Secure America Acquisition Corporation (originally Fortress America Acquisition Corp. II) completed its IPO on October 24, 2007, selling 10,000,000 units at $8.00 per unit. The gross proceeds totaled $80,000,000, in line with the amount that the company was looking to raise when it filed its initial S-1 on June 25, 2007. A total of $79,200,000, equal to $7.92 per common share, has been placed into an escrow account. This balance includes $3.2 million deferred by the underwriters, which will be paid when the company completes an acquisition, and $2.075 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 $1,000,000 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 $5.25 per share.
Warrant terms: Each warrant will become exercisable on the later of the completion of a business combination with a target business and October 23, 2008. The warrants will expire at 5:00 p.m., New York City time, on October 23, 2011, or earlier upon redemption.
Secure America Acquisition Corporation will be focusing it acquisition effort in the homeland security industry.
The securities are listed on the American Stock Exchange. The units (HLD-U) closed at $7.98 yesterday. The common shares (HLD) and warrants (HLD-WT) are not yet trading.
The final prospectus: sec.gov |
