SAO PAULO, July 1, 2014 /PRNewswire/ -- Garnero Group
Acquisition Company (NASDAQ: GGACU) (the "Company") announced today
that it has completed its initial public offering of 12,500,000
units. Each unit consists of one ordinary share, par value
$.0001 per share, one right to
automatically receive one-tenth of one ordinary share upon
consummation of an initial business combination and one warrant
entitling the holder to purchase one-half of one ordinary share at
a price of $11.50 per full share
commencing on the later of the Company's completion of its initial
business combination or June 25,
2015. The units were sold at an offering price of
$10.00 per unit, generating gross
proceeds of $125,000,000 to the
Company. EarlyBirdCapital, Inc. acted as Sole Book Runner and
Managing Underwriter for the offering. Aegis Capital, Ladenburg
Thalmann and I-Bankers were Co-Underwriters. Copies of the final
prospectus relating to the offering may be obtained for free by
visiting the U.S. Securities and Exchange Commission website at
http://www.sec.gov. Alternatively, a copy of the prospectus
relating to the offering may be obtained from EarlyBirdCapital,
Inc., 275 Madison Avenue, 27th Floor, New
York, NY 10016, Attn: Aimee
Bloch, 212-661-0200.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of units,
$125,625,000 (or approximately
$10.05 per share sold in the public
offering) was placed in trust. An audited balance sheet of
the Company as of July 1, 2014
reflecting receipt of the proceeds upon consummation of the initial
public offering and the private placement will be included as
Exhibit 99.1 to a Current Report on Form 8-K to be filed by the
Company with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Garnero Group Acquisition Company is a newly formed blank check
company organized for the purpose of effecting a merger, capital
stock exchange, asset acquisition or other similar business
combination with one or more businesses or entities. The Company's
efforts to identify a prospective target business will not be
limited to any particular industry or geographic region, however
the Company initially intends to focus the search on target
businesses located in Latin
America (with a particular emphasis on Brazil) or Europe operating in the energy (including
renewables) and biotechnology industries or target businesses in
such industries operating outside of those geographic locations
which the Company believes would benefit from expanding their
operations to such locations.
Forward Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward looking statements
are statements that are not historical facts. Such
forward-looking statements, based upon the current beliefs and
expectations of the Company's management, are subject to risks and
uncertainties, which could cause actual results to differ from the
forward looking statements.
Contact:
RP1
Comunicacao
Edvaldo Chequetti
Tel.+55 11 5501 4655
edvaldochequetti@rp1.com.br
SOURCE Garnero Group Acquisition Company