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

To: Glenn Petersen who wrote (989)	6/9/2007 10:54:12 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

Oceanaut, Inc. completed its IPO on March 1, 2007, selling 19,375,000 units, including 625,000 units that were sold to certain of the insiders, at $8.00 per unit. (These insider units would participate in cash distributions in the event that the company is liquidated.) The gross proceeds totaled $155 million, which was in line with the amount that the company was looking to raise when it filed its initial F-1 on February 13, 2007. A total of $153,600,000, equal to $7.93 per common share, has been placed into an escrow account. This balance includes $4,500,000 deferred by the underwriters, which will be paid when the company completes an acquisition, $2,000,000 from the sale of warrants to certain of the insiders, and $4,000,000 from the sale of 500,000 units 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 $2,000,000 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. Warrant terms: “The warrants will become exercisable on the later of the completion of an initial business combination with a target business, or one year from the date (March 1, 2007) of this prospectus. All warrants will expire on the fifth anniversary of the date of this prospectus at 5:00 p.m., New York City time.” Oceanaut, Inc. is going to focus its acquisition efforts on finding an operating business in the shipping industry. The securities are listed on the American Stock Exchange. The units (OKN-U) closed at $8.92 yesterday. The common shares (OKN) and warrants (OKN-WT) closed at $7.56 and $1.43, respectively. The final prospectus: sec.gov