North American Insurance Leaders, Inc. completed its IPO today, selling 12,500,000 units at $8.00 per unit. The gross proceeds totaled $100,000,000, down substantially from the $150 million that the company was looking to raise when it filed its initial S-1 in late August. A total of $95,625,000, equal to $7.65 per share has been placed into the trust account. This balance includes $2.5 million in fees that have been deferred by the underwriter until the consummation of an acquisition, as well as $1.7 million from the sale of 1.7 million rights to certain of the insiders. The rights will automatically convert into 1.7 million warrants 120 days after the effective date of the offering. 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.
North American Insurance Leaders, Inc. is going to focus its efforts on acquiring one or more operating entities in the insurance 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 American Stock Exchange. The units (NAO-U) began trading today and closed at $8.35. The common shares (NAO) and warrants (NAO-W) will begin trading separately at a later date.
The final prospectus:
sec.gov |
