Trans-India Acquisition Corp. completed its IPO on February 6, 2007, selling 11,500,000 units, including all of the over-allotment option, at $8.00 per unit. The gross proceeds totaled $92 million, in line with the amount that the company was looking to raise when it filed its initial S-1 on August 4, 2006. A total of $89,930,000, equal to $7.82 per common share, has been placed into an escrow account. This balance includes $3.680,000 deferred by the underwriters, which will be paid when the company completes an acquisition, and $1,600,000 from the sale of units 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 $2,300,000 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 $5.00 per share.
Trans-India Acquisition Corp. is going to focus its acquisition efforts “primarily on targets within the life sciences sector of the Indian economy.”
The securities are listed on the OTC American Stock Exchange. The units (TIL-U) closed at $8.54 today. The common shares (TIL) and warrants (TIL-WT) closed at $7.32 and $1.00, respectively.
The final prospectus:
sec.gov |
