the establishment of a management team led by CEO Thomas Bushey and Chairman Matthew Hong, both of whom bring extensive experience in capital markets and business operations. The company is actively seeking to identify a target business that aligns with its investment strategy, which emphasizes private companies with strong unit economics and growth potential. The management team is leveraging their network of relationships to create a pipeline of acquisition opportunities.
Operationally, Newbury Street II Acquisition Corp has not reported any customer counts or user statistics, as it is still in the process of identifying a target business. The company has indicated that it may seek to extend its 24-month Combination Period, which ends on November 4, 2026, if necessary. However, any extension would require shareholder approval and could impact the amount held in the Trust Account, potentially affecting the company's ability to maintain its listing on Nasdaq.
Looking ahead, the company acknowledges the competitive landscape for SPACs and the challenges associated with identifying and completing a business combination. The filing notes that market conditions, regulatory changes, and the performance of potential target businesses could significantly influence the company's future operations and financial performance. Newbury Street II Acquisition Corp remains committed to executing its business strategy and is focused on completing its initial business combination within the stipulated timeframe.
About Newbury Street II Acquisition Corp
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