Ascend Acquisition Corp. completed its IPO yesterday, selling 6,000,000 units at $6.00 per unit. The gross proceeds totaled $36 million, up substantially from the $21 million that the company was looking to raise when it filed its initial S-1 in early February. A total of $33,488,002, equal to $5.58 per share has been placed into the trust account. This balance includes $828,000 of deferred underwriting fees, as well as $1,000,002 million from the sale of 166,667 units to Don Rice, the chairman of the company, in a private placement that closed simultaneously with the offering. In the event that the company is liquidated, neither the underwriter nor the chairman 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.
Ascend Acquisition Corp. is going to focus its efforts on an operating company in the manufacturing, service or distribution industries located in the United States.
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 (ASAQU.OB) began trading yesterday and closed at $6.21. The common shares (ASAQ.OB) and warrants (ASAQW.OB) will begin trading separately at a later date.
The final prospectus:
sec.gov |
