other material
confidence high
sentiment neutral
materiality 0.60
Harvard Ave Acquisition Corp closes IPO of 14.5M units at $10/unit, raising $145M
Harvard Ave Acquisition Corp
- Gross proceeds of $145M from IPO of 14.5M units at $10.00 per unit; concurrently completed private placement of $3.4M to sponsors.
- $145M deposited in trust account; company has working capital of $752,508 and a related party receivable of $1.22M.
- Auditor's report includes going concern doubt due to expected significant costs in pursuit of business combination.
- Company has 18-24 months to complete initial business combination; will redeem public shares if not completed.
- Deferred underwriting fee of $4.35M recorded as liability; total transaction costs of $6.78M.