Fortissimo Acquisition Corp. has announced that its underwriter has exercised a portion of its over-allotment option and purchased an additional 535,000 units. A total of 4,535,000 units were sold to the public, not including 333,334 units that were sold to certain of the insiders. The total gross proceeds raised in the IPO, including the proceeds from the sale of units to the insiders, was $29,210,004.
The balance placed in the trust account is $26,257,650, equal to $5.79 per share. This balance includes at least $240,000 in fees that have been deferred by the underwriter and $2,000,004 that was raised through the sale of units to certain of the insiders. In the event that the company is liquidated, neither the underwriter nor the insiders purchasing the units will receive any of the funds placed into the escrow account.
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