Phoenix India Acquisition Corp. has announced that its underwriter has exercised the entire over-allotment option and purchased an additional 923,437 units, bringing the total number of units sold in the offering to 7,173,437, which includes 93,750 units sold to certain of the insiders prior to the offering. The total gross proceeds raised in the IPO were $57,387,496.
The balance placed in the trust account is $54,913,371, equal to $7.76 per share. The balance placed into the trust account includes $2,265,000 of fees that the underwriter has agreed to defer until the company completes an acquisition, as well as $750,000 from the sale of units to certain of the insiders. In the event that the company liquidates, neither the underwriter nor the insiders will receive any of the proceeds.
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