The officers of Rand Acquisition Corp. II previously took another blank check company public in November 2004, raising gross proceeds totaling $27.6 million for Rand Acquisition Corporation. Rand acquired Lower Lakes Towing in March 2006 and changed its name to Rand Logistics. The units (RAMEU), which were originally priced at $6.00, closed at $6.30 on Friday. The common shares (RAME) and warrants (RAMEW) closed at $5.06 and $.79, respectively.
Prior Involvement of Principals in Blank Check Companies
Each of Messrs. Levy and Levy has been affiliated with Rand Logistics since its inception. Rand Logistics (previously Rand Acquisition Corporation) completed its initial public offering in November 2004 and raised gross proceeds of $27,600,000 at an offering price of $6.00 per unit. In March 2006, Rand Acquisition Corporation completed a business combination in which it acquired all of the outstanding stock of Lower Lakes Towing Ltd. and changed its name to Rand Logistics Inc. Since its inception, Laurence S. Levy has been the chairman of the board and chief executive officer of Rand Logistics. From its inception until June 2006, Edward Levy was a special advisor to Rand Logistics and since June 2006, he has been the president of Rand Logistics. From its inception until its merger in March 2006, neither Laurence S. Levy nor Edward Levy received any salary for their services to Rand Logistics. Subsequent to June 2006, each of Laurence S. Levy and Edward Levy has been granted warrants to purchase shares of Rand Logistics’ common stock as consideration for their services to Rand Logistics. Prior to Rand’s initial public offering, Laurence S. Levy and Edward Levy had purchased 794,286 and 0 shares of common stock (at approximately $0.025 per share). Laurence S. Levy also subsequently purchased warrants to purchase 800,000 shares of common stock at an exercise price of $5.00 per share for an aggregate purchase price of $527,010 (at prices ranging from $0.65 per warrant to $0.80 per warrant). Edward Levy has agreed to acquire 50,000 shares of common stock from Laurence S. Levy upon release of such shares from escrow.
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