Another blank check company, Paramount Acquisition Corp., has filed an S-1. The deal is being underwritten by EarlyBirdCapital, Inc.. The company is going to focus its acquisition efforts on acquiring an operating company in the healthcare industry.
Paramount Acquisition Corp. – STILL IN REGISTRATION
Number of units being offered: 8,500,000
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: 10,625,000
Shares to be held by public shareholders: 8,500,000
Shares held by insiders: 2,125,000
Percentage held by public shareholders: 80.0%
Gross proceeds being raised: $51,000,000
Net proceeds to be held in escrow: $45,050,000
Escrowed proceeds per share applicable to future public shareholders: $5.30
Date of IPO: N/A
Date of original filing: August 3, 2005
Current stock price
Common stock: N/A
Warrants: N/A
Units: N/A
Insider shares: 2,125,000 shares purchased at $.012 per share. Total proceeds: $25,000.
Restrictions on insider shares: The shares will remain in escrow until the earlier of three years, the liquidation of the company, or the consummation of an acquisition.
Other insider requirements: The principals have agreed to purchase up to 2,500,000 warrants at a price not to exceed $.70 per warrant within three months from the date that the warrants begin trading independently of the units.
Description of business: We are a recently organized Delaware blank check company incorporated on June 1, 2005 in order to serve as a vehicle for the acquisition of an operating business in the healthcare industry.
Biographical information for significant officers: Lindsay A. Rosenwald, M.D. has served as our chairman of the board since our inception. Dr. Rosenwald has served as chairman and chief executive officer of Paramount BioCapital, Inc. since 1991, as managing member of Paramount Biosciences LLC (and its predecessor, Paramount BioCapital Investments, LLC), a drug development and merchant banking company, since 1996, and as chairman and chief executive officer of Paramount BioCapital Asset Management, Inc., an asset management and private equity firm, since 1994. He has also served since March 2000 as a director of Keryx BioPharmaceuticals, Inc., a NASDAQ National Market listed biopharmaceutical company focused on the acquisition, development and commercialization of novel pharmaceutical products for the treatment of life-threatening diseases, including diabetes and cancer. Dr. Rosenwald received a B.S. from Pennsylvania State University and a M.D. from the Temple University School of Medicine.
SEC filings: sec.gov |
