NEW YORK, May 26, 2015 /PRNewswire/ -- GP Investments
Acquisition Corp. (NASDAQ: GPIAU) (the "Company") announced the
closing of its initial public offering of 17,250,000 units,
including 2,250,000 units issued pursuant to the full exercise by
the underwriters of their over-allotment option. The offering was
priced at $10.00 per unit, resulting
in gross proceeds of $172,500,000.
The Company was formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. The proceeds of the offering will be used to fund such
business combination.
The Company's units began trading on the NASDAQ Capital Market
under the ticker symbol "GPIAU" on May 20,
2015. Each unit consists of one share of the Company's
ordinary shares and one-half of one warrant. Each whole warrant
will entitle the holder thereof to purchase one share of the
Company's ordinary shares at $11.50
per share. Once the securities comprising the units are eligible
for separate trading, the ordinary shares and warrants are expected
to be listed on the NASDAQ Capital Market under the ticker symbols
"GPIA" and "GPIAW," respectively.
The Company's sponsor, GPIC, Ltd., is a wholly owned subsidiary
of GP Investments, Ltd. ("GP Investments"). Our strategy is to
focus on potential acquisition targets in the United States and Europe in industries and sectors where our
management team has had direct investing experience, such as
consumer goods and services, retail and hospitality.
Citigroup acted as the sole book-running manager for the
offering.
A registration statement relating to these securities was filed
with and declared effective by the Securities and Exchange
Commission on May 19, 2015.
This press release shall not constitute an offer to sell nor the
solicitation of an offer to buy any 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 state or jurisdiction.
The offering was made only by means of a prospectus, copies of
which may be obtained from Citigroup, c/o: Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Phone: (800) 831-9146.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
"forward-looking statements," including with respect to the
anticipated use of the net proceeds of the initial public offering.
No assurance can be given that the net proceeds of the offering
will be used as indicated. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company's registration statement and prospectus for the
Company's offering filed with the Securities and Exchange
Commission ("SEC"). Copies are available on the SEC's website,
www.sec.gov. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
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SOURCE GP Investments Acquisition Corp.