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Selway Capital Acquisition Corporation Announces Pricing of $20,000,000 Initial Public Offering

^{Published on 2011-11-07 20:21:09 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Selway Capital Acquisition Corporation (the "Company") (OTCBB: SWCAU), an innovated public acquisition company, or IPAC^SM, formed for the purpose of merging with or acquiring an operating business, today announced the pricing of its initial public offering of 2,000,000 units at a price of $10.00 per unit. Each unit issued in the initial public offering consists of one callable Series A Share and one redeemable warrant to purchase one share of common stock at an exercise price of $7.50 per share.

The Companyas units are expected to be quoted on the OTC Bulletin Board on November 8, 2011 under the ticker symbol "SWCAU". The Company has granted the underwriters a 45-day option to purchase up to an additional 300,000 units to cover over-allotments, if any.

Prior to the effectiveness of the public offering, the Company consummated a private placement to the Company's sponsor, Selway Capital Holdings, LLC, of 2,333,333 insider warrants at a price of $0.75 per warrant. The insider warrants otherwise will be substantially similar to the warrants sold in the public offering. No placement fees will be payable in connection with the private placement. The Company will deposit $20,600,000 of the gross proceeds of the public offering and private placement into a trust account maintained by American Stock Transfer & Trust Company, LLC, acting as trustee.

Aegis Capital Corp. acted as lead book-running manager and Chardan Capital Markets, LLC acted as co-book-running manager of the offering. Loeb & Loeb LLP acted as counsel to Selway Capital Acquisition Corporation, and ZAG/S&W LLP acted as counsel to the underwriters.

The offering of these securities will be made only by means of a prospectus. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the final prospectus relating to the offering, when available, may be obtained for free by visiting the U.S. Securities and Exchange Commission website at [ http://www.sec.gov ]. Alternatively, a copy of the prospectus related to this offering may be obtained from Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 11th Floor, New York, NY, 10019, telephone: 212-813-1010 or email: [ prospectus@aegiscap.com ].

IPAC^SM is a registered servicemark of Loeb & Loeb LLP