Harbor Acquisition Corporation has filed an S-1MEF, registering another 2 million shares from its initial public offering. Not including the over-allotment option, which has not yet been exercised, the company sold a total of 12,000,000 units in the offering at $6.00 per unit. The gross proceeds totaled $72 million, up slightly from the $60 million that the company was looking to raise when it filed its initial S-1 at the end of June of last year, almost ten months ago. A total of $69,200,000, equal to $5.77 per share has been placed into the trust account. This balance includes $1,620,000 of deferred underwriting fees, as well as $1.3 million from the sale of 2 million warrants at $.65 per warrant to certain of the insiders. In the event that the company is liquidated, neither the underwriters nor the insiders will receive any of the funds placed into the escrow account.
Each unit consists on one share of common stock and warrants to purchase two additional shares at $5.00 per share.
Harbor Acquisition Corporation is going to focus its efforts on “acquiring a middle market business operating in the consumer or industrial products sectors. For these purposes, we define the middle market as comprised of companies having a fair market value in their entirety of between $40 million and $300 million.”
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 AMEX. On Friday, the units (HAC-U) closed at $6.26. The common shares (HAC) and warrants (HAC-W) will begin trading separately at a later date.
The S-1MEF:
sec.gov |
