The shares actually closed at $.065. The shareholders approved a change in the charter that will allow the company to continue its life as a shell, albeit one without any cash. Based on today's closing price, the shell is being value at approximately $600,000. A bit pricey.
Phoenix India Acquisition Corp. Announces Stockholder Approval of the Amendment of Its Charter to Permit Its Continued Existence Without Blank Check Company Provisions
Friday April 18, 4:15 pm ET
NEW YORK, April 18 /PRNewswire-FirstCall/ -- Phoenix India Acquisition Corp. (OTC Bulletin Board: PXIA; PXIAU; PXIAW) today announced that at a Special Meeting held on April 8, 2008, a majority of its stockholders voted in favor of the proposal to remove the blank check company restrictions from the Company's charter, thereby allowing the Company to continue its corporate existence.
Commenting on the stockholder actions, Ramesh Akella, President, said "We are pleased that our stockholders approved this proposal, which we believe is the best way to preserve the Company and create the most value for our stockholders. The Trustee of the Company's trust fund, American Stock Transfer & Trust Company, in accordance with its usual procedures, will distribute the trust fund proceeds on April 21, 2008, to the record holders of the Company's Common Stock as of April 20, 2008. The ex-dividend date for the distribution will be April 22, 2008. This distribution will not require any action on part of the shareholders. We believe that virtually all of the Company's shares are held of record in "street name," which means that the cash distributions will be sent through the securities industry clearing system to stock brokerage and other financial firms for final distribution to beneficial owners of the stock. Shareholders should contact their financial advisors for details about the receipt and disposition of their share of the cash distribution."
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