Another blank check company, Israel Technology Acquisition Corp., has filed an S-1. The deal is being underwritten by EarlyBirdCapital. The company is going to focus its acquisition search on manufacturing and research and development companies located in Israel.
Israel Technology Acquisition Corp. – STILL IN REGISTRATION
Number of units being offered: 3,000,000
Proposed 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: EarlyBirdCapital, Inc.
Proposed ticker symbols
Common stock: Not known
Warrants: Not known
Units: Not known
Common shares to be outstanding subsequent to IPO: 3,750,000
Shares to be held by public shareholders: 3,000,000
Shares held by insiders: 750,000
Percentage held by public shareholders: 80.0%
Gross proceeds being raised: $18,000,000
Net proceeds to be held in escrow: $15,310,000
Escrowed proceeds per share applicable to future public shareholders: $5.10
Date of IPO: N/A
Date of original filing: March 15, 2005
Current stock price
Common stock: N/A
Warrants: N/A
Units: N/A
Description of business: Israel Technology Acquisition Corp. is a newly organized Specified Purpose Acquisition CompanyTM, or SPACTM. A “Specified Purpose Acquisition Company” or “SPAC” is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business in a specified industry. Our objective is to acquire an operating business that has manufacturing operations or research and development facilities located in Israel.
Biographical information for significant officer: Israel Frieder has served as our chairman of the board and chief executive officer since our inception. Since January 2005, Mr. Frieder has provided management consulting services to Teledata Networks NV, a provider of wireline access products and next generation network solutions for telecom operators and service providers. From May 2001 to December 2004, Mr. Frieder served as the president and chief executive officer of Kardan Communications Ltd., a private investment company active in various fields including telecommunications and information technology. From 1999 to May 2001, Mr. Frieder served as corporate vice president of business development and strategic planning for ECI Telecom Ltd., a Nasdaq listed provider of network and access solutions for digital telecommunications networks, and from 1996 to 1998 he served as president of ECI Telecom Inc./DNI (USA), a wholly owned subsidiary of ECI Telecom Ltd. From 1987 to 1996, Mr. Frieder served as president of Tadiran Telecommunications Ltd. Network Systems, a company that provides telecommunications solutions for operators and which was acquired by ECI Telecom. Mr. Frieder has served as a member of the board of directors of RiT Technologies Ltd., a Nasdaq SmallCap Market listed company that provides solutions for improved control, utilization and maintenance of computer networks, since January 2002. He has also served as a member of the board of directors of a number of private companies, including RRSat Ltd. and Cellvine Ltd., and served as a member of the investment committee of Aviv Venture Capital. Mr. Frieder is a former winner of the Israel Defense Prize and the Israel Kaplan Prize. Mr. Frieder received a B.Sc. (Electrical Engineering) from the Technion Israel Institute of Technology in Haifa, Israel and an M.B.A. (with distinction) from the Hebrew University of Jerusalem in Israel.
SEC filings: sec.gov |
