To: Glenn Petersen who wrote (1034 ) 11/9/2007 1:25:21 PM From: Glenn Petersen Read Replies (1) | Respond to TM Entertainment and Media, Inc. completed its IPO on October 18, 2007, selling 10,255,000 units, including 1,255,000 units that were sold through the exercise of the over-allotment option, at $8.00 per unit. The gross proceeds totaled $80,040,00, was in line with the $72 million that the company was looking to raise when it filed its initial S-1 on June 18, 2007. A total of $80,978,800, equal to $7.90 per common share, has been placed into an escrow account. This balance includes $3,281,600 deferred by the underwriters, which will be paid when the company completes an acquisition, and $2.1 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. sec.gov
