Another blank check company has joined the list of pending IPO’s. National Security Solutions Inc. is the next SPAC or special purpose acquisition company to submit an IPO filing. The offering is targeting $200 million and each $10 unit will include one share of common stock and one warrant with a strike price of $7.50. The company intends to list on the American Stock Exchange under the symbol “NSX.U.” The book running manager for the offering is listed as Banc of America Securities.
As one would assume from its name, National Securities Solutions intends to target “businesses that develop, manufacture, market, distribute, provide or deliver products, services or software pertaining to the security and homeland defense industries.” The management believes that the homeland security industry is increasingly important and relevant today and that their management team has the expertise to identify a successful business combination that has strong growth potential but may be lacking the capital, scale, and management to succeed. According to a study by Homeland Security Research Corp., the national security industry will grow into a $170 billion industry by 2015 from $55 billion in 2006.
CEO and President, Kenneth Boyda, served as CEO and President of GE subsidiary, GE Securities and its predecessors, during which he negotiated contracts in over 40 countries and was involved in transactions in the industry totaling $4 billion. Chairman of the Board, Howard Safir, is the only person in NYC to serve as both police and fire commissioner and was also named as one of the “25 Most Influential Security Executives” by Security Magazine.
March 17, 2008