SEC Filing Summary: Hambrecht Asia Acquisition Corp.
Business Context and Reporting Period
This Form 8-K was filed by Hambrecht Asia Acquisition Corp. (a Cayman Islands corporation) on April 4, 2008, reporting events occurring on March 31, 2008. The Company is a special purpose acquisition company (SPAC) that recently completed its initial public offering (IPO).
Key Financial Metrics
- Gross Proceeds: $33,914,400 generated from the sale of 4,239,300 Units at $8.00 per unit.
- Trust Account Balance: $33,527,396 placed in trust, inclusive of $1,550,000 from a private placement of warrants to founding stockholders.
- Capital Structure: Each Unit consists of one ordinary share ($0.001 par value) and one warrant exercisable at $5.00 per share.
- Revenue/Profit/Cash Flow: The filing text does not provide operating revenue, profit, or cash flow metrics as the Company is in the pre-acquisition phase.
Material Changes
On March 31, 2008, underwriters exercised their over-allotment option to purchase an additional 239,300 Units. This increased the total Units sold in the offering from 4,000,000 to 4,239,300. Consequently, the total gross proceeds increased to $33,914,400, and the pro forma balance sheet was updated to reflect these additional funds.
Outlook and Risks
The filing confirms the successful completion of the IPO and over-allotment exercise. The primary focus is the accumulation of capital in the trust account to facilitate a future business combination. No specific risks, contingencies, or management commentary regarding future targets were detailed in this specific report beyond the standard disclosure of the pro forma balance sheet.
Investor Verification Checklist
- Verify the pro forma balance sheet (Exhibit 99.1) to confirm the exact allocation of the $33,527,396 trust funds.
- Confirm the terms of the private placement warrants held by founding stockholders included in the trust calculation.
- Review the warrant exercise price ($5.00) and expiration terms in the full prospectus.
- Monitor subsequent filings for the identification of a target acquisition company.