NEW YORK, Feb. 16, 2021 /PRNewswire/ -- Newborn
Acquisition Corp. (NASDAQ: NBAC, the "Company"), a special purpose
acquisition company, announced today that its insiders have
advised the Company that, in the event that the proposal for an
unpaid extension currently before shareholders is not approved, the
Company's insiders or their designees will deposit into the
Company's trust account an aggregate of $575,000 (representing $0.10 per public ordinary share), in order to
extend the period of time the Company has to complete an initial
business combination for an additional three (3) months period,
from February 19, 2021 to
May 19, 2021. The purpose of
the extension is to provide time for the Company to complete an
initial business combination. The funds will be provided by
the Company's insiders or their designees in the form of a loan,
which will not be repaid if an initial business combination is not
completed.
About Newborn Acquisition Corp.
Newborn Acquisition Corp. is a blank check company, holding
approximately $57.5 million in its
trust account, formed for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar Business Combination with one or more businesses.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward looking statements are
statements that are not historical facts. Such forward-looking
statements, including the successful consummation of the Company's
initial public offering, are subject to risks and uncertainties,
which could cause actual results to differ from the forward looking
statements. The Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based.
Investor Contact
Lytham Partners
Robert Blum
nuvve@lythampartners.com
+1 602 889 9700
View original
content:http://www.prnewswire.com/news-releases/newborn-acquisition-corp-announces-additional-trust-account-contribution-if-necessary-to-extend-period-to-consummate-business-combination-301229367.html
SOURCE Nuvve Corporation
