North American Insurance Leaders, Inc. has announced that its underwriter has exercised the entire over-allotment option and purchased an additional 1,875,000 units, bringing the total number of units sold in the offering to 14,375,000. The total gross proceeds raised in the IPO were $115,000,000, not including $1,700,00 that was raised through the sale of 1.7 million rights to certain of the insiders in a private placement prior to the IPO. The rights will automatically convert into 1.7 million warrants 120 days after the effective date of the offering.
The balance placed in the trust account is $109,950,000, equal to $7.65 per share. The balance placed into the trust account includes $2,875,000 of fees that the underwriter has agreed to defer until the company completes an acquisition, as well as $1.7 million in proceeds from the sale of the rights that were purchased by the insiders.
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