Tailwind Financial, Inc. completed its IPO on April 12, 2007, selling 12,500,000 units at $8.00 per unit. The gross proceeds totaled $100 million, in line with the amount that the company was looking to raise when it filed its initial S-1 on July 14, 2006. A total of $100,000,000, equal to $8.00 per common share, has been placed into an escrow account. This balance includes $3 million deferred by the underwriters, which will be paid when the company completes an acquisition, and $4.7 million from the sale of warrants to certain of the insiders. In the event that the company is liquidated, neither the underwriter nor the insiders will receive any of the funds placed into the escrow account.
Up to $1,600,000 of interest earned on the trust fund balance can be used to fund expenses related to investigating and selecting a target business and other working capital requirements.
Each unit consists of one share of common stock and one warrant to purchase an additional share at $6.00 per share.
Warrant terms: Each warrant will become exercisable on the later of the completion of a business combination with a target business and April 11, 2008. The warrants will expire at 5:00 p.m., New York City time, on April 11, 2011, or earlier upon redemption.
Tailwind Financial, Inc. is going to focus its efforts on acquiring an operating company in the financial services industry.
As of the date of the offering, there was no word as to whether or not the underwriter was going to exercise the over-allotment option.
The securities are listed on the American Stock Exchange. The units (TNF-U) closed at $8.50 today. The common shares (TNF) and warrants (TNF-WT) closed at $7.53 and $.82, respectively.
The final prospectus:
sec.gov |
