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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (391)	2/28/2006 8:08:03 AM
From: Glenn Petersen	Read Replies (2) \| Respond to of 3862

Grubb & Ellis Realty Advisors, Inc. completed its IPO yesterday, selling 20,833,334 units at $6.00 per unit. The gross proceeds totaled $125 million, down slightly from the $150 million that the company was looking to raise when it filed its initial S-1 in mid-October. An affiliate of the insiders purchased 1,666,667 of the units. A total of $119,687,504, equal to $5.75 per share, has been placed into the trust account. This balance includes $2.3 million of fees that the underwriter has agreed to defer until the company completes an acquisition, as well as $2.5 million in proceeds from the sale of 5,876,069 shares that were purchased by the insiders (at $.43 per share) at the inception of the company. Each unit consists on one share of common stock and two warrants to purchase one additional share at $6.00 per share. Grubb & Ellis Realty Advisors, Inc. is going to focus its efforts on acquiring commercial real estate properties and/or assets.” There is no word yet as to whether or not the underwriter has exercised its over-allotment option. The securities will be listed on the AMEX. The units (GAV-U) will probably begin trading today. The common shares (GAV) and warrants (GAV-W) will begin trading separately at a later date. The final prospectus: sec.gov