MBF Healthcare Acquisition Corp. completed its IPO on April 18, 2007, selling 21,562,500 units, including 2,812,500 units sold through the exercise of the over-allotment option, at $8.00 per unit. The gross proceeds totaled $172.5 million. Exclusive of the units sold through the exercise of the over-allotment option, the gross proceeds of $150 million were in line with the amount that the company was looking to raise when it filed its initial S-1 on July 6, 2006. A total of $170,962,500, equal to $7.93 per common share, has been placed into an escrow account. This balance includes $6,037,500 deferred by the underwriters, which will be paid when the company completes an acquisition, and $7 million from the sale of units and 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 $1,800,000 of interest earned on the trust fund balance can be used to fund expenses related to investigating and selecting a target business and other working capital requirements.
Each unit consists of one share of common stock and one warrant to purchase an additional share at $6.00 per share.
Warrant terms: Each warrant will become exercisable on the later of the completion of a business combination with a target business and April 18, 2008. The warrants will expire at 5:00 p.m., New York City time, on April 18, 2011, or earlier upon redemption.
MBF Healthcare Acquisition Corp. is going to focus its efforts on acquiring an operating company in the healthcare industry.
The securities are listed on the American Stock Exchange. The units (MBH-U) closed at $8.25 today. The common shares (MBH) and warrants (MBH-WT) are not yet trading.
The final prospectus:
sec.gov |
