Victory Acquisition Corp. completed its IPO on April 26, 2007, selling 33 million units, including 3 million units from the exercise of a portion of the over-allotment option, at $10.00 per unit. The gross proceeds totaled $330 million, up from the $250 million that the company was looking to raise when it filed its initial S-1 on January 31, 2007. A total of $321,660,000, equal to $9.75 per common share, has been placed into an escrow account. This balance includes $10,560,000 deferred by the underwriters, which will be paid when the company completes an acquisition, and $5 million 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.
Up to $3 million of interest earned on the trust fund balance can be used to fund expenses related to investigating and selecting a target business and our other working capital requirements.
Each unit consists of one share of common stock and one warrant to purchase an additional share at $7.50 per share.
Victory Acquisition Corp. is going to “focus our search for target businesses on service businesses in one of the following segments: business services, marketing services, consumer services, and distribution services.”
As noted above, the underwriter has exercised a portion (3 million shares) of the over-allotment option.
The securities are listed on the American Stock Exchange. The units (VRY-U) closed at $10.31 yesterday. The common shares (VRY) and warrants (VRY-WT) closed at $9.38 and $1.40, respectively.
The final prospectus:
sec.gov |
