Banking, finance, and taxes
SPAC/Blank Check IPO Filing: 57th Street General Acquisition Corp.
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The world of special purpose acquisition companies may get yet another new entrant. After the close of trading on Monday came the filing for 57th Street General Acquisition Corp. to come public via an initial public offering. This deal is being brought by Morgan Joseph and by Ladenberg Thalman & Co. 57th Street plans to sell 5,000,000 Units, each at a purchase price of $10.00 per unit and consisting of one share of common stock and one warrant to purchase one share of our common stock with an $11.50 strike price.
57th Street is a newly organized blank check company formed for the purpose of acquiring (or merging with) one or more operating businesses or assets that have not yet been identified. This blank check has a bit shorter of a lease as it will only have 15 months from the date of this prospectus to consummate its initial business transaction.
Unfortunately, this one plans to trade OTC on the Bulletin Board.
Jon C. Ogg
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