Affinity Media International Corp. has announced that its underwriter has exercised the entire over-allotment option and purchased an additional 412,500 units. A total of 3,412,500 units were sold, including 250,000 that were sold to the CEO of Affinity and several non-affiliated individuals. The total gross proceeds raised in the IPO were $20,475,000.
The balance placed in the trust account is $18,900,750, equal to $5.98 per share. This balance includes at least $660,000 in fees (the final number is not yet available) that have been deferred by the underwriter and $1,425,000 of the proceeds that were raised through the sale of units to the CEO and several non-affiliated individuals. In the event that the company is liquidated, neither the underwriter nor the individuals purchasing the 250,000 units will receive any of the funds placed into the escrow account.
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