SPAC IPO FILING: Orbit Acquisition Corp. (OSW, OSW.U)

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Orbit Acquisition Corp., a SPAC, or special purpose acquisition corporation, submitted an IPO filing today. The filing shows up to $250 million in proceeds with a usual SPAC target share price of $10 per unit. Each unit will consist of one common stock and one warrant with a strike price of $7.50. The proposed maximum aggregate amount in securities is listed as $287,500,000, although this amount is for filing purposes only. The underwriter is listed as JPMorgan. Orbit applied to trade on the American Stock Exchange under the symbol “OSW.U.”

This SPAC plans to target the energy and power industries, although it is not limited to this sector, and as of yet, Orbit has not began the process of evaluating or selecting potential business targets. The experience of its management team includes Gabriel S. Nechamkin as Chairman of the Board, the current head of trading at Satellite Asset Management, L.P., an investment advisory firm managing $6.9 billion in assets. Garry Hubbard, the CEO and President, adds 29 years of energy business experience to the table, including Willow Bend Capital Management, Panda Energy International, and North American Energy Services.

SPACs seem to be the IPO hot commodity lately, and this morning BPW Acquisition was listed on the American Stock Exchange.  Tri-Artisan also recently filed for a SPAC IPO and we have even seen an OTCBB SPAC IPO filing last week.

Rachel Lopez
February 27, 2008