www.bethelfinance.com
Selway Capital Acquisition Corporation (Bulletin Board: SWCAU), a blank check company controlled by Yair Shamir, raised a gross $20 million on Wall Street last week, in an offering of two million units at $10 per unit. Each unit comprises one share and one warrant exercisable at $7.50 per share.
Selway granted the underwriters a 45-day over-allotments option to purchase up to an additional 300,000 units to cover, which if exercised in full will increase the offering by a gross $3 million. The underwriters are Aegis Capital Corporation and Chardan Capital Markets LLC.
Selway Capital is backed by several leading figures in Israel's capital market. Its founder and chairman Yair Shamir, the son of former Prime Minister Yitzhak Shamir, has served as chairman of Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) and Shamir Optical Industries Ltd. (Nasdaq: SHMR; TASE: SHMR). Selway Capital managing partner Yaron Eitan previously founded Reshef Technologies Ltd., a developer of fuses for artillery, mortar and tank ammunition, and Geotek Communications Inc.
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