Angelo, Gordon Acquisition Corp., a Blank Check company or a Special Purpose Acquisition Company, has filed to come public via an IPO. The company has filed to sell some 30 million units at the traditional $10.00 per unit price, with each unit consisting of one share of common stock and one warrant with a $7.50 strike price. JPMorgan is listed as the sole underwriter for the offering.
Angelo, Gordon Acquisition Corp. is a newly organized blank check company formed on February 28, 2008 for the purpose of consummating a merger, exchange, acquisition, reorganization or other business combination with one or more operating businesses. Efforts in identifying a target business operation will not be limited to a particular industry or group of industries. As no set business segment nor a segment has been even listed at, this is more of a Blank Check company rather than a SPAC.
The sponsor company, Angelo, Gordon, has investment disciplines which encompass four principal lines:
(1) private equity and special situations,
(2) distressed debt and leveraged loans,
(3) real estate and
(4) hedge fund strategies.
Angelo, Gordon is also an SEC-registered investment adviser and, combined with its affiliates, has in excess of $18 billion of assets under management including committed but not yet drawn capital.
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Jon C. Ogg
April 22, 2008
Jon Ogg is a producer of and editor for both the Special Situations newsletter and the "10 Stocks Under $10" weekly newsletter for 247WallSt.com; he can be reached at email@example.com and he does not own securities in the companies he covers.