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Loeb & Loeb is representing BTIG, LLC, as placement agent, in a $31.25 million private investment in public equity (PIPE) offering for Newbury Street II Acquisition Corp., a special purpose acquisition company, in connection with its proposed business combination with FORT Robotics, Inc., a leading provider of safety technology for physical AI and autonomous systems.
The Loeb team provided comprehensive representation to BTIG throughout the offering, including negotiating transaction terms, drafting and reviewing agreements, preparing transaction documents, conducting due diligence and advising on strategic and regulatory considerations.
BTIG is serving as exclusive financial advisor and sole placement agent to Newbury Street II, securing over $31 million in signed commitments across both PIPE and non-redemption agreement (NRA) investments. The PIPE offering consists of 3,125,000 units priced at $10.00 per unit for aggregate gross proceeds of $31.25 million. The PIPE subscription agreements contain the option, at the election of the investors, to satisfy all or a portion of their obligations by electing not to redeem Class A ordinary shares held in connection with the extraordinary general meeting of Newbury Street II to approve the transactions.
The consummation of the business combination is expressly conditioned on the concurrent closing of the PIPE, underscoring the critical role of the financing placed by BTIG in supporting the transaction.
The transaction values FORT at approximately $500 million on a pre-money, pre-merger basis. Assuming no shareholder redemptions, the business combination is expected to generate approximately $201 million in gross proceeds, consisting of cash held in Newbury Street II's trust account and the approximately $31 million PIPE and NRA capital placed by BTIG, and deliver approximately $182 million in net proceeds and result in a total equity value of approximately $556.6 million.
The boards of directors of Newbury Street II and FORT have each unanimously approved the proposed transactions, which is expected to close in the fourth quarter of 2026, subject to customary regulatory approvals and other closing conditions.
The Loeb team was led by Capital Markets partners Alexandria Kane and David Levine and included associate Brencis Navia.
For more information, please see FORT’s press release.
The Loeb team provided comprehensive representation to BTIG throughout the offering, including negotiating transaction terms, drafting and reviewing agreements, preparing transaction documents, conducting due diligence and advising on strategic and regulatory considerations.
BTIG is serving as exclusive financial advisor and sole placement agent to Newbury Street II, securing over $31 million in signed commitments across both PIPE and non-redemption agreement (NRA) investments. The PIPE offering consists of 3,125,000 units priced at $10.00 per unit for aggregate gross proceeds of $31.25 million. The PIPE subscription agreements contain the option, at the election of the investors, to satisfy all or a portion of their obligations by electing not to redeem Class A ordinary shares held in connection with the extraordinary general meeting of Newbury Street II to approve the transactions.
The consummation of the business combination is expressly conditioned on the concurrent closing of the PIPE, underscoring the critical role of the financing placed by BTIG in supporting the transaction.
The transaction values FORT at approximately $500 million on a pre-money, pre-merger basis. Assuming no shareholder redemptions, the business combination is expected to generate approximately $201 million in gross proceeds, consisting of cash held in Newbury Street II's trust account and the approximately $31 million PIPE and NRA capital placed by BTIG, and deliver approximately $182 million in net proceeds and result in a total equity value of approximately $556.6 million.
The boards of directors of Newbury Street II and FORT have each unanimously approved the proposed transactions, which is expected to close in the fourth quarter of 2026, subject to customary regulatory approvals and other closing conditions.
The Loeb team was led by Capital Markets partners Alexandria Kane and David Levine and included associate Brencis Navia.
For more information, please see FORT’s press release.
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