Aldabra 2 Acquisition Corp. completed its IPO on June 19, 2007, selling 36,000,000 units at $10.00 per unit. The gross proceeds totaled $360 million, which was up substantially from the $200 million that the company was looking to raise when it filed its initial S-1 on March 19, 2007. A total of $347,660,000, equal to $9.66 per common share, has been placed into an escrow account. This balance includes $10,800,000 deferred by the underwriters, which will be paid when the company completes an acquisition, and $3,000,000 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 $3,100,000 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 a warrant to purchase an additional shares at $7.50 per share.
Warrant terms: Each warrant will become exercisable on the later of the completion of a business combination with a target business and June 18, 2008. The warrants will expire at 5:00 p.m., New York City time, on June 18, 2011, or earlier upon redemption.
Aldabra 2 Acquisition Corp. is going to focus its acquisition efforts on acquiring “a portfolio company currently held by a private equity firm specializing in either leveraged buyouts or venture capital.”
The securities are listed on the American Stock Exchange. The units (AII-U) closed at $10.18 yesterday. The common shares (AII) and warrants (AII-WT) are not yet trading.
The final prospectus:
sec.gov |
