SPAC IPO FILING: Lambert’s Cove Acquisition Corporation (LCA)

Douglas A. McIntyre

Lambert’s Cove Acquisition Corporation, a SPAC, or special purpose acquisition corporation, submitted an IPO filing.  The date is march 18 on the filing but the date this became available was this morning.  The filing shows a target offer for $100 million for 10,000 units at $10 each. Each unit consists of one common share and one warrant with a strike price of $7.50.

The listed book runners for the IPO are listed as UBS Investment Bank and Morgan Joseph. They plan to apply to list on the American Stock Exchange under the ticker “LCA.”

The filing states that the company will use its blank check to target businesses in the communications, information, technology, entertainment, media, new media in North America. In determining a business combination, the company will utilize the experience and expertise of their management team. The Chairman, Mark A. Pelson, has 18 years of experience in the private investments and acquisitions in their target industry with Providence Equity Partners. The CEO, Jeffery Levy, acted as a manager and entrepreneur in the target industries with his experience at Biltmore Communications and Open Point Networks.

Rachel Lopez
March 20, 2008