Davis Polk advised the representatives of the several underwriters, in connection with the initial public offering of 27,500,000 units of Nebula Caravel Acquisition Corp., including 2,500,000 units purchased pursuant to the partial exercise of the underwriters’ option to purchase additional units, for aggregate proceeds of $275 million. Each unit consists of one share of Class A common stock and one-fifth of one warrant to purchase one share of Class A common stock of Nebula Caravel Acquisition Corp. The units were approved for listing on Nasdaq under the symbol “NEBCU.”

Nebula Caravel Acquisition Corp. is a newly incorporated special purpose acquisition company (SPAC) whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although Nebula Caravel Acquisition Corp. is not limited to a particular industry or geographic region for purposes of completing a business combination, the company intends to focus on the technology industry.

The Davis Polk corporate team included partners Derek Dostal and Deanna L. Kirkpatrick and associate Alexander Kraik. Partner Michael Farber and associate Talya Presser provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. All members of the Davis Polk team are based in the New York office.

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