Another blank check company, Navitas International Corp., has filed an S-1. The deal is being underwritten by FTN Midwest Securities Corp. The company is going to focus its acquisition efforts on acquiring an operating company in India.
Navitas International Corp. – STILL IN REGISTRATION
Number of units being offered: 20,000,000
Proposed price per unit: $6.00
Terms of deal: One share of common stock and warrants to purchase two shares of common stock at $5.00 per share.
Underwriters: FTN Midwest Securities Corp.
Proposed ticker symbols
Common stock: Not known
Warrants: Not known
Units: Not known
Common shares to be outstanding subsequent to IPO: 25,000,000
Shares to be held by public shareholders: 20,000,000
Shares held by insiders: 5,000,000
Percentage held by public shareholders: 80.0%
Gross proceeds being raised: $120,000,000
Net proceeds to be held in escrow: $107,094,184
Escrowed proceeds per share applicable to future public shareholders: $5.35
Date of IPO: N/A
Date of original filing: December 27, 2005
Current stock price
Common stock: N/A
Warrants: N/A
Units: N/A
Insider shares: 5,000,000 shares purchased at $.0012 per share. Total proceeds: $6,000.
Restrictions on insider shares: The shares will remain in escrow until the earlier of three years after the offering, one year after the consummation of an acquisition, or the liquidation of the company.
Other insider requirements: None.
Description of business: We are a blank check company organized under the laws of the State of Delaware on November 14, 2005. We were formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination, one or more operating businesses in India. Our efforts in identifying prospective target businesses will be focused primarily on product companies in industries that we believe are well positioned to grow as a result of the massive and ongoing development of the Indian infrastructure
Biographical information for significant officers: Vivek K. Soni has served as our Chairman & Chief Technology Officer since our inception in November, 2005. From 2001 to 2004, he was President, Corporate Technology Strategy and Services, at the Aditya Birla Group, an India based manufacturing and services conglomerate with operations within and outside India. Prior to joining the Aditya Birla Group, Dr. Soni was Director, Science & Technology, at Polaroid Corporation, where he worked from 1987 to 2001. Dr. Soni led the development of digital imaging products and various research and development groups focused on chemicals and materials. He was actively involved in key product development initiatives with domestic and international partners. Dr. Soni started his career in 1985 at Shell Development Company, a Royal Dutch/ Shell Group Company in Houston, TX, where he developed additives for automotive lubricants. He has served on the Board of Directors of the Community Art Center, a non-profit organization in Cambridge, MA, serving as President of its Board from December 2000 to November 2001. Dr. Soni received his Ph.D. from the University of Massachusetts, Amherst and a B.Tech. from the Indian Institute of Technology, New Delhi, India. He attended the Executive Development Program at the Kellogg School of Management at Northwestern University.
Parag G. Mehta has served as our President & Chief Executive Officer since our inception in November, 2005. In 1999, Dr. Mehta co-founded Aprilis, Inc., a spin-off from Polaroid Corporation engaged in developing products for high-end optical data storage and forensic grade biometric security. Dr. Mehta helped capitalize Aprilis through multiple rounds of institutional financing and in sourcing the capital, negotiating the investment and structuring the largest transaction for the company. He was a member of its Board of Directors from February 1999 to December 2003, Vice President of Product Delivery from September 1999 to September 2000 (part time) and September 2000 to August 2004 (full time). From 1989 to 2000, Dr. Mehta worked at Polaroid Corporation, holding line and program management positions in Consumer Film Manufacturing, Holography and Central Research and Development divisions. His roles at Polaroid included research and development (R&D), logistics, new product commercialization, manufacturing, vendor management and worldwide customer interface. During his tenure with Polaroid’s R & D division, Dr. Mehta worked in the area of Light Emitting Diodes, an area of technology expected to play a role in development of energy efficient lighting products. In his managerial role at Polaroid, Dr. Mehta managed the sales and manufacturing of an automotive product line for a passenger vehicle manufactured by one of the Big Three US automobiles producers. In his last role at Polaroid, as the Manager of Supply Chain & Engineering in the Consumer Film division, he and his group managed manufacturing and quality of components from over twenty suppliers in the US, UK and the Netherlands. Dr. Mehta also serves on the Board of Advisors of Animatix Studios, Inc., a privately held 3-D animation company. He received his Ph.D. from Rensselaer Polytechnic Institute, Troy, NY and his M.S. from Indian Institute of Technology, Bombay, India.
SEC filings: sec.gov |
