Asia Automotive Acquisition Corp. has announced that its underwriter has exercised the entire over-allotment option and purchased an additional 656,250 units, bringing the total number of units sold in the offering to 5,031,250. The total gross proceeds raised in the IPO were $40,250,000.
The balance placed in the trust account is $37,418,000, equal to $7.43 per share. The balance placed into the trust account includes $1,207,500 of fees that the underwriter has agreed to defer until the company completes an acquisition. In the event that the company liquidates, the underwriter will not receive any of the proceeds.
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