NEW YORK, Oct. 9 /PRNewswire-FirstCall/ -- Highlands Acquisition Corp. (Amex: HIA.U), (the "Company") announced today that it has completed its initial public offering (the "IPO") of 12,000,000 units. Each unit consists of one share of common stock and one warrant, which entitles the holder to purchase one share of common stock. The units were sold at an offering price of $10.00 per unit, generating gross proceeds of $120,000,000 to the Company. The offering was led by Citi, acting as sole book-running manager and Wm Smith & Co. as co-manager. The offering is being made only by means of a prospectus, copies of which may be obtained from Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220.
Simultaneously with the consummation of the IPO, the Company completed a private placement of 3,250,000 warrants at a price of $1.00 per warrant, generating gross proceeds of $3,250,000. These warrants were purchased by (i) Kanders & Company, Inc., Ivy Healthcare Capital II, L.P., and Fieldpoint Capital, L.L.C., each of which is an affiliate of certain officers and directors of the Company and an existing stockholder of the Company; and (ii) Robert W. Pangia, the Company's Chief Executive Officer, Dennis W. O'Dowd and Virgilio Rene Veloso, each of which is an existing stockholder of the Company. The warrants sold in the private placement are identical to the warrants included in the units sold in IPO except that if the Company calls the warrants for redemption, the warrants sold in the private placement will not be redeemable by the Company so long as they are held by these purchasers or their permitted transferees. The purchasers of the warrants sold in the private placement have agreed that these warrants will not be transferred, assigned or sold by them (except in limited situations) until after the Company has completed its initial business combination.
Of the proceeds received from the consummation of the initial public
|SOURCE Highlands Acquisition Corp.|
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