Novo Tellus Alpha Acquisition to issue 1m units under over-allotment option

Wong Pei Ting

Published Fri, Feb 25, 2022 · 11:08 PM

NOVO Tellus Alpha Acquisition NTA : NTA 0%exercised part of its over-allotment option to issue over 1 million units on Friday (Feb 25).

Following the exercise's completion, the total number of the special purpose acquisition company's (SPAC) units in issue will increase from 30 million to a little more than 31 million.

The over-allotment option was previously made known on Jan 26, a day before it made its trading debut at S$5 on the Singapore Exchange's mainboard.

The option allows the company's stabilising manager, Credit Suisse Singapore, to subscribe, on 1 or more occasions, for up to an aggregate of 2 million units, representing not more than 20 per cent of the total number of offering units, to undertake stabilising actions.

On Friday, Novo Tellus Alpha Acquisition announced that "the stabilising manager has, on Feb 25, 2022 exercised the over-allotment option in part, in respect of 1,018,500 units which were not covered by purchases made under the price stabilising action, out of the 2,000,000 units which had been over-allotted in connection with the offering".

Its shares closed down 0.8 per cent or S$0.04 at S$4.90 before the announcement on Friday.