Energy Infrastructure Acquisition Corp. completed its IPO on July 20, 2006, selling 21,075,398 units at $10.00 per unit. The gross proceeds totaled $210,753,980, up substantially from the $150 million that the company was looking to raise when it filed its initial S-1 on February 7, 2006. The number of units sold includes 825,398 units sold to the president and COO of Energy Infrastructure. A total of $202.5 million, equal to $10.00 per share (calculated on the basis of 20,250,000 shares), has been placed into a trust account. This balance includes $2,520,239 in fees that have been deferred by the underwriter, $8,253,980 of the proceeds that were raised through the sale of units to the president and $3,025,000 in loans from the insiders. In the event that the company is liquidated, neither the underwriter nor the insiders will 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 shares at $8.00 per share.
Energy Infrastructure Acquisition Corp. is going to focus its efforts on acquiring an operating company in the energy or related industries.
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 (EII-U) closed yesterday at $9.77, a slight discount to their cash value. The common shares (EII) and warrants (EII-W) will begin trading separately at a later date.
The final prospectus:
sec.gov |
