Echo Healthcare Acquisition Corp. has announced that its underwriter has exercised the entire over-allotment option and purchased an additional 937,500 units, bringing the total number of units sold in the offering to 7,187,500. The total gross proceeds raised in the IPO were $58,050,000, which includes $550,000 that was raised through the sale of 458,333 warrants at $1.20 per warrant to certain of the insiders in a private placement prior to the IPO. The balance placed in the trust account is $54,947,000, equal to $7.64 per share. The balance placed into the trust account includes $1.5 million of fees that the underwriter has agreed to defer until the company completes an acquisition, as well as the $550,000 in proceeds from the sale of the warrants that were purchased by the insiders.
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