Offering with $10.5 million greenshoe is slated to fund acquisition
By Devika Patel
Knoxville, Tenn., Dec. 19 - Cambridge Capital Acquisition Corp. priced its initial public offering of units to raise $70 million with a $10.5 million greenshoe, according to a prospectus filed Thursday with the Securities and Exchange Commission.
The company will sell 7 million units of one common share and one warrant at $10.00 per unit, with each five-year warrant exercisable at $11.50 after the company's initial business combination.
EarlyBirdCapital, Inc. is the representative of the underwriters and sole bookrunner.
Proceeds will be used to acquire a target business. If the company is unable to negotiate a business combination within 18 months of this offering, it will redeem the sold units using funds from a trust account.
The blank check company is based in West Palm Beach, Fla., and was formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more target businesses.
| Issuer: | Cambridge Capital Acquisition Corp.
|
| Issue: | Units of one common share and one warrant
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| Amount: | $70 million
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| Greenshoe: | $10.5 million
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| Shares: | 7 million
|
| Price: | $10.00
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| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
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| Warrant strike price: | $11.50
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| Underwriter: | EarlyBirdCapital, Inc.
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| Bookrunner: | EarlyBirdCapital, Inc.
|
| Co-managers: | Sidoti & Co. LLC, Aegis Capital Corp. and I-Bankers Securities, Inc.
|
| Pricing date: | Dec. 19
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