-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Lat+CInwGqDc5OiylaZ8pPVK3Ql15XbCO7hDw2MghFoZE+TJXCidAEfRemNGB8is dX77NcYesBwp1gy07TanNA== 0000905148-07-006327.txt : 20071203 0000905148-07-006327.hdr.sgml : 20071203 20070928170426 ACCESSION NUMBER: 0000905148-07-006327 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NRDC Acquisition Corp. CENTRAL INDEX KEY: 0001407623 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 260500600 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 3 MANHATTANVILLE ROAD CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 9142728067 MAIL ADDRESS: STREET 1: 3 MANHATTANVILLE ROAD CITY: PURCHASE STATE: NY ZIP: 10577 CORRESP 1 filename1.txt SIDLEY AUSTIN LLP SIDLEY AUSTIN LLP |BEIJING GENEVA SAN FRANCISCO - ----------------| 787 SEVENTH AVENUE |BRUSSELS HONG KONG SHANGHAI SIDLEY | NEW YORK, NY 10019 |CHICAGO LONDON SINGAPORE 212 839 5300 |DALLAS LOS ANGELES SYDNEY 212 839 5599 FAX |FRANKFURT NEW YORK TOKYO | WASHINGTON, DC | sgandhi@sidley.com |FOUNDED 1866 (212) 839-5684 September 28, 2007 Mr. John Reynolds Assistant Director Securities and Exchange Commission Division of Corporation Finance 100 F Street, NE - Mail Stop 3561 Washington, D.C. 20549 Re: NRDC Acquisition Corp. Registration Statement on Form S-1 File No. 333-144871 ---------------------------------- Dear Mr. Reynolds: On behalf of our client, NRDC Acquisition Corp., a Delaware corporation (the "Registrant"), enclosed for review by the Securities and Exchange Commission, at the request of the staff of the Division of Corporation Finance (the "Staff") by telephone conversation with Brian Bhandari today, is an analysis of the fair value of public warrants issued by companies similar to the Registrant. This analysis, attached as Exhibit A hereto, formed the basis of the Registrant's determination that the purchase price of its private placement warrants approximated their fair value. The Registrant's analysis included first-time special purpose acquisition companies ("SPACs") whose unit prices equaled $10.00 per unit for public offerings that were declared effective from July 18, 2006 to August 1, 2007. This analysis excludes one company whose management team had previously successfully completed an acquisition for another publicly registered SPAC. The Registrant reviewed the first trading price for these warrants as well as the price of the warrants as a percentage of the total of the combined warrant price and the common stock trading price. The implied price for these warrants at the initial public offering date ranged from $0.53 to $1.35 with an average of $0.99 per warrant. In addition, the fair value of the private placement warrants would be further reduced by their illiquidity. Further, at the Staff's request, the Registrant will include additional language in the MD&A section similar to that inserted in Note 5 to the financial statements in its most recent filing. Sidley Austin LLP is a limited liability partnership practicing in affiliation with other Sidley Austin partnerships SIDLEY AUSTIN LLP - ----------------| SIDLEY | Mr. John Reynolds September 28, 2007 Page 2 ****** Should you wish to discuss the enclosed materials at any time, please do not hesitate to contact me at the number above. Very truly yours, Samir A. Gandhi cc: Blaise Rhodes (SEC) Cathey Baker (SEC) Richard A. Baker (NRDC Acquisition Corp.) Edward F. Petrosky (Sidley Austin LLP) Floyd I. Wittlin (Bingham McCutchen LLP) SIDLEY AUSTIN LLP - ----------------| SIDLEY | Mr. John Reynolds September 28, 2007 Page 3 Exhibit A --------- Warrant Price Analysis
$10.00 Unit Structure SPACs since 2006 (First Time SPAC Issuers Only)(1) - ------------------------------------------------------------------------------------------------------------------------------- Pricing Issuer Size First Trade Warrant First Common Date (w/ Shoe) Date Trade Price Price Unit Price - ------------------------------------------------------------------------------------------------------------------------------- 08/01/07 Alternative Asset Mgmt Acquisition $414 08/13/07 $0.86 $9.10 $9.97 - ------------------------------------------------------------------------------------------------------------------------------- 06/25/07 GSC Acquisition 207 07/09/07 1.45 9.29 10.70 - ------------------------------------------------------------------------------------------------------------------------------- 04/24/07 Victory Acquisition 330 06/01/07 1.38 9.35 10.72 - ------------------------------------------------------------------------------------------------------------------------------- 04/20/07 Pinpoint Advance 29 06/01/07 1.23 9.60 10.30 - ------------------------------------------------------------------------------------------------------------------------------- 03/22/07 Alpha Security Group 60 06/14/07 1.05 9.35 10.40 - ------------------------------------------------------------------------------------------------------------------------------- 02/01/07 Dekania 100 05/02/07 0.90 9.35 10.25 - ------------------------------------------------------------------------------------------------------------------------------- 01/30/07 NTR Acquisition 246 02/23/07 0.75 9.25 10.05 - ------------------------------------------------------------------------------------------------------------------------------- 12/21/06 Freedom Acquisition 528 01/29/07 1.15 9.25 10.30 - ------------------------------------------------------------------------------------------------------------------------------- 07/18/06 Energy Infrastructure 209 10/04/06 0.52 9.25 9.85 - ------------------------------------------------------------------------------------------------------------------------------- Average $236 $1.03 $9.31 $10.28 Count 9 =============================================================================================================================== Implied Implied Warrant/ Warrant Price Warrant Price Synthetic Pricing At IPO - At IPO - Warrant Common and Date Method 1(2) Method 2(3) /Unit Price - ---------------------------------------------------------------------------- 08/01/07 $0.86 $0.86 8.6% 8.6% - ---------------------------------------------------------------------------- 06/25/07 1.36 1.35 13.6% 13.5% - ---------------------------------------------------------------------------- 04/24/07 1.29 1.29 12.9% 12.9% - ---------------------------------------------------------------------------- 04/20/07 1.19 1.13 11.9% 11.3% - ---------------------------------------------------------------------------- 03/22/07 1.01 1.01 10.1% 10.1% - ---------------------------------------------------------------------------- 02/01/07 0.88 0.88 8.8% 8.8% - ---------------------------------------------------------------------------- 01/30/07 0.75 0.75 7.5% 7.5% - ---------------------------------------------------------------------------- 12/21/06 1.12 1.11 11.2% 11.1% - ---------------------------------------------------------------------------- 07/18/06 0.53 0.53 5.3% 5.3% - ---------------------------------------------------------------------------- $1.00 $0.99 10.0% 9.9% ============================================================================ (1) Excludes Aldabra 2 Acquisition, which was the second SPAC for that management team. (2) Equals (warrant first trade price)/(unit price) x $10.00 (IPO unit price) (3) Equals (warrant first trade price)/(warrant first trade price + common price) x $10.00 (IPO unit price)
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