Lake Superior Acquisition Corp completes $115 million IPO and private placement

Lake Superior Acquisition Corp (NASDAQ:LKSPU, NASDAQ:LKSP, NASDAQ:LKSPR) announced the completion of its initial public offering and related private placement this week, according to a statement based on a recent SEC filing.

On Monday, the company entered into several agreements in connection with its initial public offering, including an underwriting agreement with Cohen & Company Capital Markets, amended and restated articles of association, a rights agreement, letter agreements with officers, directors, shareholders, and Lake Superior Investments LLC, an investment management trust agreement, a registration rights agreement, private placement unit purchase agreements, and indemnity agreements.

On Wednesday, Lake Superior Acquisition Corp completed its IPO of 11,500,000 units, which included the full exercise of the overallotment option. Each unit consists of one Class A ordinary share and one-seventh of one right to receive an additional ordinary share upon completion of an initial business combination. The units were sold at $10.00 each, raising gross proceeds of $115,000,000.

As of Thursday, $115,000,000 of the net proceeds from the IPO and private placement were deposited in a trust account for the benefit of the company’s public shareholders. An audited balance sheet reflecting the proceeds will be filed within four business days of the IPO closing.

Simultaneously with the IPO, Lake Superior Acquisition Corp completed a private placement with its sponsor and Cohen & Company Capital Markets, selling 360,000 private units at $10.00 per unit for total gross proceeds of $3,600,000. The private units are identical to those sold in the public offering. The sponsor and Cohen & Company Capital Markets have agreed not to transfer or sell these private units or the underlying securities until the company completes its initial business combination, except in limited circumstances. They were also granted certain registration rights related to these securities.

The company also filed its amended and restated memorandum and articles of association with the Registry of Corporate Affairs of the British Virgin Islands on Monday.

This information is based on a statement released in a recent SEC filing.

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