Arcade Acquisition Corp. (stock symbol: [t]ACDQ[/t]) has announced that the company intends to liquidate.
Arcade Acquisition Corp. Announces Form 15 Filing
Monday March 30, 2009, 11:22 am EDT
NEW YORK, NY--(MARKET WIRE)--Mar 30, 2009 -- Arcade Acquisition Corp. (OTC BB:ACDQU.OB - News) (OTC BB:ACDQ.OB - News) (OTC BB:ACDQW.OB - News) announced today that it intends to file a Form 15 with the SEC to voluntarily suspend its reporting obligations under the provisions of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result of filing the Form 15, the company will no longer be required to file reports under the Exchange Act, including quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K. In addition, the provisions of the Sarbanes-Oxley Act of 2002 will no longer apply to the company.
Arcade's Board of Directors has determined that it is highly unlikely that it will be able to effect a business combination prior to the May 21, 2009 deadline provided in its charter and has made the decision to deregister as a cost-saving measure pending the company's liquidation at such time.
As of February 28, 2009, the latest date for which financial information is available, there was approximately $68,048,000, or approximately $7.89 per share, being held in Arcade's trust account. Management does not expect that there will be a material amount of cash remaining outside of the trust account following anticipated expenditures for operations and liquidation.
Following the filing, the Company's common stock, units and warrants will trade on the Pink OTC Markets (www.pinksheets.com) quotations system.
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