Business Context and Reporting Period
This Form 8-K filing by GHL Acquisition Corp. (not Iridium Communications Inc.) reports events occurring on February 21, 2008. The registrant is a Delaware corporation that consummated its initial public offering (IPO) on this date.
Key Financial Metrics
- Gross Proceeds from IPO: $400,000,000 from the sale of 40,000,000 Units at $10.00 per Unit.
- Private Placement Proceeds: $8,000,000 from the sale of 8,000,000 Warrants to Greenhill & Co., Inc. at $1.00 per Warrant.
- Total Capital Raised: $408,000,000 (gross).
- Liquidity: Net proceeds from the IPO and Private Placement were deposited into a trust account at Wachovia Securities, LLC, maintained by American Stock Transfer & Trust Company.
- Revenue/Profit/Cash Flow: The filing text does not provide operating revenue, profit, or cash flow figures as this is a special purpose acquisition company (SPAC) IPO filing.
Material Changes
The primary material change is the transition from a private entity to a publicly traded company following the consummation of the IPO and concurrent private placement. An audited balance sheet reflecting these proceeds as of February 21, 2008, is included as Exhibit 99.1.
Outlook and Risks
The filing does not contain specific management commentary on future business operations, guidance, or risk factors beyond the standard disclosure that proceeds are held in a trust account. The company's immediate focus is the maintenance of these funds pending a potential business combination.
Investor Verification Checklist
- Verify the identity of the registrant (GHL Acquisition Corp.) versus the requested company name (Iridium Communications Inc.).
- Review Exhibit 99.1 for the audited balance sheet details regarding deferred underwriting discounts and working capital reserves.
- Confirm the terms of the Warrants included in the Units and the Private Placement Warrants.
- Check the trust account agreement details with Wachovia Securities, LLC.