Acquicor Technology, Inc. completed its IPO yesterday, selling 25,000,000 units at $6.00 per unit. The gross proceeds totaled $150,000,000, in line with the amount that the company was looking to raise when it filed its initial S-1 in early September. Additionally, certain of the insiders purchased 333,333 units at a cost of $2,000,004 in a private placement consummated prior to the offering. A total of $142,933,004, equal to $5.72 per share (calculated on the basis of 25,000,000 shares), has been placed into the trust account. This balance includes $3 million in fees that have been deferred by the underwriter until the consummation of an acquisition and the $2 million in gross proceeds generated from the sale of units to the insiders. In the event that the company is liquidated, the insiders will not receive any distributions on the 333,334 shares that they purchased in the private placement.
Each unit consists on one share of common stock and two warrants to purchase two additional shares at $5.00 per share.
Acquicor Technology, Inc. is going to focus its efforts on acquiring an operating entity in “one or more domestic and/or foreign operating businesses in the technology, multimedia and networking sectors, specifically on businesses that develop or provide technology-based products and services in the software, semiconductor, wired and wireless networking, consumer multimedia and information technology-enabled services segments.”
The principals of Acquicor include Gilbert Amelio, the former CEO of both Apple Computer and National Semiconductor, Ellen Hancock, the former CEO of Exodus Communications, and Steve Wozniak, the co-founder of Apple Computer.
There is no word yet as to whether or not the underwriter has exercised its over-allotment option.
The securities will be listed on the AMEX. The units (AQR-U) began trading yesterday and closed at $6.72 today. The common shares (AQR) and warrants (AQR-W) will begin trading separately at a later date.
The final prospectus
sec.gov |
