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Technology Stocks : Blank Check IPOs (SPACS)
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To: Servjeet813 who wrote (476)4/14/2006 2:33:16 PM
From: Glenn Petersen  Read Replies (1) of 3862
 
Asia Automotive Acquisition Corp. completed its IPO on Thursday, selling 4,375,000 units at $8.00 per unit. The gross proceeds totaled $35 million, up slightly from the $32 million that the company was looking to raise when it filed its initial S-1 in late August of last year. A total of $32,378,000, equal to $7.40 per share has been placed into the trust account. This balance includes $1,050,000 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.

Each unit consists on one share of common stock and a warrant to purchase one additional share at $5.00 per share.

Asia Automotive Acquisition Corp. is going to focus its efforts on acquiring one or more automotive component supplier operating businesses that have their primary operating facilities located in the People's Republic of China (PRC), the Republic of India (India) and/or the Association of Southeast Asian Nations (ASEAN).

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 (AAACU.OB) began trading on Thursday and closed Friday at $9.60. The common shares (AAAC.OB) and warrants (AAACW.OB) will begin trading separately at a later date.

The final prospectus:

sec.gov
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