Sponsor entity tied to New America (NASDAQ: NWAX) sells 50K founder shares
Rhea-AI Filing Summary
New America Acquisition I Corp. reported an insider-related sale of 50,000 shares of its Class B common stock, known as founder shares. The transaction is coded as an open-market or private sale and is reported as an indirect holding.
The shares are held by New America Sponsor I LLC, a sponsor entity in which director Steven Scopellite has a membership interest. He may be deemed to beneficially own these 50,000 shares through that interest but has no voting or dispositive control over the sponsor and disclaims beneficial ownership except for his pecuniary interest.
The founder shares will automatically convert into Class A common stock on a one-for-one basis at the time of the company’s initial business combination, or earlier at the holder’s option, subject to certain adjustments, and they have no expiration date.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class B Common Stock | 50,000 | $0.00 | -- |
Footnotes (1)
- As described in the issuer's registration statement on Form S-1 (File No. 333-289204) under the heading "Description of Securities - Founder Shares," shares of Class B common stock, par value $0.0001 per share (the "Founder Shares"), of the issuer will automatically convert into shares of Class A common stock, par value $0.0001 per share, of the issuer at the time of the issuer's initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to certain adjustments, and have no expiration date. Mr. Scopellite received for his services as a director of the issuer an indirect interest in the Founder Shares through membership interests in New America Sponsor I LLC (the "Sponsor"). Mr. Scopellite may be deemed to beneficially own 50,000 shares held by the Sponsor by virtue of his membership interest therein. Mr. Scopellite does not have voting or dispositive control over the Sponsor and disclaims beneficial ownership except to the extent of his pecuniary interest.