Rand Logistics Inc.

• Private
• US

Dow Jones Description

Rand Acquisition Corporation is a blank check company formed on June 2, 2004 to effect a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business. On November 2, 2004, we closed our initial public offering of 4,000,000 units with each unit consisting of one share of our common stock and two warrants, each to purchase one share of our common stock at an exercise price of $5.00 per share. The units were sold at an offering price of $6.00 per unit, generating gross proceeds of $24,000,000. On November 3, 2004, we sold an additional 600,000 units pursuant to the underwriters' over-allotment option raising additional gross proceeds of $3,600,000. After deducting the underwriting discounts and commissions and the offering expenses, the total net proceeds to us from the offering were approximately $24,605,000, of which $23,736,000 was deposited into a trust fund and the remaining proceeds ($869,000) are available to be used to provide for business, legal and accounting due diligence on prospective business combinations and continuing general and administrative expenses. Through December 31, 2004, we have used approximately $91,000 of the net proceeds that were not deposited into the trust fund to pay general and administrative expenses. The net proceeds deposited into the trust fund remain on deposit in the trust fund earning interest. As of December 31, 2004, there was $23,804,261 held in the trust fund.

Chief Executive Officer

Number of Employees 398

Contact Information

Peer Companies

• Alexander & Baldwin Inc.
• Overseas Shipholding Group Inc.
• Crowley Maritime Corp.
• SEACOR Holdings Inc.
• Tidewater Inc.
• All Companies