Parakou Tankers to change hands

Feb 27 2015

Cambridge Capital Acquisition Corp is buy Parakou Tankers.

A special stockholders meeting has been called for 31st March to approve the deal.

Privately-owned Parakou currently owns and operates eight 51,000 dwt MRs, which were transferred in July 2014 from Parakou (International) Limited, a Hong-Kong based shipping firm founded in 1985.

Parakou was incorporated under the laws of the Marshall Islands in January, 2014 and is headquartered in Singapore.

Cambridge Capital Acquisition Corp is a blank check company formed in order to effect a merger, capital stock exchange, asset acquisition, or other similar business combination with one or more businesses. or entities.

It was incorporated under the laws of Delaware on 1st October, 2013.

On 23rd December, 2013, Cambridge closed its initial public offering of 7 mill units, with each unit consisting of one share of its common stock and one warrant to acquire one share of its common stock upon consummation of an initial business combination.

The following week, Cambridge consummated the sale of an additional 1,050,000 units, which were subject to an over-allotment option granted to the underwriters of its IPO. The units (including the over-allotment option) were sold at an offering price of $10 per unit, generating total gross proceeds of $80,500,000.

Simultaneously with the IPO’s consummation and the exercise of the underwriters' over-allotment option, Cambridge held a private sale of 472,125 units to its initial stockholders and EarlyBirdCapital and its designees, in each case at $10 per unit for an aggregate purchase price of $4,721,250.

The net proceeds from the IPO, together with the net proceeds from the private sale, totalling $81,305,000, was deposited into the trust account and the remaining proceeds became available to be used as working capital.

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