Rand Acquisition Corporation
Number of units sold: 4,600,000
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
Ticker symbols
Common stock: RAQC
Warrants: RAQCW
Units: RAQCU
Common shares outstanding subsequent to IPO: 5,600,000
Shares held by public shareholders: 4,600,000
Shares held by insiders: 1,000,000
Percentage held by public shareholders: 82.1%
Gross proceeds raised: $27,600,000
Net proceeds to be held in escrow: $23,736,000
Escrowed proceeds per share applicable to future public shareholders: $5.16
Date of IPO: November 2, 2004
Date of original filing: June 30, 2004
Current stock price (as of January 7, 2005)
Common stock: $5.11
Warrants: $.69
Units: $6.75
Description of business: We are a blank check company organized under the laws of the State of Delaware on June 2, 2004. We were formed to effect a merger, capital stock exchange, asset acquisition or other similar business combination with a currently unidentified operating business with significant growth potential. To date, our efforts have been limited to organizational activities.
Biographical information for significant officer: Laurence S. Levy has been our chairman of the board and chief executive officer since our inception. In June 1986, Mr. Levy co-founded Hyde Park Holdings, Inc., a private investment firm specializing in leveraged buyouts, and has been its chairman of the board since that date. In March 1991, Mr. Levy acquired Warehouse Associates L.P., a private logistics provider, and has served as its chairman of the board since that time. In April 1999, Mr. Levy and John Hancock Financial established PFI Resource Management LP and Mr. Levy has served as its manager since that date. PFI Resource Management is an investor in the Private Funding Initiative program in the United Kingdom which is privatizing state infrastructure assets. In October 1999, Mr. Levy, together with DLJ Real Estate Capital Partners II, formed a predecessor of Ozburn-Hessey Logistics, LLC. Since that time, Mr. Levy has served as a director of, and consultant to, Ozburn-Hessey Logistics, which is an independent logistics company. In January 2000, Mr. Levy, in partnership with John Hancock Financial, acquired Derby Industries LLC, a leading sub-assembler to the appliance industry. Since that time, Mr. Levy has served as chairman of the board of Derby Industries LLC. Since October 2002, Mr. Levy has been the chairman of the board, chief executive officer and president of Regency Affiliates Inc., an OTC Bulletin Board-listed holding company that holds interests in real estate, a power station and other assets. In December 2002, Mr. Levy, in partnership with Macquarie Bank, acquired Parking Company of America Airports LLC, an off-airport parking company. Since that time, Mr. Levy has served as a director of Parking Company of America Airports. From August 1991 until May 1999, Mr. Levy was chief executive officer of High Voltage Engineering Corporation, a diversified industrial and manufacturing company, and from March 1988 until January 2003 served as a member of its board of directors. Mr. Levy received a Bachelor of Commerce degree and a Bachelor of Accountancy degree from the University of Witwatersrand in Johannesburg, South Africa, and an M.B.A. from Harvard University and graduated as a Baker Scholar. He is also a Chartered Accountant (South Africa).
SEC filings: sec.gov |
