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

To: Glenn Petersen who wrote (507)	2/3/2007 2:42:25 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

Renaissance Acquisition Corp. completed its IPO on January 31, 2007, selling 15.6 million units at $6.00 per unit. The gross proceeds totaled $93.6 million, up slightly from the $87 million that the company was looking to raise when it filed its initial S-1 on May 24, 2006. A total of $90,725,600, equal to $9.78 per common share, has been placed into an escrow account. This balance includes $2,826,000 in fees that have been deferred by the underwriter and $2,100,000 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. Each unit consists of one share of common stock and warrants to purchase two additional shares at $5.00 per share. Renaissance Acquisition Corp. intends to acquire “an operating business headquartered in North America in one of the following industries: Consumer products — including retail, mail order or direct to consumer products; Consumer, business or financial services — including banking, credit cards, other financial services and multi-unit restaurants including quick-service, fast-casual, casual dining, and fine dining segments; and Manufacturing — including the production of unique, disposable, reusable or consumable products.” 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 (RAK-U) closed at $6.08 on Friday. The common shares (RAK) and warrants (RAK-WT) will begin trading separately at a later date. The final prospectus: sec.gov