Hicks Acquisition Company I, Inc. completed its IPO on October 3, 2007, selling 55,200,000 units at $10.00 per unit. This balance includes 7.2 million shares sold pursuant to the exercise of the over-allotment option. The gross proceeds totaled $552 million, up from the $400 million that the company was looking to raise when it filed its initial S-1 on June 14, 2007. A total of $536,148,000, equal to $9.71 per common share, has been placed into an escrow account. This balance includes $15.1 million deferred by the underwriters, which will be paid when the company completes an acquisition, and $7 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 $6,600,000 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 $7.50 per share.
Warrant terms: Each warrant will become exercisable on the later of the completion of a business combination or one after the completion of the IPO. The warrants will expire at 5:00 p.m., New York City time, on September 28, 2011, or earlier upon redemption.
Hicks Acquisition Company I, Inc. will not be focusing its acquisition efforts on any particular industry, though it “will not complete a business combination with any entity engaged in the energy industry as its principal business or whose principal business operations are conducted outside of the United States or Canada.”
The securities are listed on the American Stock Exchange. The units (TOH-U) closed at $9.97 today. The common shares (TOH) and warrants (TOH-WT) will commence trading on Monday, October 8, 2007.
The final prospectus:
sec.gov |
