Hyde Park Acquisition Corp. (formerly Rand Acquisition II Corp.) completed its IPO on March 8, 2007, selling 12,937,500 units, including 1,687,500 units sold through the exercise of the over-allotment option, at $8.00 per unit. The gross proceeds totaled $103.5 million. Exclusive of the proceeds from the over-allotment option, the gross proceeds of $90 million were up substantially from the $48 million that the company was looking to raise when it filed its initial S-1 on November 6, 2006. A total of $99,710,000, equal to $7.71 per common share, has been placed into an escrow account. This balance includes $1,552,500 deferred by the underwriters, which will be paid when the company completes an acquisition, and $1,500,000 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 $1,550,000 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.
Warrant terms: “Each warrant will become exercisable on the later of the completion of a business combination with a target business and March 5, 2008. The warrants will expire at 5:00 p.m., New York City time, on March 4, 2011, or earlier upon redemption.
Hyde Park Acquisition Corp. is not going to focus its acquisition efforts on any particular industry.
The securities are listed on the OTC Bulletin Board. The units (HYDQ.OB) closed at $8.75 yesterday. The common shares (HYDQ and warrants (HYDQ.OB) closed at $7.31 and $.1.60, respectively.
The final prospectus:
sec.gov |
