Rhapsody Acquisition Corp. has announced that its underwriter has exercised all of its over-allotment option and purchased an additional 675,000 units. A total of 5,175,000 units were sold to the public. The total gross proceeds raised in the IPO were $41,400,000.
The balance placed in the trust account is $39,278,250, equal to $5.79 per share. This balance includes at least $360,000 in fees that have been deferred by the underwriter and $1,250,000 that was raised through the sale of warrants to certain of the insiders. In the event that the company is liquidated, neither the underwriter nor the insiders purchasing the warrants will receive any of the funds placed into the escrow account.
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