Global Services Partners Acquisition Corp. completed its IPO today, selling 400,000 Series A units at $8.50 per unit and 2,600,000 Series B units and $10.10 per unit. The gross proceeds from the offering totaled $29,660,000, down slightly from the $30,460,000 that the company was looking to raise when it filed its initial S-1 in the middle of September of last year. A total of $26,260,000, equal to $5.05 per Class B common share, has been placed into the trust account. In the event that the company liquidates, the 800,000 common shares applicable to the Series A units will not be entitled to any of the cash distributions.
Each Series A unit consists on two shares of common stock and ten Class Z warrants to purchase ten additional common shares at $5.00 per share. Each Series B unit consists of two shares of Class B common stock and two Class W warrants to purchase two additional common shares at $5.00 per share.
Global Services Partners Acquisition Corp. is going to focus its efforts on acquiring one or more companies in the business process services 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 (GSPAU.OB and GSPBU.OB) began trading today and closed at $9.51 and $10.60, respectively. The common shares (GSPAA.OB and GSPAB.OB) and warrants (GSPAW.OB and GSPAL.OB) will begin trading separately at a later date.
The final prospectus:
sec.gov |
