Another blank check company, Ad.Venture Partners, Inc., has filed an S-1. The deal is being underwritten by EarlyBirdCapital, Inc.. The company is going to focus its acquisition efforts in the technology, media or telecommunications industries.
Ad.Venture Partners, Inc. – STILL IN REGISTRATION
Number of units being offered: 15,000,000
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: 18,750,000
Shares to be held by public shareholders: 15,000,000
Shares held by insiders: 3,875,000
Percentage held by public shareholders: 80.0%
Gross proceeds being raised: $90,000,000
Net proceeds to be held in escrow: $81,665,000
Escrowed proceeds per share applicable to future public shareholders: $5.44
Date of IPO: N/A
Date of original filing: April 18, 2005
Current stock price
Common stock: N/A
Warrants: N/A
Units: N/A
Description of business: We are a recently organized Delaware blank check company formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition or other similar business combination, one or more operating businesses in the technology, media or telecommunications industries. To date, our efforts have been limited to organizational activities.
Biographical information for significant officer: Howard S. Balter is our chairman and chief executive officer. In addition, Mr. Balter has been chairman and a managing member of eXact Advertising, LLC, a diversified Internet contextual marketing company, since May 2002 when it was acquired in a management buy-out from Net2Phone, Inc. Prior to that he was chief executive officer and a director of Net2Phone, Inc., a leading Internet telephony company. Mr. Balter was a director at Net2Phone, Inc. from October 1997 to October 2001, its chief executive officer from January 1999 to October 2001 and its vice chairman of the board of directors from May 1999 to October 2001. Mr. Balter also served as Net2Phone, Inc.’s treasurer from October 1997 to July 1999. Prior to his employment with Net2Phone, Inc., Mr. Balter was employed by IDT Corp., a diversified international telecommunications company, where he was chief operating officer from 1993 to 1998 and chief financial officer from 1993 to 1995. Mr. Balter was a director of IDT Corp. from February 1996 to January 1999 and vice chairman of IDT Corp.’s board of directors from October 1996 to January 1999.
SEC filings: sec.gov |
