Market Overview

Chart Acquisition Corp. Announces Closing of $75,000,000 Initial Public Offering


Chart Acquisition Corp. (the Company) (NASDAQ: CACGU), a newly-organized blank check company formed for the purpose of acquiring or merging with an operating business, today announced the closing of its initial public offering for gross proceeds of $75 million.

The Company sold 7,500,000 units at a price of $10.00 per unit. Each unit issued in the initial public offering consists of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $11.50 per share. In addition the Company has granted the underwriters a 45-day overallotment option to purchase up to an additional 1,125,000 units.

The Company's units began trading on the Nasdaq Capital Market under the ticker symbol CACGU on December 14, 2012. Initially, the common stock and the warrants will not trade separately, and the units will be the only security trading. The shares of common stock and warrants comprising the units will begin separate trading on the 52nd day following the date of the prospectus relating to the offering unless Cowen and Company, LLC informs the Company of its decision to allow earlier separate trading, subject to the Company filing a Current Report on Form 8-K with the Securities and Exchange Commission, containing an audited balance sheet reflecting the Company's receipt of the gross proceeds of the offering and issuing a press release announcing when such separate trading will begin.


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