Delos Acquisition Corp., a SPAC, or special purpose acquisition company, submitted an IPO filing Tuesday. The filing shows $150 million proceeds targeted at $10.00 per unit, each unit will consist of one share of stock and one warrant. The proposed maximum aggregate amount in securities is listed as $172,500,000, although this number is for filing purposes only. The sole underwrite for the IPO is listed as Morgan Stanley. Delos has requested to trade on the American Stock Exchange.
The filing specifies that they will intend to initially focus on businesses in the business/information services industry in North America; however, they are not limited to this industry or geographic region. In evaluating a potential target, Delos will use the following criteria: Competitive industry position; Experienced management team; Established track record; Potential for earnings and growth; Diversified Customer and Supplier Base.
Mel Bergstein, the Chairman of the Board and Chief Executive Officer, currently acts as Chairman of Diamond Management & Technology Consultants, Inc., a leading consultancy firm. Prior to Diamond, he held high management positions at Technology Solutions Company and Computer Sciences Corporation. He also has over 20 years of management consulting experience at what is now Accenture. The Vice Chairman and CFO is Michael Mikolajczyk, also a member of the Board at Diamond Management & Technology Consultants, Inc.
Delos joins a wave of recent SPAC IPO filings. SPAC’s and mortgage securities-related players are dominating the group of companies brave enough to go public in the wake of a looming recession.
February 20, 2008