Muilenburg-led New Vista SPAC raises $240 million, debuts on Nasdaq

Avatar for eVTOLBy eVTOL | February 17, 2021

Estimated reading time 4 minutes, 43 seconds.

New Vista Acquisition Corp., the special purpose acquisition company (SPAC) chaired by former Boeing CEO Dennis Muilenburg, began trading on the Nasdaq on Feb. 17 to a positive reception after raising $240 million to target and bring public an aerospace company developing emerging technology.

Uber eVTOL Common Reference Model
The New Vista SPAC is focusing on companies operating within the emerging advanced air mobility industry, as well as on the space, defense and communications sectors. Uber Image

The units are listed on the Nasdaq under the ticker symbol “NVSAU.” Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.

Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on Nasdaq under the symbols “NVSA” and “NVSAW,” respectively.

New Vista filed with the U.S. Securities and Exchange Commission (SEC) on Feb. 1 seeking to raise $200 million to take an emerging aerospace technology company public. Incorporated in the Cayman Islands, the blank check corporation intends to focus on businesses engaged with new and transformational technologies, focusing particularly on businesses operating within space, defense and communications, as well as advanced air mobility (AAM) and logistics.

The increase in warrants offered suggests that the SPAC was likely oversubscribed, reflecting the high level of interest from capital markets in the space.

In addition to Muilenberg, who was fired from Boeing for his handling of the 737 MAX crisis, the SPAC is led by investors Kirsten Bartok Touw of AirFinance and Travis Nelson of Eclipse Investors, who serve as co-presidents. Several other known players in the eVTOL space have been named as advisors, including Paul Eremenko, chairman and CEO of Universal Hydrogen; Gur Kimchi, co-founder of Amazon Prime Air; and Wyatt Smith, former head of business development at Uber Elevate.

Bartok Touw confirmed to that the company is looking equally at eVTOL-related technology as well as the other areas listed in its SEC filing.

“While we have a narrow aperture compared to a generalist SPAC, we still have a very large aperture. So our list of companies is pretty long and they aren’t too early to go public. Much of the technological risk is behind them and they’re really at the inflection point of building up and scaling,” she said.

SPACs are rapidly emerging as a popular way for eVTOL developers and associated companies in the AAM space to go public. Last week, the electric air taxi developer Archer announced it will merge with the SPAC Atlas Crest Investment Corp. in a deal expected to provide $1.1 billion in gross proceeds, valuing the startup at $3.8 billion post-money.

Meanwhile, Joby Aviation is reportedly close to a deal to go public via a merger with Reinvent Technology Partners, and Lilium is also said to be in discussions with SPACs. The helicopter booking service Blade Urban Air Mobility announced a SPAC deal with Experience Investment Corp. in December, telling investors that it aims to transition to eVTOL aircraft starting in 2025.

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