CB Pharma Acquisition Corp. Announces Pricing Of Initial Public Offering

Published: Dec 15, 2014

BURLINGTON, Mass., Dec. 15, 2014 (GLOBE NEWSWIRE) -- CB Pharma Acquisition Corp. (Nasdaq:CNLMU) ("CB Pharma" or the "Company"), a Cayman Islands exempted company formed as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities, today announced the pricing of its initial public offering of 4,000,000 units at $10.00 per unit on December 12, 2014. The closing for the Company's initial public offering is expected to occur on or about December 17, 2014. Each unit consists of one ordinary share, one right to receive one-tenth (1/10) of an ordinary share on the consummation of an initial business combination, and one redeemable warrant to purchase one-half of one ordinary share at a price of $11.50 per full share, subject to adjustment, commencing on the later of the completion of an initial business combination and December 12, 2015.

EarlyBirdCapital, Inc. is acting as the sole book-running manager for the offering. Aegis Capital Corp. and I-Bankers Securities acted as co-managers. The Company has granted the underwriters a 45-day option to purchase up to an additional 600,000 units at the initial public offering price, less the underwriting discount, to cover over-allotments, if any. The initial public offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained by contacting EarlyBirdCapital, Inc., Attention: Prospectus Department, 366 Madison Avenue, 8th Floor, New York, New York 10017, Attn: Aimee Bloch, (212) 661-0200.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission on December 12, 2014. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About CB Pharma Acquisition Corp.

CB Pharma is a Cayman Islands exempted company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities. The Company's efforts to identify target businesses will not be limited to a particular industry or geographic region, though it intends to initially focus its search on businesses in North America, Europe, South America, and/or Asia operating in the specialty pharma and generic drug industries. This could include acquiring the rights to a drug approved by the United States Food and Drug Administration or other "branded" pharmaceutical products or a company holding such rights.

Forward-Looking Statements

This press release includes "forward-looking statements" that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as "expects", "believes", "anticipates", "intends", "estimates", "seeks" and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect CB Pharma management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of CB Pharma's prospectus for its offering filed with the Securities and Exchange Commission. Except as expressly required by applicable securities law, CB Pharma disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

CONTACT: CB Pharma Acquisition Corp. Lindsay A. Rosenwald, M.D. Co-Chairman of the Board and Chief Executive Officer 781-652-4500
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