On March 8, 2007, Middle Kingdom Alliance Corp. announced that its underwriter had exercised a portion of its over-allotment option and purchased an additional 27,200 Series A and 120,305 Series B units at $8.00 per unit. A total of 225,200 Series A and 3,420,305 Series B units were sold to the public. The total gross proceeds raised in the IPO were $29,164,040.
The balance placed in the trust account is $28,183,313, equal to $8.24 per Series B share. This balance includes $1,119,360 in fees that have been deferred by the underwriter and $723,600 that was raised through the sale of Series A 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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