The shareholders of Union Street Acquisition (stock symbol: [t]USQ[/t]) have voted down the company's proposed transactions and the company is going to liquidate. The warrants were already trading at $.02
Union Street Acquisition Corp Announces Results of Special Meeting of Stockholders
Monday September 22, 4:10 pm ET
ALEXANDRIA, Va.--(BUSINESS WIRE)--Union Street Acquisition Corp (the “Company”) (AMEX: USQ - News, USQ.U - News, USQ.WT - News) today held its Special Meeting of Stockholders to vote on the proposed acquisitions by the Company of the outstanding shares of capital stock of Archway Marketing Services, Inc. (“Archway”) and the membership interests of Razor Business Strategy Consultants LLC (“Razor”). The Company filed its definitive proxy statement regarding the proposed acquisitions with the Securities and Exchange Commission on August 12, 2008.
At today’s Special Meeting of Stockholders, all of the proposals, including the proposal to acquire the outstanding shares of capital stock of Archway and the membership interests of Razor were not approved by the Company’s stockholders. Pursuant to its charter and the terms of its initial public offering, the Company is not permitted to pursue any other transactions; the Company will shortly begin the process of liquidating and dissolving itself in accordance with its charter and applicable law. As a result, it expects that the amounts held in its trust account, together with interest (net of applicable taxes), will be returned to the Company’s public stockholders. No payments will be made with respect to the Company’s outstanding warrants or to any of its initial stockholders with respect to the shares owned by them prior to the initial public offering. The Company intends to prepare and mail to its stockholders a proxy statement seeking approval to effect the liquidation and dissolution. The Company will proceed to liquidate and stockholders will not need to tender their shares of stock to the transfer agent until the plan of liquidation is approved by the Company and the stockholders
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