CB Pharma Acquisition Corp. Announces Exercise of Portion of Over-Allotment Option in Conjunction With Its IPO
30 December 2014 - 12:00AM
CB Pharma Acquisition Corp. (Nasdaq:CNLMU) ("CB Pharma" or the
"Company"), a Cayman Islands exempted company formed as a blank
check company for the purpose of entering into a merger, share
exchange, asset acquisition, share purchase, recapitalization,
reorganization or similar business combination with one or more
businesses or entities, announced in connection with the Company's
public offering of 4,000,000 units, it has completed the sale of an
additional 200,000 units pursuant to the 45-day over-allotment
option granted to the underwriters in its public offering to
purchase up to an additional 600,000 units. The issuance of the
additional 200,000 units closed on December 24, 2014. The Company
also consummated a simultaneous private placement of an additional
1,000 private placement units to EarlyBirdCapital, Inc.
The 4,200,000 units sold in the public offering, including the
200,000 units sold pursuant to the over-allotment option, were sold
at an offering price of $10.00 per unit, generating total gross
proceeds of $42,000,000. Of the gross proceeds of the public
offering and simultaneous private placements, $42,845,000 (or
approximately $10.20 per share sold in the public offering) was
placed in trust.
EarlyBirdCapital, Inc. acted as the sole book-running manager
for the offering. Aegis Capital Corp. and I-Bankers Securities
acted as co-managers.
The initial public offering was made only by means of a
prospectus. Copies of the prospectus may be obtained by contacting
EarlyBirdCapital, Inc., Attention: Prospectus Department, 366
Madison Avenue, 8th Floor, New York, New York 10017, Attn: Aimee
Bloch, (212) 661-0200.
A registration statement relating to CB Pharma's securities had
been filed with, and declared effective by, the Securities and
Exchange Commission on December 12, 2014. 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.
About CB Pharma Acquisition Corp.
CB Pharma is a Cayman Islands exempted company formed for the
purpose of entering into a merger, share exchange, asset
acquisition, share purchase, recapitalization, reorganization, or
similar business combination with one or more businesses or
entities. The Company's efforts to identify target businesses will
not be limited to a particular industry or geographic region,
though it intends to initially focus its search on businesses in
North America, Europe, South America, and/or Asia operating in the
specialty pharma and generic drug industries. This could include
acquiring the rights to a drug approved by the United States Food
and Drug Administration or other "branded" pharmaceutical products
or a company holding such rights.
Forward-Looking Statements
This press release includes "forward-looking statements" that
are not historical facts, and involve risks and uncertainties that
could cause actual results to differ materially from those expected
and projected. Words such as "expects", "believes", "anticipates",
"intends", "estimates", "seeks" and variations and similar words
and expressions are intended to identify such forward-looking
statements. Such forward-looking statements relate to future events
or future performance, but reflect CB Pharma management's current
beliefs, based on information currently available. A number of
factors could cause actual events, performance or results to differ
materially from the events, performance and results discussed in
the forward-looking statements. For information identifying
important factors that could cause actual results to differ
materially from those anticipated in the forward-looking
statements, please refer to the Risk Factors section of CB Pharma's
prospectus for its offering filed with the Securities and Exchange
Commission. Except as expressly required by applicable securities
law, CB Pharma disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events, or otherwise.
CONTACT: CB Pharma Acquisition Corp.
Lindsay A. Rosenwald, M.D.
Co-Chairman of the Board and Chief Executive Officer
781-652-4500
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