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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 16, 2021
New Vista Acquisition Corp
(Exact name of registrant as specified in its charter)
| Cayman Islands | 001-40070 | 98-1574055 | ||
| (State or other jurisdiction | (Commission | (I.R.S. Employer | ||
| of incorporation) | File Number) | Identification No.) |
| 125 South Wacker Drive, Suite 300 | ||
| Chicago, Illinois | 60606 | |
| (Address of principal executive offices) | (Zip Code) |
(312) 855-2083
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant | NVSAU | The Nasdaq Stock Market LLC | ||
| Class A ordinary shares, par value $0.0001 per share | NVSA | The Nasdaq Stock Market LLC | ||
| Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | NVSAW | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☑
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01 | Other Events. |
On February 19, 2021, New Vista Acquisition Corp (the “Company”) consummated its initial public offering (the “IPO”) of 27,600,000 units (the “Units”), including the issuance of 3,600,000 Units as a result of the underwriter’s exercise of its option to purchase additional Units in full. Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (an “Ordinary Share”), and one-third of one redeemable warrant of the Company. Each whole warrant entitles the holder thereof to purchase one Ordinary Share for $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $276,000,000.
Substantially concurrently with the closing of the IPO, the Company completed the private sale of 5,680,000 warrants (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant, to the Company’s sponsor, New Vista Acquisition Sponsor LLC, a Delaware limited liability company (the “Sponsor”), generating gross proceeds to the Company of $8,520,000. The Private Placement Warrants are identical to the warrants sold as part of the Units in the IPO except that, so long as they are held by the Sponsor or its permitted transferees: (1) they will not be redeemable by the Company (except in certain redemption scenarios when the price per Ordinary Share equals or exceeds $10.00 (as adjusted)); (2) they (including the Ordinary Shares issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold until 30 days after the completion of the Company’s initial business combination; (3) they may be exercised by the holders on a cashless basis; and (4) they (including the Ordinary Shares issuable upon exercise of these warrants) are entitled to registration rights.
A total of $276,000,000, comprised of proceeds from the IPO and the sale of the Private Placement Warrants, were placed in a U.S.-based trust account at J.P. Morgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee. Except with respect to interest earned on the funds held in the trust account that may be released to the Company to pay its taxes, if any, the funds held in the trust account will not be released from the trust account until the earliest to occur of: (1) the completion of the Company's initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company's amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company's obligation to allow redemption in connection with its initial business combination or to redeem 100% of its public shares if the Company does not complete its initial business combination within 24 months from the closing of the IPO or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity; and (3) the redemption of the Company's public shares if the Company has not completed its initial business combination within 24 months from the closing of the IPO, subject to applicable law.
In connection with the IPO, the Company entered into the following agreements, the forms of which were previously filed as exhibits to the Company registration statement (File No. 333-252622):
| ● | Amended and Restated Memorandum and Articles of Association of the Company. |
| ● | Underwriting Agreement, dated February 16, 2021, between, on the one hand, the Company and, on the other hand, Citigroup Global Markets Inc. and Jefferies LLC. |
| ● | Warrant Agreement, dated February 16, 2021, between the Company and Continental Stock Transfer & Trust Company, as warrant agent. |
| ● | Letter Agreement, dated February 16, 2021, among the Company, the Sponsor and certain other security holders named therein. |
| ● | Investment Management Trust Agreement, dated February 16, 2021, between the Company and Continental Stock Transfer & Trust Company, as trustee. |
| ● | Registration Rights Agreement, dated February 16, 2021, among the Company, the Sponsor and certain other security holders named therein. |
| ● | Administrative Services Agreement, dated February 16, 2021, between the Company and New Vista Acquisition Sponsor LLC. |
| ● | Private Placement Warrants Purchase Agreement, dated February 16, 2021, between the Company and the Sponsor. |
| ● | Indemnity Agreement, dated February 16, 2021, between the Company and Dennis A. Muilenburg. |
| ● | Indemnity Agreement, dated February 16, 2021, between the Company and Travis S. Nelson. |
| ● | Indemnity Agreement, dated February 16, 2021, between the Company and Kirsten Bartok Touw. |
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| ● | Indemnity Agreement, dated February 16, 2021, between the Company and Marion Blakey. |
| ● | Indemnity Agreement, dated February 16, 2021, between the Company and Howard L. Lance. |
| ● | Indemnity Agreement, dated February 16, 2021, between the Company and Christopher B. Lofgren. |
| ● | Indemnity Agreement, dated February 16, 2021, between the Company and Stephen W. Wilson. |
On February 16, 2021, the Company issued a press release, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K, announcing the pricing of the IPO.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits. The following exhibits are filed with this Form 8-K:
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| New Vista Acquisition Corp | |||
| Date: February 19, 2021 | By: | /s/ Dennis A. Muilenburg | |
| Name: | Dennis A. Muilenburg | ||
| Title: | Chief Executive Officer | ||
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