Omnia Luo completes $6 mn equity financing

16 Oct '07

3 min read

Omnia Luo Group Limited a Chinese-based company engaged in the business of designing, developing, marketing and distributing fine women's apparel under the name Omnia Luo, announced that on October 9, 2007, it completed a reverse acquisition through a share exchange with Wentworth II Inc an SEC reporting company under Section 12(g) of the Securities and Exchange Act of 1934, as amended (the "Exchange Act").

The combined company will now operate under the name of OmniaLuo Inc and will assume and execute OmniaLuo's business plan as its sole business moving forward.

Contemporaneous with the closing of the reverse acquisition, OmniaLuo completed a private placement of common stock and warrants to certain accredited institutional investors and other high net worth individuals for gross proceeds of $6.15 million.

Keating Securities, LLC acted as exclusive placement agent to OmniaLuo in the private placement offering and as sole financial advisor to Wentworth in the reverse acquisition.

At the closing of the share exchange, Wentworth issued to OmniaLuo's stockholders 16,800,000 shares of Wentworth common stock, representing approximately 58.9% of the post-closing outstanding shares of Wentworth on a fully diluted basis, in exchange for all of OmniaLuo's outstanding ordinary shares, and also issued warrants to purchase an additional 292,752 shares of common stock, exercisable at $1.25 per share, in exchange for existing warrants to purchase ordinary shares of Omnia Luo Group Limited.

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