The company cut its planned IPO from $200 million to $150 million.
Advanced Technology Acquisition Corporation (ATAC) has filed a revised prospectus for a $150 million IPO on Wall Street, 25% less than the $200 million that it proposed to raise in its original prospectus.
ATAC cut its planned issue to 18.75 million units, at $8 per unit, from 25 million units. Each unit will include one ordinary share and a warrant convertible into one ordinary share at a strike price of $6. In its prospectus, ATAC states that it is registered in Delaware, and wants to merge with an Israeli technology company, or a non-Israeli company with activity and/or office in Israel or plans to set up such activity after the merger. These activities include R&D, production, or headquarters.
ATAC is controlled by Platinum Neurone Ventures managing partner Dr. Yehoshua (Shuki) Gleitman Ascend Technology Ventures. Its chairman is Moshe Bar-Niv and the CEO is Leora Lev, both partners at Ascend Technology Partners. Bar-Niv, Lev and Gleitman each owns 28% of ATAC. Shrem Fudim Kelner & Co. (TASE: SFK) owns 14%, Motorola Israel general manager Elisha Yanay owns 1.3%, and Clal Insurance CEO Avigdor Kaplan owns the balance.
Published by Globes [online], Israel business news - www.globes.co.il - on March 22, 2007
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