CEA Acquisition Corporation
Number of units sold: 4,025,000
Price per unit: $6.00
Terms of deal: One share of common stock and warrants to purchase two shares of common stock at $5.00 per share.
Underwriters: EarlyBird Capital and GunnAllen Financial
Ticker symbols
Common stock: CEAC
Warrants: CEACW
Units: CEACU
Common shares outstanding subsequent to IPO: 4,900,000
Shares held by public shareholders: 4,025,000
Shares held by insiders: 875,000
Percentage held by public shareholders: 82.1%
Gross proceeds raised: $24,150,000
Net proceeds held in escrow: $20,527,500
Escrowed proceeds per share held by public shareholders: $5.10
Date of IPO: February 13, 2004
Date of original filing: November 10, 2003
Current stock price (as of January 7, 2005)
Common stock: $5.30
Warrants: $.96
Units: $7.35
Description of business: We are a blank check company organized under the laws of the State of Delaware on October 14, 2003. We were formed to effect a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business in the entertainment, media and communications industry. To date, our efforts have been limited to organizational activities.
Biographical information for significant officer: J. Patrick Michaels, Jr. has been our chairman of the board and chief executive officer since our inception. Mr. Michaels has been the chairman of the board and chief executive officer of Communications Equity Associates, LLC, an investment banking firm that provides investment and merchant banking services exclusively to the entertainment, media and communications industries, since he founded the firm in 1973. He is also a member of each Investment Committee for all of Communications Equity Associates' private equity funds. In July 2000, Mr. Michaels founded Atlantic American Corporate Group, LLC, the parent company of a number of private investment banking companies, and has been its chairman of the board and chief executive officer since its founding. Mr. Michaels has also been the chief executive officer of CEA Group, one of our initial stockholders and the entity that is providing us with general & administrative services, since August 1999. He received a B.S. from Tulane University, where he graduated magna cum laude, was a member of Phi Beta Kappa and Phi Beta Sigma and was also a Tulane Scholar and Tulane Fellow. In addition, Mr. Michaels studied at the London School of Economics and later received a M.A. from the Annenberg School of Communications at the University of Pennsylvania. He received the President's Medal from the University of South Florida and an American Broadcasting Corporation Fellowship from the University of Pennsylvania. He also holds an honorary master's degree from St. Leo College.
SEC filings: sec.gov |
