Each unit has an offering price of $5.00 and comprises one Class A share a 0.5 of one public warrant. Each warrant entitles the holder to subscribe for one Class A Share at a price of $5.75 per Class A share
Additionally, a group of 13 cornerstone investors have put in $80 million to purchase 16 million units in the spac. Novo Tellus — as the sponsor — is investing in four million units, or $20 million.
With this, NTAA intends to raise some $150 million (or $160 million if the over-allotment option is exercised in full). The funds raised will be used to acquire a target company within the technology industrials sector in the Indo-Pacific region, with a focus on investment themes built around “critical technology” and “macro growth shifts with multi-year tailwinds” such as next-generation semi-conductors, cloud and edge computing, AI, medical life sciences and supply chain resilience for advanced engineering.
NTAA will also be focusing on companies that have positive environmental, social and governance (ESG) practices, as well as a company with a seasoned and expert leadership team with deep expertise.
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Loke Wai San is the executive chairman and CEO of NTAA, he is also the co-founder and managing director of Novo Tellus, which has a track record of over 10 years investing in SGX listed companies, such as ISDN Holdings, AEM Holdings and Grand Venture Technology. Toh Hsiang-Wen Keith is NTAA’s executive director and president, while Lim Kee Way Irwin is the CFO.
Credit Suisse and DBS have been jointly appointed as global coordinators, issue managers, bookrunners and underwriters.
Shares in Novo Tellus are expected to commence trading on a "ready" basis at 9.00am on Jan 27.
Photo: Albert Chua/ The Edge Singapore
