Committed Capital Acquisition Corp. (NASDAQ:LLAQ) is a blank check company was created with the intent to find a potential merger, asset acquisition, or reorganization. A blank check company is a company which was created without a specific business plan or whose business plan is to merge or acquire an unidentified company.
Unlike many other blank check companies, Committed Capital is not required to receive approval from its shareholders before undergoing a transaction. Instead, the company only requires approval from its board of directors. However, the blank check company plans to enter into a transaction with a company which has, among other criteria, a domestic focus and a strong free cash flow. The management team of Committed Capital have experience in investment banking and have executed initial public offerings and private placements.
The company sold 5.8M shares for $5.00 each. The deal raised a total of $29M. The lead underwriter of the deal was Broadband Capital.