On May 2, 2007, Pinpoint Advance Corp. announced that its underwriter had exercised all of its over-allotment option and purchased an additional 375,000 units. A total of 2,875,000 units were sold to the public. The total gross proceeds raised in the IPO was $28,750,000.
The balance placed in the trust account is $28,480,900, equal to $9.91 per share. This balance includes $862,500 in fees that have been deferred by the underwriter and $1.5 million that was raised through the sale of warrants to certain of the insiders. In the event that the company is liquidated, neither the underwriter nor the insiders purchasing the units will receive any of the funds placed into the escrow account.
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