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Chart Acquisition Prices IPO Of 7.5M Units At $10 Each

 December 14, 2012 09:53 AM


(By Balachander) Chart Acquisition Corp. (NASDAQ: CACGU), a newly-organized blank check company formed for the purpose of acquiring or merging with an operating business, has priced its initial public offering (IPO) of 7.5 million units at $10.00 apiece for gross proceeds of $75 million.

The New York-based company has granted the underwriters a 45-day option to purchase up to an additional 1,125,000 units to cover overallotments, if any.

Each unit issued in the IPO consists 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.

Following this offering, Chart Acquisition said it will not generate any operating revenues until after at the earliest the consummation of its initial business combination.

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The company's sponsor, Chart Acquisition Group LLC, Chairman and CEO Joseph Wright, and Cowen Overseas Investment LP, have collectively committed to offer to purchase up to 3.75 million of its issued and outstanding warrants at $0.60 each in a proposed tender offer.

The company has applied to have its units listed on Nasdaq under the symbol "CACGU".

Deutsche Bank Securities Inc. and Cowen and Company, LLC acted as the lead managers of the offering, and Mitsubishi UFJ Securities (USA), Inc. acted as co-manager of the offering. 

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