Nautilus Marine Acquisition Corporation Announces Closing of $48,000,000 Initial Public Offering
July 20 2011 - 4:05PM
Marketwired
Nautilus Marine Acquisition Corp. (the
"Company") (NASDAQ: NMARU), a newly-organized blank check company
formed for the purpose of acquiring or merging with an operating
business, today announced that it has closed its initial public
offering for gross proceeds of $48,000,000. The Company sold
4,800,000 units at a price of $10.00 per unit. Each unit issued in
the initial public offering consisted of one share of common stock
and one warrant to purchase one share of common stock at an
exercise price of $11.50 per share. In addition the Company has
granted the underwriter a 45 day over-allotment option to purchase
up to an additional 720,000 units.
Initially, the units will be the only security trading. The
Company's units began trading on the NASDAQ Capital Market under
the symbol "NMARU" on July 15, 2011. The common stock and warrants
comprising the units will begin separate trading on September 9,
2011 (or such earlier date as the representative of the
underwriters may permit), subject to the Company's filing a Current
Report on Form 6-K with the Securities and Exchange Commission
containing an audited balance sheet reflecting its receipt of the
gross proceeds of the offering and issuing a press release
announcing when such separate trading will begin.
The Company has deposited $48,480,000 (including $2,331,000 from
a private placement of 3,108,000 warrants at a price of $0.75 per
warrant to the Company's sponsor), or approximately $10.10 per
share, into a trust account maintained by Continental Stock
Transfer & Trust Company acting as the trustee. The funds will
not be released from the trust account except under certain limited
circumstances as described in the prospectus relating to the
offering.
Maxim Group LLC acted as the sole book-running manager and sole
representative for the underwriters. EarlyBirdCapital, Inc. and
Chardan Capital Markets, LLC acted as co-managers of the offering.
Ellenoff Grossman & Schole LLP acted as counsel to the Company
and Lowenstein Sandler P.C. acted as legal counsel to the
underwriters.
A registration statement relating to these units and the
underlying securities was declared effective by the Securities and
Exchange Commission on July 14, 2011. This press release shall not
constitute an offer to sell nor the solicitation of an offer to buy
any securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any state or
jurisdiction. Copies of the final prospectus relating to the
offering can be obtained from the U.S. Securities and Exchange
Commission website at http://www.sec.gov. Alternatively, copies of
the prospectus related to this offering may be obtained from Maxim
Group LLC, 405 Lexington Ave, New York, NY 10174, (800)
724-0761.
Investor Relations Contact: Matthew Abenante Capital Link, Inc.
230 Park Avenue - Suite 1536 New York, N.Y. 10169 Tel. (212)
661-7566 Email: mabenante@capitallink.com
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