New America Acquisition I Corp. completed its initial public offering of 34,500,000 units at $10.00 per unit, raising $345,000,000 in gross proceeds. Each unit includes one share of Class A common stock and one-half of a redeemable warrant, with each whole warrant exercisable at $11.50 per share. The company also sold 600,000 private placement units to its sponsor and issued 1,100,000 Class A shares to the underwriters’ representatives.
A total of $345,000,000 of net proceeds from the IPO and private placement was deposited into a trust account, to be used for an initial business combination within 18 months of the IPO closing, or up to 24 months under specified extension conditions. The company’s amended and restated articles of incorporation became effective, new independent directors were appointed to the board and its key committees, and the company entered indemnity agreements with directors and officers.