New Providence SPAC to merge with Abra Financial at $750M equity value

New Providence Acquisition Corp. III/Cayman

All-stock deal: Abra holders get ~$750M / redemption-price in SPAC shares; CEO William Barhydt to lead combined company.
SPAC must raise at least $150M in transaction financing prior to close; net cash proceeds condition of $40M.
18-month lock-up for certain Abra stockholders; early release if SPAC stock >$12.50 VWAP for 10 of 20 days.
Termination date: October 15, 2026; customary conditions include antitrust, regulatory approvals and Nasdaq listing.
Board set at 7 members: 1 from SPAC, 3 from Abra, CEO, plus 2 independent fintech experts mutually agreed.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

New Providence Acquisition Corp. III/Cayman entered into Business Combination Agreement with Abra Financial Holdings, Inc. valued at $750,000,000 (Merger Consideration) (effective 2026-03-16).

Action: entry
Agreement: merger
Counterparty: Abra Financial Holdings, Inc.
Value: $750,000,000 (Merger Consideration)
Effective: 2026-03-16

Exact text from the filing

On March 16, 2026, New Providence Acquisition Corp. III, a Cayman Islands exempted company (" SPAC "), entered into a Business Combination Agreement (the " Business Combination Agreement ") with Abra Financial Holdings, Inc., a Delaware corporation (together with its successors, " Abra " or the " Company "), and Aether Merger Sub I, Corp., a Delaware corporation and a wholly-owned subsidiary of SPAC (" Merger Sub ").

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New Providence Acquisition Corp. III/Cayman filing history →

Source: SEC EDGAR

accession 0001213900-26-027989

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