Dennis Muilenburg, who went out of the door as CEO of Boeing during the 737 MAX debacle is it seems back with New Vista Acquisition Corp. The units plan to list on the Nasdaq, initially under the ticker symbol “NVSAU.” However, the warrants and Class A shares will eventually trade separately under the tickers “NVSAW” and “NVSA,” respectively. He plans to raise $230m through an IPO for a SPAC that expects to make acquisitions in aviation and sectors. “While we may pursue an initial business combination target in any industry … we intend to focus our search for a target business operating in the aviation, aerospace and defense industries,” Muilenburg and other executives wrote in an S-1 filing with the U.S. Securities and Exchange Commission for New Vista Acquisition Corp. New Vista plans to sell 23m investment units at $10 per share through the initial public offering – plus an extra 3m available to underwriters for overallotments. Each unit will consist of one Class A share and half a warrant to purchase a future share at $11.50. If underwriters sell all shares, the offering will net $217.4M for Chicago-based New Vista after deducting underwriting fees and commissions. The SPAC’s sponsors also plan to invest an additional $7m (or $7.6m if underwriters exercise all overallotments) for 7m to 7.6m warrants in the company. Priced at $1 per warrant, each will grant them the right to buy one Class A share in the future at $11.50. The company will have two years to make acquisitions or will give shareholders back their money.
Dennis is back!
