The warrants (JKA-WT) for JK Acquisition are down 73% today to $.22 (the common shares, which are backed by cash in the amount of $5.92 per share are down $.09 to $5.71) on news that JK's deal to acquire Multi-Shot may be falling apart. If the transaction does fall apart, JK would have until October 10, 2007 to sign another deal which would extend the liquidation date until April 10, 2008.
Picked up some of the warrants at $.23.
JK Acquisition Corp. Announces Merger Update
Tuesday July 10, 1:02 pm ET
HOUSTON--(BUSINESS WIRE)--JK Acquisition Corp. (AMEX: JKA - News, JKA-U - News, JKA-WS - News) previously filed a current report on Form 8-K, dated February 15, 2007, with the SEC regarding the First Amended and Restated Agreement and Plan of Merger, dated February 14, 2007 (the "Merger Agreement"), with Multi-Shot, LLC, Catalyst/Hall Growth Capital Management Co., LLC, as Members' Representative, and the members of Multi-Shot. On July 9, 2007, Multi-Shot verbally notified JK Acquisition Corp. that if JK Acquisition is unable to obtain stockholder approval of the transactions contemplated by the Merger Agreement prior to July 31, 2007, then Multi-Shot intends to exercise its termination rights on July 31, 2007 or soon thereafter pursuant to Section 9.01(a) of the Merger Agreement. Based on the current status of JK Acquisition's proxy materials related to the Amended Merger Agreement, as well as certain terms and provisions in the Merger Agreement and JK Acquisition's bylaws, JK Acquisition does not believe that it will obtain the necessary stockholder approval of the transactions contemplated by Merger Agreement prior to July 31, 2007. It is JK Acquisition's current belief that any inability to obtain the necessary stockholder approval prior to July 31, 2007 is the result of wrongful acts and omissions by Multi-Shot, and JK Acquisition is exploring its options to protect the interests of its stockholders.
biz.yahoo.com
We currently have no operating business. If we are unable to find and close a suitable target business by October 10, 2007 (or April 10, 2008 if a letter of intent, agreement in principle or a definitive agreement has been executed by October 10, 2007), we will be forced to liquidate.
sec.gov |
