News

Infinity Cross Border SPAC Completes Merger with Glori Energy

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Glori Energy, an energy technology company, and SPAC Infinity Cross Border Acquisition Corp. (INXB) have completed their merger announced on January 8. The merger included a simultaneous private placement led by Infinity Group and Hicks Equity Partners. Commencing April 15, 2014, shares and warrants of Glori will be publicly listed on the Nasdaq Capital Market under the ticker symbols GLRI and GLRIW, respectively. On April 15 the shares and warrants of Glori were listed on Nasdaq Capital Market under the ticker symbols GLRI and GLRIW, respectively.

Markets

Committed Capital SPAC Raises $35M in IPO

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Committed Capital Acquisition Corp. (CCAQU)  has completed its IPO, raising $35 million. The SPAC sold an aggregate of 7,000,000 units at a price of $5.00 per unit. Each unit issued consisted of one share of common stock and one warrant to purchase one-half of one share of common stock at an exercise price of $5.00 per whole share. The company's units began trading on the OTCBB under the ticker symbol "CCAQU" on April 11, 2014

Broadband Capital Management acted as sole manager and representative of the underwriters of the offering.

News
ZST Technologies

Asset Chase Leads Chinese Reverse Merger Investor to Recover Investment and Then Some

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A U.S. investor who lost millions investing in a China reverse-merger company accused of fraud is about to recover 200% of his original investment through a unique legal strategy playing out in the Delaware Chancery Court. Growth Capital Investor has learned a private equity firm has signed a letter of intent and is currently negotiating to buy all of the China-based assets of ZST Digital (ZSTN) that were recovered by a U.S.-based receiver representing the investor. The investor, Peter Deutsch, was awarded a $32 million equity claim against ZST Digital last year after his attorney, David Graff of Anderson Kill, convinced the court to value Deutsch’s investment in ZST at the price the stock traded the last time the company filed financials with the SEC. The court’s appointment of receiver Robert Seiden, CEO of New York-based Confidential Securities, led to a year long chase to track down cash and hard assets in ZST’s Chinese operations and bank accounts.  This included a million dollars of cash found in one of the bank accounts of ZST’s parent companies. Attorney Graff told Growth Capital Investor last year he thought they would find assets of $75-$100 million in the parent company and subsidiaries of ZST.

Markets
Biotech

Biotechs Propel February to Record Month for CMPOs

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Emerging growth companies raised $663.6 million in 18 confidentially-marketed public offerings (CMPOs) in February, making it the most actively used registered private placement structure for the month, and the most active month for CMPOs in over 18 months. Biotech issuers fueled the deal activity, raising 62% of the capital and launching half of the CMPO deals closed last month. February’s CMPO activity was at the highest levels in the past 24 months in terms of total deals and capital raised. The month’s deal pace was well ahead of 2013’s monthly average of 10 deals raising $359 million. It was the best month for CMPOs since October 2012, when 13 deals were closed raising $520 million.