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Technology Stocks : Blank Check IPOs (SPACS)
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To: RockyBalboa who wrote (2199)11/22/2009 10:41:42 PM
From: Glenn Petersen   of 3862
 
Actually, my wording was a bit misleading. The actual language from the prospectus:

We will proceed with a business combination only if (i) a majority of the ordinary shares voted by the public shareholders are voted in favor of the business combination and (ii) public shareholders owning less than 81% of the total number of shares sold in this offering exercise their conversion rights described below, regardless of whether they are voting for or against the proposed business combination (provided that a quorum is in attendance at the meeting, in person or by proxy).

GSME may be the template for future SPACs. Small offerings with a short life span targeted in a hot niche.

China is hot. Spring Creek Acquisition acquired AutoChina International ([t]AUTC[/t] in April. The common shares and warrants are now trading at $24.05 and $18.00, respectively. The units were originally priced at $8.00
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