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

To: Glenn Petersen who wrote (652)	6/5/2007 9:42:35 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

Pinpoint Advance Corp. completed its IPO on April 20, 2007, selling 2.5 million units at $10.00 per unit. The gross proceeds totaled $25 million, down slightly from the $26.5 million that the company was looking to raise when it filed its initial S-1 on October 20, 2006. A total of $24,766,000, equal to $9.91 per common share, has been placed into an escrow account. This balance includes $750,000 deferred by the underwriters, which will be paid when the company completes an acquisition, and $1.5 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 $1.5 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 one warrant to purchase an additional share at $7.50 per share. Pinpoint Advance Corp. is going to focus its efforts on “purchasing all or substantially all of the assets of, or engaging in any other similar business combination with a business that has operations or facilities located in Israel, but will not be limited to pursuing acquisition opportunities only in Israel, and may pursue a company operating in Europe which management believes would benefit from establishing operations or facilities in Israel.” As of the date of the offering, there was no word yet as to whether or not the underwriter has exercised its over-allotment option. The securities are listed on the OTC Bulletin Board. The units (PPACU.OB) closed at $10.30 today. The common shares (PPAC.OB) closed at $9.10 and warrants (PPACW.OB) have not yet traded. The final prospectus: sec.gov