Business Context and Reporting Period
This Form 8-K reports on events occurring on August 4, 2015, filed by Global Partner Acquisition Corp. on August 10, 2015. The registrant is a Delaware corporation organized as a Special Purpose Acquisition Company (SPAC). The filing details the consummation of its Initial Public Offering (IPO) and a concurrent private placement.
Key Financial Metrics
- IPO Gross Proceeds: $155,250,000 from the sale of 15,525,000 Units at $10.00 per Unit (including full exercise of the underwriters' overallotment option).
- Private Placement Proceeds: $6,407,500 from the sale of 12,815,000 Placement Warrants to Global Partner Sponsor I LLC.
- Total Funds in Trust: $155,250,000 deposited into a trust account for the benefit of public stockholders.
- Operating Metrics: The filing does not provide revenue, profit, cash flow, or margin data as the company is a pre-operational SPAC.
- Debt and Liquidity: Specific debt obligations are not detailed in this text; liquidity is represented by the cash proceeds held in the trust account.
Material Changes
As this represents the company's initial public offering, there is no prior comparable period for financial comparison. The material change is the transition from a private entity to a public company with $155.25 million in trust capital.
Outlook, Risks, and Management Commentary
The filing confirms the successful closing of the IPO and the private placement. An audited balance sheet as of August 4, 2015, reflecting these proceeds, is included as Exhibit 99.1. The text does not contain specific forward-looking guidance, risk factors, or management commentary beyond the factual reporting of the transaction completion.
Investor Verification Checklist
- Verify the terms of the Warrants included in the Units (one Warrant to purchase one-half of one share of Common Stock).
- Review Exhibit 99.1 (Audited Balance Sheet) for the exact cash position and any initial liabilities.
- Confirm the identity and relationship of Global Partner Sponsor I LLC regarding the private placement warrants.
- Check the trust agreement terms to understand the conditions for the release of the $155,250,000 held in trust.