The shareholders of SVI have approved the merger of SVI and Jamba Juice. The deal is expected to close tomorrow.
Services Acquisition Corp. International and Jamba Juice Company Announce Approval of Merger and Name Change
Tuesday November 28, 12:33 pm ET
CHARLOTTE, N.C. & SAN FRANCISCO--(BUSINESS WIRE)--Services Acquisition Corp. International (AMEX:SVI; AMEX:SVI.U; AMEX:SVI.WT; "SACI") today announced that its shareholders have approved the merger between SACI and Jamba Juice Company at a special meeting of shareholders. The transaction is expected to close on Wednesday, November 29, 2006. Under terms of the Agreement and Plan of Merger, dated March 10, 2006 (as amended), SACI will acquire all of the outstanding securities of Jamba Juice Company and Jamba Juice Company will become a wholly-owned subsidiary of SACI.
SACI shareholders also approved:
The financing proposal which involves the issuance of 30,879,999 shares of common stock at $7.50 per common share in a private placement financing for the purpose of raising gross proceeds of approximately $231.6 million, and net proceeds of $224.9 million after the payment of financing fees, substantially all of which will be used as a portion of the consideration required to merge with Jamba Juice Company, as well as for working capital and expansion capital.
The stock option plan proposal pursuant to which SACI will reserve up to 5,000,000 shares of common stock for issuance pursuant to the plan.
The amendment to the certificate of incorporation proposal to increase the number of authorized shares of common stock to 150,000,000 shares (from 70,000,000 shares) and change SACI's name from "Services Acquisition Corp. International" to "Jamba, Inc."
As previously announced, NASDAQ has approved the listing of the Company's common stock, units and warrants for trading on the NASDAQ Global Market. It is currently anticipated that the Company's common stock, units and warrants will commence trading at the open of business on Wednesday, November 29, 2006, the anticipated date of the consummation of the merger. The Company has submitted to the American Stock Exchange a request for withdrawal of the listing of their common stock, units and warrants, effective as of the close of business on November 28, 2006.
Based on today's shareholder approvals, SACI will change its name to Jamba Inc. and its securities will begin trading under the following symbols:
Common stock will trade under "JMBA"
Units will trade under "JMBAU"
Warrants will trade under "JMBAW"
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