June 7, 2010 (FinancialWire) — 57th Street General Acquisition Corp. (OTCBB: SQTCU) said it has closed the sale of 456,300 units subject to an over-allotment option granted to the underwriters in its initial public offering . This raises the company’s total take to $54,563 million from the IPO and a recent private placement financing. Morgan Joseph & Co. acted as the sole book running manager and representative of the underwriters of the offering.  Ladenburg Thalmann & Co., Inc., a division of Ladenburg Thalmann Financial Services Inc. (AMEX: LTS), acted as co-manager of the offering.

Each unit consists of one share of common stock, $.0001 par value per share, and one warrant, each to purchase one share of the company's common stock. The units were sold at an offering price of $10.00 per unit, bringing total gross proceeds to the company from the 5,456,300 Units sold in its IPO (including the 456,300 sold pursuant to the over-allotment option) to $54.563 million. A total of $54,476,303 (including the proceeds of a previous private placement of 3.7 million warrants for $1.85 million to the company's sponsor, 57th Street GAC Holdings, LLC and the underwriters of the IPO) has been placed in trust.

Morgan Joseph & Co. has notified the company that it will not be exercising its option with regard to the remaining 293,700 Units subject to the over-allotment option.  

New York-based 57th Street General Acquisition is a blank check company recently incorporated for the purpose of acquiring one or more as of yet unidentified operating businesses or assets. The company said it will not be required to make an acquisition in a particular industry, geographic region or of minimum transaction value.

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