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

To: Glenn Petersen who wrote (683)	6/6/2007 8:08:38 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

Columbus Acquisition Corp. completed its IPO on May 21, 2007, selling 14,375,000 units, including 1,875,000 units from the exercise of the over-allotment option, at $8.00 per unit. The gross proceeds totaled $115 million and were in line with the $100 million (exclusive of the over-allotment option) that the company was looking to raise when it filed its initial S-1 on November, 2006. A total of $113,400,000, equal to $7.89 per common share, has been placed into an escrow account. This balance includes $3,450,000 deferred by the underwriters, which will be paid when the company completes an acquisition, and $3,650,000 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. Up to $1,750,000 of interest earned on the trust fund balance can be used to fund expenses related to investigating and selecting a target business and our other working capital requirements. Each unit consists of one share of common stock and one warrant to purchase an additional share at $6.00 per share. Columbus Acquisition Corp. is going to acquire an operating company. The company is not going to limit its search to any particular industry. As noted above, the underwriter has exercised all of the over-allotment option. The securities are listed on the American Stock Exchange. The units (BUS-U) closed at $8.22 yesterday. The common shares (BUS) and warrants (BUS-WT) closed at $7.38 and $.88, respectively. The final prospectus: sec.gov