February 14, 2007
Excel Maritime sponsors "blank check" company
Athens-based dry bulk specialist Excel Maritime Carriers Ltd (NYSE:EXM) reports that it is the sponsor and corporate shareholder of Oceanaut, Inc., a newly organized "blank check company" formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination, vessels or one or more operating businesses in the shipping industry.
Oceanaut, Inc. has filed a registration statement with the SEC for the Initial Public Offering of 18,750,000 units. Each unit has an offering price of $8.00 and consists of one share of common stock and one warrant that entitles the holder to purchase one share of common stock at a price of $6.00, exercisable as per the terms and conditions described in the Registration Statement. Citigroup Global Markets Inc. is acting as sole bookrunner and Maxim Group LLC is acting as co-manager for the initial public offering.
Excel Maritime Carriers says it has agreed to invest a total of $ 11,000,000 in Oceanaut, Inc. in a private placement to occur immediately prior to the closing of the initial public offering. Following the public offering and the private placement, Excel Maritime Carriers will own approximately 18.9% of the common shares of Oceanaut, Inc.
Investment in blank check companies are not for the faint of heart. This one may require particularly strong nerves. The F-1 discloses that: