Israel Growth Acquisition Partners Corp. completed its IPO on July 19, 2006, selling 500,000 Series A Units and 4,600,000 Series B Units at $8.50 and $10.10 per unit, respectively. The gross proceeds totaled $50.71 million, down slightly from the $51.71 million that the company was looking to raise when it filed its initial S-1 on September 15, 2005. A total of $46.46 million, equal to $5.05 per share (calculated on the basis of 9.2 million Class B shares), has been placed into a trust account.
Each Series A Unit consists of two shares of common stock and ten Class Z warrants to purchase a total of ten additional shares of common stock at $5.00 per share. Each Series B Unit consists of two shares of Class B common stock and two Class W warrants to purchase a total of two additional shares of common stock at $5.00 per share.
Israel Growth Acquisition Partners Corp. is going to focus its efforts on acquiring “an operating business which has operations or facilities located in Israel, or which is a company operating outside of Israel which management believes would benefit from establishing operations or facilities in Israel.”
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 (IGPAU.OB and IGPBU.OB) closed Friday at $7.90 and $9.97, respectively. The common shares and warrants will begin trading separately at a later date.
The final prospectus:
sec.gov |
