Global BPO Services Corp. completed its IPO on October 18, 2007, selling 31,250,000 units at $8.00 per unit. The gross proceeds totaled $250 million, in line with the $250 million that the company was looking to raise when it filed its initial S-1 on July 10, 2007. A total of $246,300,000, equal to $7.88 per common share, has been placed into an escrow account. This balance includes $7.5 million deferred by the underwriters, which will be paid when the company completes an acquisition, and $7.5 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 $3,250,000 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 $6.00 per share.
Warrant terms: Each warrant will become exercisable on the later of the completion of a business combination with a target business and October 17, 2008. The warrants will expire at 5:00 p.m., New York City time, on October 17, 2011, or earlier upon redemption.
Global BPO Services Corp. will be focusing it acquisition efforts in the business processing outsourcing industry.
The securities are listed on the American Stock Exchange. The units (OOO-U) are trading today at $7.97. The common shares (OOO) and warrants (OOO-WT) have not begun trading.
The final prospectus: sec.gov |
