Middle Kingdom Alliance Corp. completed its IPO on December 14, 2006, selling 198,000 Series A and 3,300,000 Series B units at $8.00 per unit. The gross proceeds totaled $27,984,000, up slightly from the $25,440,000 that the company was looking to raise when it filed its initial S-1 on April 21, 2006. A total of $27,192,000, equal to $8.24 per Class B common share, has been placed into an escrow account. This balance includes $1,119,360 in fees that have been deferred by the underwriter and $760,160 from the sale of units to certain of the insiders in a private placement in February 2006. 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 Series A unit consists of one share of common stock and five non-redeemable Series A warrants to purchase additional shares at $5.00 per share. Each Series B unit consists of one share of Class B common stock and one redeemable Series B warrant to purchase an additional share at $5.00 per share.
Middle Kingdom Alliance Corp. is going to focus its efforts on acquiring an operating company in The People’s Republic of China.
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 Class A units (MKGDU.OB) have not yet traded and the Class B units (MKGBU.OB) closed Friday at $8.00. The common shares and warrants will begin trading separately at a later date. No symbols are available for the commons shares and warrants.
The final prospectus:
sec.gov |
