JK Acquisition Corp. completed its IPO today, selling 11,500,000 units at $6.00 per unit. The gross proceeds totaled $69 million, up slightly from the $60 million that the company was looking to raise when it filed its initial S-1 in late May of last year. Prior to the offering, certain of the insiders purchased 333,334 units in a private placement, for a total purchase price of $2,000,004. A total of $66,699,904, equal to $5.80 per share has been placed into the trust account. This balance includes $2,000,004 from the sale of units to certain of the insiders, as well as $1,552,500 of deferred underwriting fees. The insider units were not included in the per share calculation. In the event that the company is liquidated, the insiders and the underwriters will not receive any of the funds placed into the escrow account.
Each unit consists on one share of common stock and warrants to purchase two additional shares at $5.00 per share.
JK Acquisition Corp. is going to focus its efforts on acquiring one or more operating entities in the manufacturing, distribution or service sectors headquartered in North America
There is no word yet as to whether or not the underwriter has exercised its over-allotment option.
The securities will be listed on the AMEX. The units (JKA-U) began trading today and closed at $6.06. The common shares (JKA) and warrants (JKA-W) will begin trading separately at a later date.
The final prospectus:
sec.gov |
