99 Acquisition Group Inc., a special purpose acquisition company (SPAC) seeking a merger with a real estate industry company, has closed its initial public offering (IPO) of 7.5 million units at $10.00 per unit.
The units are listed on Nasdaq Global Market and are now trading under the ticker symbol “NNAGU.” The company’s chairman and CEO is Hiren Patel, who also founded the edtech company ConnectSO.com and the networking group CyberSmoke.
In a press statement, the Gaithersburg, Maryland-based company defined itself as “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. The Company has not selected any business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. Although the Company is not limited to a particular industry or geographic region for purposes of consummating an initial business combination, it intends to focus its search for a target business in the real estate industry with an aggregate combined enterprise value of approximately $75 million to $150 million.”
Photo of Hiren Patel, chairman and CEO of 99 Acquisition Group, courtesy of LinkedIn.
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