Carey Olsen’s Cayman Islands corporate team has advised NorthStrive Acquisition Corp I on its US$100 million initial public offering on the Nasdaq Stock Market.
The special purpose acquisition company (SPAC) closed its IPO on 19 August, selling 10 million units at $10 each and generating gross proceeds of $100m, the law firm said in a press release.
The company has also granted its underwriter a 45-day option to purchase up to an additional 1.5 million units at the IPO price to cover any over-allotments.
NorthStrive’s units began trading on Nasdaq on 19 August under the ticker NSAIU. Once the securities begin trading separately, its Class A ordinary shares, warrants and rights are expected to trade under the symbols NSAI, NSAIW and NSAIR respectively.
The SPAC intends to focus its search for a target business on companies in the manufacturing sector serving high-growth markets, including aerospace and defence, industrial technology and critical supply chains.
Carey Olsen advised on the Cayman legal and regulatory aspects of the transaction, working alongside lead counsel Sichenzia Ross Ference Carmel.
The Carey Olsen team was led by partner Dylan Wiltermuth, with support from associate Daniella Carrazana.
D Boral Capital acted as sole book-running manager for the offering, while DLA Piper served as US legal counsel to the underwriters.
Wiltermuth said: “It was a pleasure to bring together our extensive capital markets capabilities and experience advising the company on this IPO.
“The deal is also the latest example of the depth and breadth of Carey Olsen’s securities bench.”
