Offering is slated to fund acquisition; EarlyBirdCapital conducts sale
By Devika Patel
Knoxville, Tenn., Dec. 30 - Cambridge Capital Acquisition Corp. reported that the underwriters for its initial public offering of units opted to exercise the deal's $10.5 million greenshoe in full, lifting total proceeds to $80.5 million on Dec. 30. The deal priced for $70 million with the greenshoe on Dec. 19.
According to an 8-K filed Monday with the Securities and Exchange Commission, the company sold 8.05 million units of one common share and one warrant at $10.00 per unit, with each warrant exercisable at $11.50 for five years after the company's initial business combination. Of the units, 1.05 million were part of the fully exercised greenshoe.
EarlyBirdCapital, Inc. was the 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.
| Issuer: | Cambridge Capital Acquisition Corp.
|
| Issue: | Units of one commmon share and one warrant
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| Amount: | $80.5 million (including $10.5 million greenshoe)
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| Shares: | 8.05 million
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| Price: | $10.00
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $11.50
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| Bookrunner: | EarlyBirdCapital, Inc.
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| Co-managers: | Sidoti & Co. LLC, Aegis Capital Corp. and I-Bankers Securities, Inc.
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| Pricing date: | Dec. 19
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| Stock symbol: | Nasdaq: CAMBU
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