On Friday, August 19, Stellar Acquisition III, Inc. (NASDAQ: STLRU), a Greece-based blank check company, also commonly referred to as a special purpose acquisition company, announced an initial public offering of $65 million, accounting for 6.5 million units at $10 each. One unit consists of one company share and one warrant allowing the holder to purchase common stock at $11.50 per share.
The company had initially planned to offer eight million shares at $10 each, but reconsidered earlier last week. The new IPO is expected to raise up to 19% less than anticipated previously, according to a Renaissance Capital report (http://nnw.fm/QT3Zv).
Founded in 2015 with the purpose of acquiring an international energy logistics company, Stellar Acquisition III listed its units on the NASDAQ market on Friday, under the STLRU ticker. The company’s IPO closing is expected to occur on Wednesday, August 24. When separate trading begins for the securities comprising the units, both the warrants and the common stock will be listed on NASDAQ under the STLRW and STLR tickers, respectively.
The offering’s sole book-running manager is Maxim Group LLC, a New York based investment banking and securities brokerage firm, while boutique investment banks EarlyBirdCapital, Inc. and Chardan Capital Markets, LLC are co-managers for the initial public offering. The underwriters were given a 45-day option to buy additional units at the IPO price of $10 each to cover any possible over-allotments. They will be able to purchase up to 975,000 additional units, if necessary.
Copies of the Stellar IPO prospectus can be obtained from Maxim Group LLC, when available.
For the full press release, visit http://nnw.fm/0Nu4Q
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