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Capitol Acquisition Corp. II Announces Pricing of $180 Million Initial Public Offering

Thursday, 9 May 2013 | 9:59 PM ET

WASHINGTON, May 9, 2013 (GLOBE NEWSWIRE) -- Capitol Acquisition Corp. II (Nasdaq:CLACU), an acquisition vehicle formed by private equity and venture capitalist Mark D. Ein, announced today that it priced its initial public offering of 18,000,000 units. The units were sold at an offering price of $10.00 per unit raising gross proceeds of $180,000,000. The offering size was increased from 15,000,000 units to accommodate investor demand. The units are expected to begin trading on the NASDAQ on May 10, 2013 under the symbol "CLACU."

Capitol Acquisition Corp. II will seek to capitalize on the approximately 21 years of private equity and venture capital investing experience and significant contacts of its Chairman and Chief Executive Officer, Mark D. Ein, as well as the relationships and experience of its executive team and Board of Directors. This is Mark D. Ein's second publicly traded acquisition company and follows the highly successful business combination Capitol Acquisition Corp. I completed with Two Harbors Investment Corp., one of the leading residential mortgage REITs, in October 2009. L. Dyson Dryden joined Capitol Acquisition Corp. II as Chief Financial Officer from Citigroup where he held the position of Managing Director in the firms' Investment Banking division.

Capitol Acquisition Corp. II was formed to complete an acquisition using its cash, debt or securities, and there is no limitation on its ability to raise additional funds in connection with its acquisition. As a result, the Company may acquire a target whose enterprise value is a significant multiple of the amount of cash raised in this offering. No specific industry sector or acquisition target has yet been identified.

Each unit issued in the initial public offering consists of one share of the company's common stock and one half of one warrant to purchase one share of common stock at an exercise price of $11.50 per share. The underwriters have been granted a 30-day option to purchase up to an additional 2,700,000 units offered by the Company to cover over-allotments, if any.

Approximately $180,000,000 of the proceeds received from this offering will be deposited into a trust account at JP Morgan Chase, N.A. with Continental Stock Transfer & Trust Company acting as trustee. None of the funds held in trust will be released from the trust account until the earlier of (i) the completion of the initial business combination or (ii) the redemption of 100% of the public shares if the Company is unable to consummate a business combination within 21 months from the closing of this offering.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are acting as joint book-running managers.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on May 9, 2013. 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.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

CONTACT: L. Dyson Dryden Capitol Acquisition Corp. II 202-654-7060Source:Capitol Acquisition Corp.II