SAO PAULO, July 7, 2014 /PRNewswire/ -- Garnero Group
Acquisition Company (NASDAQ: GGACU) (the "Company") announced today
that the underwriters of its initial public offering have exercised
their over-allotment option in full and that the closing of the
sale of the 1,875,000 units has taken place. The option units were
sold at an offering price of $10.00
per unit, generating additional gross proceeds of $18,750,000 to the Company and bringing the total
gross proceeds of the initial public offering to $143,750,000. Copies of the final
prospectus relating to the initial public offering may be obtained
for free by visiting the U.S. Securities and Exchange Commission
website at http://www.sec.gov. Alternatively, a copy of the
prospectus relating to the offering may be obtained from
EarlyBirdCapital, Inc., 275 Madison Avenue, 27th Floor,
New York, NY 10016, Attn:
Aimee Bloch, 212-661-0200.
Of the proceeds received from the consummation of the
over-allotment option exercise and a simultaneous private placement
of units, $18,843,755 was placed in
trust, for a total of $144,468,755
(or $10.05 per share sold in the
public offering) held in trust. An audited balance sheet of
the Company as of July 1, 2014
reflecting receipt of the proceeds upon consummation of the initial
public offering will be included as Exhibit 99.1 to a Current
Report on Form 8-K to be filed by the Company with the Securities
and Exchange Commission.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these 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 such state or
jurisdiction.
Garnero Group Acquisition Company is a newly formed blank check
company organized for the purpose of effecting a merger, capital
stock exchange, asset acquisition or other similar business
combination with one or more businesses or entities. The Company's
efforts to identify a prospective target business will not be
limited to any particular industry or geographic region, however
the Company initially intends to focus the search on target
businesses located in Latin
America (with a particular emphasis on Brazil) or Europe operating in the energy (including
renewables) and biotechnology industries or target businesses in
such industries operating outside of those geographic locations
which the Company believes would benefit from expanding their
operations to such locations.
Forward Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward looking statements
are statements that are not historical facts. Such
forward-looking statements, based upon the current beliefs and
expectations of the Company's management, are subject to risks and
uncertainties, which could cause actual results to differ from the
forward looking statements.
Contact:
RP1
Comunicacao
Edvaldo Chequetti
Tel.+55 11 5501 4655
edvaldochequetti@rp1.com.br
SOURCE Garnero Group Acquisition Company