Hambrecht Asia Acquisition completes $32 million IPO of 4 million units
Hambrecht Asia Acquisition Corp. closed its initial public offering of 4,000,000 units on March 12, 2008, at $8.00 per unit for gross proceeds of $32 million. The company had not begun operations or generated revenue, and its net offering and private placement proceeds of $31.68 million are held in a trust account until a business combination, with primarily China-based operations as its target, or liquidation.
- IPO of 4,000,000 units consummated March 12, 2008 at $8.00 per unit, for gross proceeds of $32 million
- Each unit includes one ordinary share and one warrant exercisable at $5.00 per share
- Private placement of 1,550,000 warrants to founding stockholders at $1.00 per warrant, for $1.55 million
- Net proceeds of $31.68 million held in trust; if no business combination is completed within 24 months, funds go to public shareholders on dissolution