Sample Offering Structure

  • Issuer: The Sponsor–management team or Private Equity company
  • Exchange: NASDAQ
  • Offering: usd 350 mln on average; sizes range usd 50-600 mln
  • Securities: 35 mln units - 1 common stock and 1 warrant. Separate trading after max 52 days (usually within 2-3 weeks)
  • Unit Price: usd 10.00. 100% held in trust – t-bills in escrow with major bank.
  • Warrent Terms: Exercisable on later of 30 days post business combination or 12 months after IPO @ usd 11.50, for 5 years. Usually, 2 warrants entitle to 1 share when exercised.
  • Sponcer Investment: 3-4% of capital collected, invested in warrants at usd 1/warrant.
  • Entilies to 'Promote': 20% management share at Business Combination, subject to lockup.
  • Use of Proceeeds: Acquisition of an unlisted operating company.
Unit Ticker ISIN IPO Date Maturity Price % CHG Capital Collected: Book Runners
HUNTER HUNTU MHY378281114 11/16 11/18 10.00 10.36 3.6% 150 MORGAN STANLEY
GTY TECH GTYHU KYG4182A1022 10/16 10/18 10.00 10.32 3.2% 552 CITIGROUP
AVISTA AHPAU KYG07726L1095 10/16 10/18 10.00 10.28 2.8% 300 CREDIT SUISSE
MI ACQ MACQU US55304A1043 09/16 03/18 10.00 10.22 2.2% 50 CHARDAN
BOULEVARD II BLVDU US10157Q2012 09/15 09/17 10.00 10.40 4.0% 370 CITIGROUP
DOUBLE EAGLE EAGLU KYG281951247 09/15 09/17 10.00 10.55 5.5% 500 DEUTSCHE BANK, MERILL LYNCH
BARINGTON BHACU US06759V1017 02/15 09/17 10.00 10.42 4.2% 40 EARLYBIRD
GP INVESTMENTS GPAIU KYG403571162 05/15 05/17 10.00 10.10 1.0% 172 CITIGROUP
ANDINA ANDAU KYG0441P1046 11/15 05/17 10.00 10.70 7.0% 40 EARLYBIRD
EASTERLY EACQU US227616L2016 07/15 07/17 10.00 10.10 1.0% 200 CITIGROUP
ORIGO OACQU KYG677891007 12/14 09/17 10.00 10.55 5.5% 40 EARLYBIRD

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* Transaction closed by IBS Holding Corporation d.b.a. I-Bankers Securities, Inc. (member of FINRA and SIPC). The headquarters address for I-Bankers Securities is: 535 5th Avenue 4th Flr., New York, NY 10017.

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