Dr. Richard Propper is another guy who has fathered a number of successful SPACs. A-Power Energy General Systems, which went public as Chardan China South Acquisition, has been the most successful SPAC to date.
There is a new thread for A-Power Energy Generation Systems:
Subject 57511
Dr. Propper has taken three blank check companies public.
Chardan China Acquisition, which raised $24.15 million when it went public on March 17, 2004, completed its acquisition of four Chinese companies engaged in the production and sale of agricultural seeds on November 9, 2005 and changed its name to Origin Agritech Limited (stock symbol: [t]SEED[/t]). On December 5, 2005, Origin redeemed its warrants, raising over $40 million when 8,041,000 of the 8,050,000 warrants were exercised at $5.00 per share. The common shares last traded at $6.81. If you assume that $1.81 of value has been created from each of the two warrants (which had a strike price of $5.00), the original units, which were priced at $6.00 and are no longer trading, now have a value of $10.43. Subsequent to the close of the acquisition, the common shares of SEED traded as high as $18.35.
Chardan China North Acquisition Corp., which raised $$34.5 million when it went public on August 4, 2005, completed its acquisition of HLS Systems International Ltd. (stock symbol: [t]HLSYF[/t]), a company that sell automotive automation systems into the Chinese market, on September 20, 2007. In December 2007, the company redeemed its warrants, raising $57.2 through the exercise the exercise of its warrants. The common stock last traded at $6.10. If you assume that $1.10 of value has been created from each of the two warrants (which had a strike price of $5.00 per share), the original units, which were priced at $6.00 and are no longer trading, now have a value of $8.30.
Chardan China South Acquisition Corp., which raised $34.5 million when it went public on August 4, 2005, completed its acquisition of Head Dragon Holdings Limited, the largest private Chinese engineering company providing design, construction, installation, and operating expertise for distributed power generation and micro power networks in China on January 24, 2007 and changed its name to A-Power Energy Generation Systems (stock symbol: [t]APWR[/t]). In March 2008, the company announced the redemption of its warrants, hoping to raise $57.5 million when the redemption period expired on March 31, 2008. The common stock last traded at $23.93. If you assume that $18.93 of value has been created from each of the two warrants (which had a strike price of $5.00 per share), the original units, which were priced at $6.00 and are no longer trading, now have a value of $61.79.
Dr. Propper is also involved in two other blank check transactions that are still open:
Shine Media Acquisition Corp. (stock symbol: [t]SHND[/t]), which raised $42.2 million when it went public in January 2007, announced on May 9, 2008 that it had signed a definitive agreement to acquire China Greenscape Co., “a fully integrated, technology-driven company that develops, cultivates and distributes trees, and plants to China’s rapidly expanding municipalities." The common stock and warrants last traded at $5.74 and $.65, respectively, giving the units, which last traded at $6.65, a value of $7.04. The units were originally priced at $6.00.
Dr. Propper’s Chardan China Investments, a China focused investment, invested $20 million in Greenscape in August 2007,
InterAmerican Acquisition Group (stock symbol: [t]IAQG[/t]), bwhich raised $45.2 million when it went public in September 2007, over two years after it filed its initial S-1, announced on May 19, 2008 that it has signed a definitive agreement to acquire China City Planning & Infrastructure, a Chinese company that provides "economic strategy guidance and detailed urban planning services to municipalities struggling to deal with growth and demands on city infrastructures." The common stock and warrants last traded at $7.41 and $1.50, respectively, giving the units, which last traded at $8.85, a value of $8.91. The units were originally priced at $8.00
Dr. Propper’s Chardan China Investments previously invested $14.6 million in China City Planning & Infrastructure. |
