SOURCE: Resource America, Inc.

January 07, 2008 13:00 ET

Resource America, Inc. Announces RAI Acquisition Corp. Files Registration Statement for Initial Public Offering

PHILADELPHIA, PA--(Marketwire - January 7, 2008) - Resource America, Inc. (NASDAQ: REXI) announced today that a registration statement on Form S-1 has been filed with the Securities and Exchange Commission for an initial public offering of units of RAI Acquisition Corp., a newly incorporated special purpose acquisition corporation formed for the purpose of acquiring one or more businesses, seeking to raise $250 million for RAI Acquisition Corp. in an offering to be underwritten by J.P. Morgan Securities Inc.

RAI Acquisition Corp. is proposing to offer to sell 25,000,000 units, consisting of one share of common stock and one warrant to purchase one share of common stock per unit, at an offering price of $10.00 per unit. The net proceeds of the offering will be held in trust pending the completion of an acquisition. The timing of the offering is subject to market conditions, regulatory approvals and certain other conditions.

Resource America is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the commercial finance, financial fund management and real estate sectors. For more information about Resource America, Inc., please visit its website at www.resourceamerica.com or email Investor Relations at pkamdar@resourceamerica.com.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. Interested parties may obtain copies of the preliminary prospectus relating to the offering by contacting J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Attention: Prospectus Department; telephone: (718) 242-8002, or email at addressing.services@jpmorgan.com.

Contact Information

  • Contact:

    Jeffrey F. Brotman
    Executive Vice President
    Resource America, Inc.
    One Crescent Drive, Suite 203
    Philadelphia, PA 19112
    215/546-5005
    215/465-0600 (fax)