Restaurant Acquisition Partners, Inc. completed its IPO on December 14, 2006, selling 3,333,333 units at $6.00 per unit. The gross proceeds totaled $20 million, down from the $28 million that the company was looking to raise when it filed its initial S-1 on October 28, 2005. A total of $19,535,000, equal to $5.86 per common share, has been placed into an escrow account. This balance includes $650,000 in fees that have been deferred by the underwriter and $960,000 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 $4.50 per share.
Restaurant Acquisition Partners, Inc. is going to focus its efforts on acquiring an operating company in restaurant industry.
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 (RAPIU.OB) do not appear to have traded on Friday. The common shares (RAPI.OB) and warrants (RAPIW.OB) will begin trading separately at a later date.
The final prospectus:
sec.gov |
