Harbor Acquisition Corporation has announced that its underwriter has exercised the entire over-allotment option and purchased an additional 1,800,000 units. The total gross proceeds raised in the IPO were $82,800,000.
The balance placed in the trust account is $79,460,000, equal to $5.76 per share. The balance placed into the trust account includes $1,620,000 of fees that the underwriter has agreed to defer until the company completes an acquisition, as well as $1,300,000 from the sale of warrants 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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