Chief Executive Officer of Trio Merger Purchases 100,000 Shares of Common Stock
Trio Merger (NASDAQ: TRIO) announced today that Eric S. Rosenfeld, Trio's Chief Executive Officer, has purchased an aggregate of 100,000 shares of common stock of Trio on May 28, 2013 for an aggregate purchase price of approximately $1,007,000. As previously announced, Trio has entered into a definitive merger agreement with SAExploration Holdings Inc. (“SAE”), providing for a business combination in which SAE will become a wholly owned subsidiary of Trio upon closing of the business combination. The business combination is expected to close in June 2013.
About Trio Merger Corp.
Trio was incorporated in Delaware on February 2, 2011 as a blank check company whose objective is to effect a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business. Trio's initial public offering was declared effective June 20, 2011 and was consummated on June 24, 2011, receiving net proceeds of $57.43 million through the sale of 6.0 million units at $10.00 per unit and $3.55 million from the sale of private placement warrants to the initial stockholders and the underwriters. On June 24, 2011, the underwriters exercised their over-allotment option and on June 27, 2011, Trio received net proceeds of $8.69 million from the sale of 900,000 units. Each unit was comprised of one share of Trio common stock and one warrant with an exercise price of $7.50. As of March 31, 2013, Trio held approximately $61,676,800 in a trust account maintained by an independent trustee, which will be released upon the consummation of the business combination.
The closing of the transaction with SAE is subject to, among other matters, approval by the stockholders of Trio and holders of 496,032 or more of the shares of Trio's common stock issued in Trio's initial public offering of securities not exercising their rights to convert their shares into a pro rata share of the trust account in accordance with Trio's amended and restated certificate of incorporation.
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