Pantheon China Acquisition Corp. completed its IPO on December 14, 2006, selling 5 million units at $6.00 per unit. The gross proceeds totaled $30 million, in line with the amount that the company was looking to raise when it filed its initial S-1 on August 14, 2006. A total of $28,450,000, equal to $5.69 per common share, has been placed into an escrow account. This balance includes $300,000 in fees that have been deferred by the underwriter and $1,250,000 from the sale of warrants to certain of 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 two warrants to purchase additional shares at $5.00 per share.
Pantheon China Acquisition 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 units (PCQCU.OB) closed Friday at $6.23. The common shares (PCQC.OB) and warrants (PCQCU.OB) will begin trading separately at a later date.
The final prospectus:
sec.gov |
