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North Atlantic Acquisition

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About North Atlantic Acquisition

North Atlantic Acquisition (NASDAQ: NAACU) is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.

Headquarters Location

1345 Avenue of the Americas

New York, New York, 10105,

United States


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Latest North Atlantic Acquisition News

Irish-backed $400m Spac investment vehicle NAAC may have to hand cash back to investors as it fails to land a deal

Nov 17, 2022

It looks increasingly likely that a $400m (€400m) Irish-backed investment vehicle will have to hand back its cash pile to shareholders as it nears crunch time for consummating a takeover deal. North Atlantic Acquisition Corporation (NAAC) floated on the Nasdaq in January last year. It’s a so-called Special Purpose Acquisition Company (Spac) that hoovered up money from cash-flush investors in order to buy or merge with an existing company. But NAAC has warned investors in a quarterly update that it’s “uncertain” that it will be able to complete a deal by January 26. Under its structure, it has until then to do so or else must return the money to shareholders within 10 days of that date. It raised $383m in January last year amid a raft of Spac flotations as investors sought returns on cash in what was then a low interest rate environment. NAAC was co-founded by its chief executive, Gary Quin. He’s a former vice chairman at Credit Suisse. Another key co-founder is businessman Patrick Doran. Earlier this year a planned deal that would have seen NAAC merge with US-based tech business Telesign, which is owned by Belgian mobile phone company Proximus, fell apart. Under the deal, which valued Telesign at more than $1.7bn including cash from NAAC, Proximus would retain a 66pc share of Telesign. NAAC shareholders would own 22pc and about 4.9pc would be split between NAAC founders. That would have made for a stunning return on the $25,000 that the founders paid for their shares. But the deal foundered during the summer, leaving NAAC scouting for a fresh target. NAAC insisted last month that its stated aim is to complete a deal and that has not changed. A spokesman reiterated that position yesterday despite the time available to complete a transaction rapidly dwindling. If NAAC fails to seal a deal and waits until next year to return cash to shareholders, it will be forced to shoulder the cost of a new 1pc excise tax being introduced in the United States from January 1. The tax applies to certain share buybacks by domestic US publicly-traded companies. However, NAAC insists that the amount of excise tax it would be liable for under the new rules could be impacted by a number of factors. However, it also noted that the tax could reduce the amount of cash it has available to complete a business combination and affect its ability to complete such a transaction. NAAC has incurred more than $4m in operating costs since it was established. Business Newsletter

North Atlantic Acquisition Frequently Asked Questions (FAQ)

  • When was North Atlantic Acquisition founded?

    North Atlantic Acquisition was founded in 2021.

  • Where is North Atlantic Acquisition's headquarters?

    North Atlantic Acquisition's headquarters is located at 1345 Avenue of the Americas, New York.

  • What is North Atlantic Acquisition's latest funding round?

    North Atlantic Acquisition's latest funding round is IPO.

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