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

To: Glenn Petersen who wrote (1111)	1/20/2008 1:26:39 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

United Refining Energy Corp. completed its IPO on December 12, 2007, selling 45,000,000 units, at $10.00 per unit. The gross proceeds totaled $450 million, up slightly from the amount that the company was looking to raise when it filed its initial S-1 on July 19, 2007. A total of $448,763,800, equal to $9.97 per common share, has been placed into an escrow account. This balance includes $15,750,000 deferred by the underwriters, which will be paid when the company completes an acquisition, and $15,600,000 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 $3,700,000 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 a warrant to purchase one additional share at $7.00 per share. Warrant terms: Each warrant will become exercisable on the later of the completion of a business combination with a target business and December 11, 2008. The warrants will expire at 5:00 p.m., New York City time, on December 11, 2011, or earlier upon redemption. United Refining Energy Corp. is going to be focusing its acquisition efforts on acquiring an operating company in the energy industry, with a particular focus on businesses or assets involved in the refining of petroleum products The securities are listed on the American Stock Exchange. The units (URX-U) closed at $9.88 on Friday. The common shares (URX-WT) and warrants (URX-U) are not yet trading. The final prospectus: sec.gov