Trio Merger 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: NewsInsider Trades
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in