InterAmerican Acquisitions Group, Inc. completed its IPO on September 10, 2007, selling 5,750,000 units, including 750,000 units that were sold through the exercise of the over-allotment option, at $8.00 per unit. The gross proceeds totaled $46 million, down substantially from the $90 million that the company was looking to raise when it filed its initial S-1 on June 6, 2005, over two years ago. A total of $45,160,000, equal to $7.85 per common share, has been placed into an escrow account. This balance includes $2,070,000 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 $950,000 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 September 11, 2008. The warrants will expire at 5:00 p.m., New York City time, on September 11, 2011, or earlier upon redemption.
InterAmerican Acquisition Group, Inc. is going to focus its acquisition efforts on acquiring an operating business in either Mexico or Latin America.
The securities are listed on the OTC Bulletin Board. The units (IAQGU.OB), common shares (IAQG.OB) and warrants (IAQGW.OB) closed yesterday at $8.50, $7.22, and $1.33, respectively .
The final prospectus: sec.gov |
