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Russell Galbut and Michael S. Liebowitz (iStock)
Developer Russell Galbut and investor Michael S. Liebowitz deploy PSPCs.
The 2 companions, who final yr raised $ 115 million for his or her clean verify firm New Beginnings Acquisition Corp., filed an preliminary public providing for 2 different corporations, New Beginnings Acquisition Corp. II and New Beginnings Acquisition Corp. III, every aiming to lift $ 100 million.
Liebowitz mentioned the Miami Seashore-based corporations each plan to focus on journey, hospitality, leisure, fintech, insurance coverage know-how and property know-how. The shares can be priced at $ 10 every.
“We’ve determined to file two extra PSPCs as a result of we consider the PSPC market will keep robust for a very long time,” mentioned Liebowitz. PSPCs, or particular objective acquisition corporations, have made a comeback in all sectors in current months.
Galbut, co-founder and CEO of Miami-based Crescent Heights, is president of New Beginnings. Liebowitz, Managing Director and Government Vice President of Alliant Insurance coverage Companies, is Director and CEO.
Their first clean verify firm, New Beginnings Acquisition Corp., just lately introduced a merger with Airspan Networks, a 5G community firm. The merger is predicted to shut on the finish of the third quarter and can be valued at $ 822 million.
Whereas they can’t be used to accumulate particular person properties, PSPCs can purchase companies with actual property belongings. Quite a few proptech-focused clean verify corporations have been launched over the previous yr and are in search of offers.
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