Alyst Acquisition Corp. completed its IPO on June 29, 2007, selling 7,000,000 units at $8.00 per unit. The gross proceeds totaled $56 million, in line with the amount that the company was looking to raise when it filed its initial S-1 on November 14, 2006. A total of $54,955,000, equal to $7.85 per common share, has been placed into an escrow account. This balance includes $2.24 million deferred by the underwriters, which will be paid when the company completes an acquisition, and $1.82 million 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 $1,680,000 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 one 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 July 29, 2008. The warrants will expire at 5:00 p.m., New York City time, on June 28, 2011, or earlier upon redemption.
Alyst Acquisition Corp. will be focusing its acquisition efforts on the telecommunications industry.
The securities are listed on the American Stock Exchange. The units (AYA-U) closed at $8.03 on Friday. The common shares (AYA) and warrants (AYA-WT) are not yet trading.
The final prospectus: sec.gov |
