Another blank check company, East India Company Acquisition Corp., has filed an S-1. The offering is being underwritten by EarlyBirdCapital, Inc. The company is going to focus its acquisition efforts on acquiring an operating entity in India.
East India Company Acquisition Corp. – STILL IN REGISTRATION
Number of units being offered: 6,000,000
Proposed price per unit: $6.00
Terms of deal: One share of common stock and warrants to purchase two additional shares of common stock at $5.00 per share.
Underwriter: EarlyBirdCapital, Inc.
Proposed ticker symbols
Common stock: N/A
Warrants: N /A
Units: N/A
Common shares to be outstanding subsequent to IPO: 7,620,100 (including 120,100 shares to be purchased by certain of the insiders concurrently with the public offering)
Shares to be held by public shareholders: 6,000,000
Shares held by insiders: 1,620,100
Percentage held by public shareholders: 77.87%
Gross proceeds being raised: $36,720,100 (including the proceeds from the sale of 120,100 units to certain of the insiders)
Net proceeds to be held in escrow: $34,250,100 (includes $360,000 of offering costs deferred by the underwriter and $1,210,000 from the sale of units and warrants to certain of the insiders)
Escrowed proceeds per share applicable to future public shareholders: $5.71
Date of IPO: N/A
Date of original filing: June 13, 2006
Current stock price
Common stock: N/A
Warrants: N/A
Units: N/A
Insider shares: 1,500,000 shares purchased at $.0167 per unit. Total proceeds: $25,000.
Restrictions on insider shares: The common shares shall remain in escrow until the earlier of three years or the consummation of an acquisition or the liquidation of the company.
Other insider requirements: Certain of the insiders have agreed to purchase 120,100 units at $6 per unit and 685,000 warrants at $.70 per warrant. The total proceeds of $1,200,100 will be placed into the escrow account.
The underwriters have also agreed to defer $360,000 of their fees until the company completes an acquisition.
In the event that the company is liquidated, neither the insiders nor the underwriters will receive any of the escrowed proceeds.
Description of business: We are a recently organized Delaware blank check company incorporated on March 31, 2006 in order to serve as a vehicle for the acquisition of an operating business that has operations in India. Our efforts to identify a prospective target business will not be limited to a particular industry.
Biographical information for significant officers: Dipak Nandi, M.D. has been our chairman of the board since our inception. Since May 2003, Dr. Nandi has served as the managing partner of Customers First Business Solutions, Inc. and 30 CPS LLC, two companies providing Indian related information technology enabled services to companies worldwide. From January 1997 to May 2003, Dr. Nandi owned a number of health care businesses through which he operated as a physician and chief executive officer. From January 1996 to December 1997, Dr. Nandi was a self employed physician. Dr. Nandi received a M.B.B.S. from All India Institute of Medical Sciences and M.D. from the University of Missouri at Kansas City School of Medicine.
Kary Shankar has been our chief executive officer, secretary and a member of our board of directors since our inception. Since February 2005, Mr. Shankar has been the managing director of CF-Group Inc., an IT enabled services outsourcing company providing IT and business process outsourcing services out of the United States and India to United States corporations. From June 2004 to January 2005, Mr. Shankar served as vice president of softProjex Inc., an IT outsourcing company. From 1998 to June 2004, Mr. Shankar served a consultant for ABI Services TranquilMoney Inc., an IT/healthcare outsourcing company, and Advizex Technologies, an IT provider of infrastructure and enterprise application solutions. Between 1981 and 1998, he was associated as a consultant or director of companies involved in steel, consumer products, entertainment software and banking and financial services. Mr. Shankar received a Bachelor of Commerce from the University of Madras in India and a P.G.D.M. from the Indian Institute of Management, Ahmedabad.
SEC filings: sec.gov |
