NightDragon Acquisition Corp.’s $345 Million Initial Public Offering

Wilson Sonsini Goodrich & Rosati advised NightDragon Acquisition Corp. on the deal, while Davis Polk advised the representative of the several underwriters.

NightDragon Acquisition Corp. closed its initial public offering of 34,500,000 SCALE (Stakeholder-Centered Aligned Listed Equity) units, including 4,500,000 SCALE units pursuant to the full exercise of the underwriters’ over-allotment option. Each SCALE unit consists of one share of the company’s Class A common stock and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. The SCALE units were sold at an offering price of $10.00 per SCALE unit, generating gross proceeds of $345,000,000. The SCALE units began trading on Nasdaq on March 2, 2021, under the symbol “NDACU,” and when the securities comprising the SCALE units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “NDAC” and “NDACW,” respectively.

NightDragon Acquisition Corp. was formed for the purpose of effecting a merger, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. While it may pursue an acquisition opportunity in any business, industry, sector, or geographical location, the company intends to focus its search on the cybersecurity, safety, security, and privacy sector. 

Morgan Stanley & Co. LLC acted as lead book-running manager and Drexel Hamilton acted as co-manager in the offering. 

The Wilson Sonsini team that advised NightDragon Acquisition Corp. included: Jeff Saper (Picture), Robert Day, Bryan King, Angela Chen, James Babikian, Adam Grajewski, Jeff Buckelew, Rob Rosenblum, Kelly Chapman, Christine Liu, Jonathan Zhu, Derek Wallace, Joe Mandry, Ryan Greecher
Adrian Broderick and Brian Currie.

The Davis Polk corporate team advising the representative of the several underwriters included partners Alan F. Denenberg and Derek Dostal and associates Bryan M. Quinn and Joseph G. Marano. The tax team included partner Michael Farber and associate Constance Zhang. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Alan Denenberg – Davis Polk & Wardwell; Derek Dostal – Davis Polk & Wardwell; Michael Farber – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Joseph Marano – Davis Polk & Wardwell; Bryan Quinn – Davis Polk & Wardwell; Constance Zhang – Davis Polk & Wardwell; James Babikian – Wilson Sonsini Goodrich & Rosati; Adrian Broderick – Wilson Sonsini Goodrich & Rosati; Kelly Chapman – Wilson Sonsini Goodrich & Rosati; Angela Chen – Wilson Sonsini Goodrich & Rosati; Brian Currie – Wilson Sonsini Goodrich & Rosati; Robert Day – Wilson Sonsini Goodrich & Rosati; Adam Grajewski – Wilson Sonsini Goodrich & Rosati; Ryan Greecher – Wilson Sonsini Goodrich & Rosati; Bryan King – Wilson Sonsini Goodrich & Rosati; Christine Liu – Wilson Sonsini Goodrich & Rosati; Joe Mandry III – Wilson Sonsini Goodrich & Rosati; Robert Rosenblum – Wilson Sonsini Goodrich & Rosati; Jeffrey Saper – Wilson Sonsini Goodrich & Rosati; Derek Wallace – Wilson Sonsini Goodrich & Rosati; Jonathan Zhu – Wilson Sonsini Goodrich & Rosati;

Law Firms: Davis Polk & Wardwell; Wilson Sonsini Goodrich & Rosati;

Clients: Drexel Hamilton; Morgan Stanley; NightDragon Acquisition Corp.;

Author: Martina Bellini