On August 31, 2006, Energy Infrastructure Acquisition Corp. announced that its underwriter had exercised a portion of its over-allotment option and purchased an additional 675,000 units. A total of 21,750,398 units were sold in the offering, which includes 825,398 units that were sold to certain of the insiders. The total gross proceeds raised in the IPO were $217,503,980.
The balance placed in the trust account is $209,250,000 equal to $10.00 per share, calculated without consideration to the units purchased by the insiders. In the event that the company is liquidated, the insiders will not receive any of the funds placed into the escrow account.
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