Newbury Street II Acquisition Corp Reports $25,780 Net Loss, Completes $172.5M IPO

Newbury Street II Acquisition Corp, a blank check company incorporated in the Cayman Islands, reported a net loss of $25,780 for the three months ended September 30, 2024, and a cumulative net loss of $41,602 since its inception on June 18, 2024. The losses primarily stem from operating and formation costs, which totaled $25,780 for the quarter and $41,602 for the period since inception. The company has not yet generated any revenue, as it is still in the process of preparing for its Initial Public Offering (IPO) and has not commenced operations.

In a significant development, Newbury Street II Acquisition Corp successfully completed its IPO on November 4, 2024, raising gross proceeds of $172.5 million from the sale of 17,250,000 units, which included the full exercise of the underwriters' over-allotment option. Additionally, the company raised $6.48 million through a private placement of 648,375 units. The total amount placed in a trust account following the IPO was $173.36 million, which is intended to be used for the company's Initial Business Combination. The company incurred total offering expenses of approximately $10.11 million, which included underwriting fees and other costs associated with the IPO.

As of September 30, 2024, Newbury Street II Acquisition Corp had no cash or cash equivalents, reflecting its early-stage status. The company reported a weighted average of 5,320,000 Class B ordinary shares outstanding, with a basic and diluted net loss per share of $(0.00) for the quarter. The company’s organizational structure includes 6,118,000 Class B ordinary shares issued and outstanding, with the potential for forfeiture of up to 798,000 shares depending on the underwriters' over-allotment option, which was fully exercised.

Looking ahead, Newbury Street II Acquisition Corp aims to utilize the funds from its IPO and private placement to identify and evaluate potential target businesses for its Initial Business Combination. The company has a 24-month window from the IPO closing date to complete this transaction. If it fails to do so, it will be required to liquidate and redeem public shares at a price equal to the amount held in the trust account. The company has indicated that it may seek additional financing if necessary to complete its Initial Business Combination or to cover any significant redemptions of public shares.

The company is also navigating a challenging market environment characterized by geopolitical tensions and economic volatility, which could impact its ability to identify suitable acquisition targets. Despite these challenges, Newbury Street II Acquisition Corp remains focused on executing its business strategy and fulfilling its obligations to shareholders.