Another blank check company, JK Acquisition Corp., has filed an S-1. The deal is being underwritten by Ferris, Baker Watts Incorporated. The company is going to focus its acquisition efforts on acquiring an operating company in the manufacturing, distribution and service sectors.
JK 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: Ferris, Baker Watts Incorporated
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: $42,520,000
Escrowed proceeds per share applicable to future public shareholders: $5.32
Date of IPO: N/A
Date of original filing: May 24, 2005
Current stock price
Common stock: N/A
Warrants: N/A
Units: N/A
Description of business: JK Acquisition Corp. is a blank check company recently formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition or other similar business combination, an operating business. We do not have any specific business combination under consideration, and we have not had any preliminary contacts or discussions with any target business regarding a business combination. Our efforts in identifying a prospective target business will not be limited to a particular industry, although we intend to focus our efforts on acquiring an operating business in the manufacturing, distribution or services sectors headquartered in North America.
Biographical information for significant officer: James P. Wilson has been our Chairman of the Board and Chief Executive Officer since our inception. Mr. Wilson is a Managing Partner of RSTW Partners, a private debt and equity firm he co-founded in 1990. RSTW Partners raised a series of three private equity funds totaling $871.5 million in capital. RSTW Partners invested in 55 private debt and equity transactions in middle market companies across the United States. Mr. Wilson is also the chairman of two operating companies: Supply ONE, Holdings, Inc a specialty packaging and distribution company, and Superior Air Parts, a manufacturer of piston engines and piston engine replacement parts for the general aviation industry. Additionally, Mr. Wilson is a member of the board of directors of Restaurants Unlimited, Inc., 24 Hour Fitness, and Alpha Circuits, Inc. In connection with the supervision of investments made by RSTW Partners, Mr. Wilson previously served as a director of Busy Body, Inc. and OB Sports, Inc., each of which filed for protection under the federal bankruptcy laws during the period Mr. Wilson served as a director. Prior to co-founding RSTW Partners, Mr. Wilson was a vice president of the First Texas Merchant Banking Group, a private subordinated debt investment group. Mr. Wilson began his career in 1981 as a Certified Public Accountant with the national accounting firm of Arthur Young & Co (now Ernst & Young). Mr. Wilson holds a B.B.A. in accounting from Texas A&M University. Mr. Wilson is a member of the Mays Business School Development Board and a member of the Executive Committee of the 12th Man Foundation of Texas A&M University.
SEC filings: sec.gov |
