Heckmann Corporation completed its IPO on November 13, 2007, 2007, selling 50,000,000 units at $8.00 per unit. The gross proceeds totaled $400 million, down substantially from the $500 million that the company was looking to raise when it filed its initial S-1 on June 26, 2007. A total of $395,960,000, equal to $7.92 per common share, has been placed into an escrow account. This balance includes $18,000,000 deferred by the underwriters, which will be paid when the company completes an acquisition, and $7,000,000 from the sale of warrants and units 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 $4.5 million 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 November 9, 2008. The warrants will expire at 5:00 p.m., New York City time, on November 9, 2011, or earlier upon redemption.
Heckmann Corporation is not going to be focusing its acquisition efforts on any particular industry.
The securities are listed on the American Stock Exchange. The units (HEK-U) are currently trading at $8.01. The common shares (HEK) and warrants (HEK-WT) are not yet trading.
The final prospectus: sec.gov |
