Blank Check IPOs (SPACS) Message Board

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Technology Stocks : Blank Check IPOs (SPACS)

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To: Glenn Petersen who wrote (95)	6/6/2006 10:17:10 PM
From: Glenn Petersen	Read Replies (2) of 3862

Community Bankers Acquisition Corp. completed its IPO today, selling 7,500,000 units at $8.00 per unit. The gross proceeds totaled $60 million, in line with the amount that the company was looking to raise when it filed its initial S-1 on April 22 of last year. A total of $56,450,000, equal to $7.53 per share has been placed into the trust account. This balance includes $2.1 million of deferred underwriting fees. In the event that the company is liquidated, the underwriter will not receive any of the funds placed into the escrow account. Each unit consists of one share of common stock and a warrant to purchase one additional share at $5.00 per share. Community Bankers Acquisition Corp. is going to focus its efforts on acquiring an operating company in the banking 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 American Stock Exchange. The units (BTC-U) began trading today and closed at $7.85. The common shares (BTC) and warrants (BTC-W) will begin trading separately at a later date. The final prospectus: sec.gov

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