On February 22, 2007, Dekania Corp. announced that its underwriter had exercised a portion of its over-allotment option and purchased an additional 262,400 units at $10.00 per unit. A total of 9,962,400 units were sold to the public. The total gross proceeds raised in the IPO were $99,624,000.
The balance placed in the trust account is $99,571,520, equal to $9.99 per share. This balance includes $2,040,000 in fees that have been deferred by the underwriter, $2,500,000 that was raised through the sale of units to certain of the insiders, and a $3,000,000 letter of credit (put up by the sponsor) that can be drawn down by the Trustee. 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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