North Atlantic Acquisition $379.5 million IPO
Davis Polk advised the joint book-running managers, in connection with the initial public offering of 37,950,000 units of North Atlantic Acquisition Corporation, including 4,950,000 units purchased pursuant to the full exercise of the underwriter’s option to purchase additional units, for aggregate proceeds of $379.5 million. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant to purchase one Class A ordinary share of North Atlantic Acquisition Corporation. The units were listed on the Nasdaq Capital Market under the symbol “NAACU.”
North Atlantic Acquisition Corporation is a newly incorporated special purpose acquisition company (SPAC) whose business purpose is to effect a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities with a primary focus on the consumer, industrials and TMT sectors in Europe or North America, and with a primary focus on Europe.
The Davis Polk corporate team included partners Derek Dostal and Deanna L. Kirkpatrick and associates Jose Lucena-Rebollo and David Giron. The tax team included counsel Kiara L. Rankin and associate Bree Gong. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the New York and Madrid offices.