Capitol Acquisition Corp. II Announces Pricing Of $180 Million Initial Public Offering
WASHINGTON, May 9, 2013 (GLOBE NEWSWIRE) -- Capitol Acquisition Corp. II (Nasdaq:CLACU), an acquisition vehicle formed by private equity and venture capitalist Mark D. Ein, announced today that it priced its initial public offering of 18,000,000 units. The units were sold at an offering price of $10.00 per unit raising gross proceeds of $180,000,000. The offering size was increased from 15,000,000 units to accommodate investor demand. The units are expected to begin trading on the NASDAQ on May 10, 2013 under the symbol "CLACU."
Capitol Acquisition Corp. II will seek to capitalize on the approximately 21 years of private equity and venture capital investing experience and significant contacts of its Chairman and Chief Executive Officer, Mark D. Ein, as well as the relationships and experience of its executive team and Board of Directors. This is Mark D. Ein's second publicly traded acquisition company and follows the highly successful business combination Capitol Acquisition Corp. I completed with Two Harbors Investment Corp., one of the leading residential mortgage REITs, in October 2009. L. Dyson Dryden joined Capitol Acquisition Corp. II as Chief Financial Officer from Citigroup where he held the position of Managing Director in the firms' Investment Banking division.
Capitol Acquisition Corp. II was formed to complete an acquisition using its cash, debt or securities, and there is no limitation on its ability to raise additional funds in connection with its acquisition. As a result, the Company may acquire a target whose enterprise value is a significant multiple of the amount of cash raised in this offering. No specific industry sector or acquisition target has yet been identified.Each unit issued in the initial public offering consists of one share of the company's common stock and one half of one warrant to purchase one share of common stock at an exercise price of $11.50 per share. The underwriters have been granted a 30-day option to purchase up to an additional 2,700,000 units offered by the Company to cover over-allotments, if any.
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