- Aardvark 2 Capital Corp. (ACCB) has completed its initial public offering of 2,500,000 common shares for gross proceeds of $250,000
- The net proceeds will be used to identify and evaluate assets of businesses for acquisition with a view to completing a “qualifying transaction”
- The common shares were admitted for trading on the Exchange and will be trading under the symbol “ACCB”
- Aardvark 2 is a capital pool company
Aardvark 2 Capital Corp. (ACCB) has completed its initial public offering.
The company issued 2,500,000 common shares at a purchase price of $0.10 per share for gross proceeds of $250,000.
“The successful completion of our IPO represents an important step in Aardvark 2’s goal of delivering superior shareholder returns,” said Zachary Goldenberg, CEO of Aardvark 2.
“With a team of dedicated and disciplined industry professionals who have a series of capital pool companies (and qualifying transactions) to their names, Aardvark 2 looks forward to identifying quality targets in high growth industries seeking access to the public capital markets,” he added.
The corporation is a capital pool company (as defined in the policies of the TSX Venture Exchange). To date, the corporation has not conducted operations of any kind and has not entered into an “agreement in principle”, as such term is defined in Exchange Policy 2.4 – Capital Pool Companies.
When combined with the corporation’s cash proceeds raised prior to the offering ($325,000 in seed financing), the corporation has raised total gross proceeds of $575,000 and has a total of 7,200,000 common shares issued and outstanding. Out of this, 3,900,000 common shares are being held in escrow (in addition to 720,000 stock options).
The net proceeds will be used to identify and evaluate assets of businesses for acquisition with a view to completing a “Qualifying Transaction” under the Capital Pool Company program of the Exchange.
The common shares were admitted for trading on the Exchange and will be trading under the symbol “ACCB”.
