The prospect of special purpose acquisition companies (SPACs) leading the next wave of investment in the cash-hungry advanced air mobility (AAM) sector gained momentum this week when New Vista Acquisition Corp. filed an S-1 initial public offering (IPO) registration form with the U.S. Securities and Exchange Commission. The company is offering 20 million shares at $10 apiece in a bid to raise $200 million with which to acquire one or more companies in the aviation, aerospace, and defense industries.
In its S-1 filing, New Vista specifically highlights AAM as a core target area for its investment strategy, along with supporting technologies such as hybrid and electric propulsion, autonomous flight systems, artificial intelligence, and machine learning. The company also expresses an interest in businesses involved in logistics, communications, and space, giving it scope to cast its net beyond the obvious investment targets among eVTOL aircraft developers.
What really caught the eye of observers is New Vista’s leadership team, which is rich in aviation industry pedigree. Former Boeing president, CEO, and chairman Dennis Muilenburg is its chairman and CEO. Alongside him are co-president and COO Kirsten Bartok Touw, who founded the AirFinance venture capital group, and co-president and CFO Travis Nelson, founder of the Eclipse Investors group. Further evidence of New Vista’s intentions in the AAM space is provided by the presence among its advisors of Paul Eremenko, who founded propulsion systems start-up Universal Hydrogen and is a former chief technology officer with Airbus and CEO of its A-cubed innovation division.
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