Healthcare Acquisition Partners Corp. completed its IPO today, selling 16,666,667 units at $6.00 per unit. The gross proceeds totaled $100 million, in line with the amount that the company was looking to raise when it filed its initial S-1 in the middle of October of last year. A total of $95,000,000, equal to $5.70 per share has been placed into the trust account. This balance includes $5,400,000 of deferred underwriting fees. In the event that the company is liquidated, the underwriters will not receive any of the funds placed into the escrow account.
Before the company filed its initial registration statement, the insiders purchased 4,116,667 shares for $25,000. On December 31, 2005, the insiders sold the shares back to the company for a $25,000 promissory note and were subsequently issued 1,750,001 shares for no cash consideration. Per the S-!, “The 2,416,666 shares of our common stock transferred back to us and not issued to members of our management team on December 30, 2005 are held as treasury shares and reserved for transfer by our board of directors to present or future officers, directors or employees; provided that no reserved treasury shares may be transferred to FTN Midwest Securities Corp. or any of its affiliates prior to the later of six months after the consummation of a business combination or twelve months after the date of this prospectus. To the extent our board determines to issue all or any part of these shares, the consideration will be determined at that time based on prevailing facts and circumstances. Although these reserved shares are available, we believe our current management team is sufficient and we have no present plans to add additional individuals.”
Each unit consists on one share of common stock and warrants to purchase two additional shares at $5.00 per share.
Healthcare Acquisition Partners Corp. is going to focus its efforts on acquiring one or more operating entities engaged in the business of providing goods and services in the healthcare industry, such as a healthcare service provider, drug manufacturer or healthcare device company.
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 (HAQPU.OB) began trading today and closed at $6.12. The common shares (HAQP.OB) and warrants (HAQPW.OB) will begin trading separately at a later date.
The final prospectus:
sec.gov |
