Fortissimo Acquisition Corp. completed its IPO on October 12, selling 4,333,334 units, including 333,334 units sold to certain of the insiders in a private transaction, at $6.00 per unit. The gross proceeds totaled $26 million, up slightly from the $24 million that the company was looking to raise when it filed its initial S-1 on January 31, 2006. A total of $23,160,000, equal to $5.79 per share, has been placed into a trust account. This balance includes $240,000 in fees that have been deferred by the underwriter and $2 million from the sale of units to certain of the insiders in a private placement. 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 share at $5.00 per share.
Fortissimo Acquisition Corp. is going to focus its efforts on acquiring “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 (FMSOU.OB) have begun trading and closed yesterday at $5.91. The common shares (FMSO) and warrants (FMSOW.OB) will begin trading separately at a later date.
The final prospectus:
sec.gov |
