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Technology Stocks : Blank Check IPOs (SPACS)
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To: Glenn Petersen who wrote (298)2/16/2006 8:45:14 PM
From: Glenn Petersen  Read Replies (1) of 3862
 
Global Logistics Acquisition Corporation completed its IPO today, selling 10,000,000 units at $8.00 per unit. The gross proceeds totaled $80 million, in line with the amount that the company was looking to raise when it filed its initial S-1 in early October. Additionally, certain of the insiders purchased 2,272,727 warrants in a private placement at the price of $1.10 per warrant. All of the proceeds ($2.5 million) from the sale of the warrants will be placed into the trust account for the benefit of the new shareholders in the event that the company is liquidated. The underwriters have agreed to defer $2.4 million of their fees until the company completes an acquisition. These funds have also been placed into the trust account and will be distributed to the shareholders in the event that the company is liquidated. A total of $76.8 million, equal to $7.68 per share, has been placed into the trust account.

Each unit consists on one share of common stock and a warrant to purchase one additional share at $6.00 per share.

Global Logistics is going to focus its acquisition efforts “in the transportation and logistics sector and related industries.”

There is no word yet as to whether or not the underwriter has exercised its over-allotment option. The company is going to be focusing its acquisition efforts in the security industry.

The securities will be listed on the AMEX. The units (GLAU) will probably begin trading tomorrow. The common shares (GLA) and warrants (GLAW) will begin trading separately at a later date.

The final prospectus:

sec.gov
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