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Technology Stocks : Blank Check IPOs (SPACS)
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To: Glenn Petersen who wrote (215)3/18/2006 1:00:41 AM
From: Glenn Petersen  Read Replies (1) of 3862
 
Echo Healthcare Acquisition Corp. completed its IPO on Friday, selling 6,250,000 units at $8.00 per unit. The gross proceeds totaled $50,000,000, down substantially from the $75 million that the company was looking to raise when it filed its initial S-1 in mid-July. A total of $47,780,000, equal to $7.64 per share has been placed into the trust account. This balance includes $1.5 million in fees that have been deferred by the underwriter until the consummation of an acquisition. In the event that the company is liquidated, the underwriter will not receive any of the deferred fees.

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

Echo Healthcare Acquisition Corp. is going to focus its efforts on acquiring an operating entity in healthcare industry.

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 OTC Bulletin Board. The units (EHHAU) began trading on Friday and closed at $8.20. The common shares (EHHA) and warrants (EHHAW) will begin trading separately at a later date.

Two of Echo’s principals have had prior experience with blank check entities:

Message 21513577

The final prospectus

sec.gov
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