On November 16, 2007, Heckmann Corporation announced that its underwriter had exercised a portion of its over-allotment option and purchased an additional 4,116,800 units at $8.00 per unit. A total of 54,116,800 units were sold to the public. The gross proceeds raised in the IPO were $432,934,400.
The balance placed into the trust account was $428,071,040, equal to $7.91 per share. This balance includes approximately $19,482,048 of commissions deferred by the underwriter and $7,000,000 that was raised through the sale of warrants and units to certain of the insiders. In the event that the company is liquidated, neither the underwriter nor the insiders purchasing the warrants will receive any of the funds placed in the escrow account.
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