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Energy

SPAC IPO FILING: K Road Acquisition Corp.

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By Douglas A. McIntyre Published
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K Road Acquisition Corporation, a SPAC, or special purpose acquisition company, submitted an IPO filing last Friday. The filing shows $300 million proceeds targeted at $10.00 per unit, each unit will consist of one share of stock and one warrant.  The total proposed maximum aggregate amount in securities is listed as $345,000,000 in securities, although this number is merely for filing purposes.  The lead underwriter is listed as Credit Suisse. It has requested to be listed on American Stock Exchange.

The filing specifies that they will focus on the North American energy industry, particularly on power sector businesses or assets. In identifying a target, the management will evaluate based upon the following criteria: History of profitability and free cash flow; strong management team; opportunities for add-on acquisitions; spin-off or divestitures from larger companies; defensible business niche; and a diversified customer and supplier base.

The company expects to capitalize on the significant experience and expertise of its management in the energy sector. The chairman, president, and CEO of K Road Acquisition Corp is William Kriegel. He was the former founder, chairman, president and CEO of Sithe Energies, Inc., now one of the world’s largest independent power companies. With David Tohir and Barry Sullivan, Mr. Kriegel established K Road Power and K Road Ventures. Both companies invest in energy focused technologies and assets.

Rachel Lopez
February 4, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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