Another blank check company, Ithaka Acquisition Corp., has filed an S-1. The deal is being underwritten by EarlyBirdCapital, Inc.. The company is going to focus its acquisition efforts in the healthcare industry.
Ithaka Acquisition Corp. – STILL IN REGISTRATION
Number of units being offered: 8,000,000
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: 10,000,000
Shares to be held by public shareholders: 8,000,000
Shares held by insiders: 2,000,000
Percentage held by public shareholders: 80.0%
Gross proceeds being raised: $48,000,000
Net proceeds to be held in escrow: $42,400,000
Escrowed proceeds per share applicable to future public shareholders: $5.30
Date of IPO: N/A
Date of original filing: May 2, 2005
Current stock price
Common stock: N/A
Warrants: N/A
Units: N/A
Description of business: We are a blank check company known as a Specified Purpose Acquisition CompanyTM, or SPACTM. We were organized under the laws of the State of Delaware on April 4, 2005. We were formed with the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business in the healthcare industry.
Biographical information for significant officer: Paul A. Brooke has served as our chairman of the board and chief executive officer since our inception. Mr. Brooke has served as a managing member of PMSV Holdings, LLC, a private investment firm, since 1993. He has also served as a venture partner of MPM Capital, a venture capital firm specializing in the healthcare industry since 1997. Mr. Brooke has also served as an advisory director for Morgan Stanley & Co., Inc. since April 2000. From March 1999 to May 2000, Mr. Brooke served as a Managing Director of Tiger Management LLC, a money management hedge fund. From March 1983 to March 1999, he served as a Managing Director and the Global Head of Healthcare Research and Strategy at Morgan Stanley. Mr. Brooke is also a director of the following public companies:
--- Incyte Corporation, a Nasdaq National Market listed company that is focused on the discovery and development of novel, small molecule drugs to treat major medical conditions, including infection with human immunodeficiency virus, or HIV, inflammatory disorders, cancer and diabetes;
--- WebMD Corporation, a Nasdaq National Market listed company that provides various types of healthcare information services and technology solutions and products; and
ViroPharma, Inc., a Nasdaq National Market listed pharmaceutical company dedicated to the development and commercialization of products that address serious diseases treated by physician specialists and in hospital settings.
Mr. Brooke received an B.A. (cum laude) from Columbia College and an M.A. from Columbia University.
SEC filings: sec.gov |
