New Providence Acquisition Corp. III Completes $300,150,000 Initial Public Offering

Rhea-AI Summary

New Providence Acquisition Corp. III has successfully completed its initial public offering (IPO), raising $300,150,000 through the sale of 30,015,000 units at $10.00 per unit. The offering included 3,915,000 units from the full exercise of the underwriters' over-allotment option.

Trading began on April 24, 2025, on Nasdaq under symbol 'NPACU'. Each unit comprises one Class A ordinary share and one-third of one redeemable warrant, with whole warrants exercisable at $11.50 per share. The securities will later trade separately under 'NPAC' and 'NPACW'.

Of the total proceeds, including those from a private placement, $301,650,750 ($10.05 per unit) was placed in trust. The blank check company aims to pursue business combinations in the consumer industry, led by Co-CEOs Gary Smith and Alexander Coleman.

Positive

• Full exercise of over-allotment option indicates strong investor demand
• $301.65M placed in trust provides substantial capital for potential acquisition
• Trust value of $10.05 per unit offers premium over $10.00 IPO price

Negative

• No specific acquisition target identified yet
• Shareholders face uncertainty until suitable merger target is found

Insights

SPAC Financial Analyst

New Providence Acquisition Corp. III raises $300.15M in SPAC IPO with consumer industry focus, beginning its search for acquisition targets.

New Providence Acquisition Corp. III has successfully completed its initial public offering, raising $300,150,000 by selling 30,015,000 units at $10.00 each. The offering included the full exercise of underwriters' over-allotment option of 3,915,000 units, indicating solid initial market demand.

As a Special Purpose Acquisition Company (SPAC), New Providence is essentially a publicly-traded cash vehicle designed to identify and merge with a private operating company, bringing it public without traditional IPO processes. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant (exercisable at $11.50), a typical SPAC structure that balances potential upside with dilution.

The company has placed $301,650,750 ($10.05 per unit) into trust, representing investor capital that remains protected until a business combination is completed. This slight premium to the standard $10.00 per unit provides marginally enhanced investor protection and serves as a floor value for shareholders who might later redeem their shares.

The management team is led by co-CEOs Gary Smith and Alexander Coleman, targeting acquisitions in the consumer industry, though they maintain flexibility to pursue opportunities in other sectors. Cantor Fitzgerald served as the sole book-runner.

This successful SPAC launch represents just the beginning of New Providence's lifecycle. The critical phases lie ahead as management searches for a suitable acquisition target, negotiates terms, and seeks shareholder approval - all within the typical 18-24 month timeframe before capital must be returned to investors.

Palm Beach, FL, April 25, 2025 (GLOBE NEWSWIRE) -- New Providence Acquisition Corp. III (the “Company”) announced today the closing of its initial public offering of 30,015,000 units, which includes 3,915,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The offering was priced at $10.00 per unit, resulting in gross proceeds of $300,150,000.

The Company’s units began trading on April 24, 2025 on the Nasdaq Global Stock Market LLC (“Nasdaq”) under the ticker symbol “NPACU.” Each unit consists of one Class A ordinary share of the Company and one-third of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share of the Company at an exercise price of $11.50 per share. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “NPAC” and “NPACW,” respectively.

Of the proceeds received from the consummation of the initial public offering (including the exercise of the over-allotment option) and a simultaneous private placement of units, $301,650,750 (or $10.05 per unit sold in the offering) was placed in trust.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company seeks to acquire and operate a business in the consumer industry, however, it may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution.

The Company’s management team is led by Gary Smith and Alexander Coleman, each a Co-Chief Executive Officer and Co-Chairman of the Board of Directors (the “Board”), and Leo Valentine, its Chief Financial Officer. The Board also includes Rick Mazer, Daniel Ginsberg, Timothy Gannon, and Greg Stevens.

Cantor Fitzgerald & Co. acted as sole book-running manager for the offering.

A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on April 23, 2024. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds thereof. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

New Providence Acquisition Corp. III
Leo Valentine
leo.valentine@npa-corp.com
929-249-8832

FAQ

What is the total amount raised in New Providence Acquisition Corp. III's IPO (NPAC)?

New Providence Acquisition Corp. III raised $300,150,000 through its IPO, selling 30,015,000 units at $10.00 per unit.

How are the NPAC units structured in the 2025 IPO?

Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, with whole warrants exercisable at $11.50 per share.

What is the trust account value per unit for NPAC's 2025 IPO?

$10.05 per unit was placed in trust, totaling $301,650,750 from the IPO and private placement proceeds.

What are the trading symbols for New Providence Acquisition Corp. III on Nasdaq?

The units trade as 'NPACU', with Class A shares and warrants to later trade as 'NPAC' and 'NPACW' respectively.

Which industry sector is NPAC targeting for acquisition?

NPAC is targeting acquisitions in the consumer industry, though it may pursue opportunities in other industries.