International Shipping Enterprises, Inc.
Number of units sold: 32,775,000
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: Sunrise Securities Corp.
Ticker symbols
Common stock: ISHP
Warrants: ISHPW
Units: ISHPU
Common shares outstanding subsequent to IPO: 39,900,000
Shares held by public shareholders: 32,775,000
Shares held by insiders: 7,125,000
Percentage held by public shareholders: 82.1%
Gross proceeds raised: $196,650,000
Net proceeds held in escrow: $179,935,000
Escrowed proceeds per share applicable to future public shareholders: $5.49
Date of IPO: December 14, 2004
Date of original filing: October 13, 2004
Current stock price (as of January 7, 2005)
Common stock: $5.40
Warrants: $.85
Units: $7.00
Description of business: We are a blank check company organized under the laws of the State of Delaware on September 17, 2004. We were formed to acquire, through a merger, capital stock exchange, asset acquisition or other similar business combination, one or more vessels or an operating business in the shipping industry. To date, our efforts have been limited to organizational activities.
Biographical information for significant officer: Angeliki Frangou has been our chairman of the board, chief executive officer and president since our inception. Ms. Frangou has been the chief executive officer of Maritime Enterprises Management S.A., a company located in Piraeus, Greece, that specializes in the management of dry cargo vessels of various types and sizes, since she founded the company in October 2001. From 1990 to October 2001, Ms. Frangou was the chief executive officer of Franser Shipping S.A., a company that was located in Piraeus, Greece, and was also engaged in the management of dry cargo vessels. Prior to her employment with Franser Shipping, Ms. Frangou was an analyst on the trading floor of Republic National Bank of New York, from 1987 to 1989. Ms. Frangou has also been a member of the board of directors of Emporiki Bank of Greece, the second largest retail bank in Greece, since April 2004. Ms. Frangou is a member of the Mediterranean Committee of China Classification Society and a member of the Hellenic and Black Sea Committee of Bureau Veritas. Ms. Frangou received a bachelors degree in mechanical engineering from Fairleigh Dickinson University (summa cum laude), a masters degree in mechanical engineering from Columbia University and a masters degree in business administration in finance and international business from New York University.
SEC filings: sec.gov |
