By Sheri Kasprzak
New York, May 2 - Vector Intersect Security Acquisition Corp. concluded a $1.5 million private placement along with its $58.5 million initial public offering.
In the private placement, the company sold 187,500 units at $8.00 each to Yaron Eitan, the company's chief executive officer, and Winston Churchill, a director of the company.
The units consist of one share and one warrant with each warrant exercisable at $5.00 each through April 25, 2012.
In the initial public offering, the company sold 7,312,500 units under the same terms.
Rodman & Renshaw, LLC was the agent for the IPO.
Located in Ridgefield Park, N.J., Vector Intersect is a blank check company designed to effect mergers, capital stock exchanges, asset acquisitions and other business combinations.
| Issuer: | Vector Intersect Security Acquisition Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $1.5 million
|
| Units: | 187,500
|
| Price: | $8.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | April 25, 2012
|
| Warrant strike price: | $5.00
|
| Investors: | Yaron Eitan, chief executive officer; Winston Churchill, director
|
| Settlement date: | April 26
|
| Stock symbol: | OTCBB: VTRQU
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| Stock price: | $8.00 at close May 1 (first trade)
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