NTR Acquisition Co. completed its IPO on January 31, 2007, selling 24 million units at $10.00 per unit. The gross proceeds totaled $240 million, down slightly from the $250 million that the company was looking to raise when it filed its initial S-1 on June 28, 2006. A total of $234,775,000, equal to $9.78 per common share, has been placed into an escrow account. This balance includes $7.2 million in fees that have been deferred by the underwriter and $5,850,000 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 one warrant to purchase an additional share at $7.50 per share.
NTR Acquisition Co. intends to acquire “one or more businesses or assets in the energy industry, with a particular focus on businesses or assets involved in the refining, distribution and marketing of petroleum products in North America.”
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 American Stock Exchange. The units (NTQ-U) closed at $9.94 today. The common shares (NTQ) and warrants (NTQ-WT) will begin trading separately at a later date.
The final prospectus:
sec.gov |
