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

To: Glenn Petersen who wrote (467)	9/3/2006 4:23:35 PM
From: Glenn Petersen	Respond to of 3862

Energy Services Acquisition Corp. completed its IPO on Friday, selling 8,600,000 units at $6.00 per unit. The gross proceeds totaled $51.6 million, down from the $60 million that the company was looking to raise when it filed its initial S-1 on April 7, 2006. A total of $50,000,004, equal to $5.81 per share, has been placed into a trust account. This balance includes $1,032,000 in fees that have been deferred by the underwriter and $2 million from the sale of warrants to certain of the insiders in a private placement. 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. Each unit consists of one share of common stock and warrants to purchase two additional shares at $5.00 per share. Energy Services Acquisition Corp. is going to focus its efforts on acquiring an operating business in the energy services industry in the United States. 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 American Stock Exchange. The units (ESA-U) closed Friday at $5.76. The common shares (ESA) and warrants (ESA-W) will begin trading separately at a later date. The final prospectus: sec.gov