Symmetry Holdings, Inc. completed its IPO on March 6, 2007, selling 18,750,000 units at $8.00 per unit. The gross proceeds totaled $150 million, which was in line with the amount that the company was looking to raise when it filed its initial S-1 on June 26, 2006. A total of $143,700,000, equal to $7.66 per common share, has been placed into an escrow account. This balance includes $6,000,000 deferred by the underwriters, which will be paid when the company completes an acquisition and $3,750,000 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.
Up to $2,000,000 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 $5.50 per share.
Warrant terms: “The warrants will become exercisable on the later of the consummation of our initial business combination as described in this prospectus, or March 7, 2008. The warrants will expire at 5:00 p.m., New York City time on March 7, 2001 or earlier redemption.”
Symmetry Holdings, Inc. is going to focus its acquisition efforts on “identifying target businesses will be focused on industrial, asset-based businesses, based in North America, that are in, or are suppliers to, the basic industries sector, including energy and energy-related infrastructure.”
On March 15, 2007, the underwriter notified the company that it was not going to exercise the over-allotment option.
The securities are listed on the American Stock Exchange. The units (SHJ-U) closed at $8.75 yesterday. The common shares (SHJ) and warrants (SHJ-WT) closed at $7.69 and $1.26, respectively.
The final prospectus:
sec.gov |
