New Frontier Corp. (NFC) Increases PIPE Size
New Frontier Corp. (NFC), filed additional documents this morning announcing that they have increased the size of their equity commitments associated with their combination with United Family Health (“UFH”).
Previously, New Frontier had secured a $711 million PIPE (71,148,186 shares at $10.00 per share) to help fund the $1.3 billion purchase price of UFH and provide working capital to the Company. The $711 million PIPE was in addition to the $478 million of cash raised by NFC in its initial public offering and through forward purchase commitments obtained at the time of NFC’s initial public offering of $181 million.
The additional subscription agreement is for up to 2,628,000 additional Class A ordinary shares, also at a purchase price of $10.00 per share, which brings the total number of shares that may be issued to 73,776,186 Class A ordinary shares, or up to approximately $737,761,860 in the aggregate.
As a reminder, New Frontier will be holding their shareholder vote to complete their combination with UHF, next Thursday, December 12th.