Consumer

A Hawaiian health food and juice maker completed an alternative public offering (APO) by reverse-merging with a shell company and raising $800,000 and exchanging stock for $500,000 in debt on October 10. The company, KonaRed Corp., merged into shell company TeamUpSport Inc., a defunct New Zealand company that had sought to develop an online network for sport fans. KonaRed sold the APO shares to Littlebird Capital, which purchased 1.7 million shares for 45 cents each, and purchased the debt from Maxam Capital Management in exchange for an additional 1.1 million shares. KonaRed announced it will seek to raise an additional $300,000 through a private placement of stock and warrants. The company intends to trade over-the-counter under the symbol KRED.

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Clinton Group Registers New SPAC for $143.75M IPO

By Brett Goetschius | August 29, 2013

Private equity and alternative investment fund manager Clinton Group is sponsoring a second special purpose acquisition company (SPAC) on the heels of its successful $420 million acquisition of EveryWare Global (EVRY) in late May. Since Clinton Group’s ROI Acquisition Corp. I closed the reverse merger with the Ohio-based cookware manufacturer shareholders have enjoyed a 30% rise in its shares over ROI’s $10 initial offering price. ROI Acquisition II plans to raise $143.75 million to place into trust while it pursues a merger target. SPAC has not disclosed a preference, but given the track records and experience of the Clinton Group execs heading up the blank check company, the same team that managed ROI I, consumer goods and services valued between $300 and $600 million are likely to play a role.