SUMMARY INFORMATION AND PROFILES OF CLOSED DEALS
Since August 2003, 75 blank check companies have gone public, raising gross proceeds totaling $5,363,023,219 (give or take a buck or two). Another 56 companies have registration statements currently on file with the SEC and are looking to raise an additional $5,332,565,612 (once again, give or take a buck or two). Two other companies pulled their registration statements and subsequently went public on London’s AIM stock exchange, raising gross proceeds totaling $381 million.
Thirteen blank check companies have actually completed acquisitions, and another twenty-seven companies have deals pending. Two companies failed to close on their proposed acquisitions and are currently in liquidation.
CLOSED DEALS
Millstream Acquisition, which raised $24.15 million when it went public on August 25, 2003, completed the acquisition of NationsHealth, Inc. (stock symbol: NHRX), a provider of medical products and prescription related service, on August 31, 2004. The common shares and warrants last traded at $1.30 and $.13, respectively, giving the units, which last traded at $1.57, a value of $1.56. The units were originally priced at $6.00. Subsequent to the close of the acquisition, the common shares traded as high as $8.33.
CEA Acquisition, which raised $24.15 million when went public on February 13, 2004, completed the acquisition of etrials Worldwide (stock symbol: ETWC), a global provider of integrated software for the life sciences industry, on February 9, 2006. The common shares and warrants last traded at $3.66 and $.49, respectively, giving the units, which last traded at $4.64, a value of $4.62. The units were originally priced at $6.00. Subsequent to the close of the acquisition, the common shares traded as high as $6.29.
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: SEED). On December 5, 2005, Origin announced that it was going to force the exercise of the warrants that were issued in the initial public offering. The company raised 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 $11.60. If you assume that $6.60 of value has been created from each of the two warrants, the original units, which were priced at $6.00 and are no longer trading, now have a value of $24.80.
Tremisis Energy Acquisition Corp., which raised $37.95 million when it went public on May 13, 2004, closed on its acquisition of Ram Energy (stock symbol: RAME), Inc., an oil and gas company, on May 8, 2006. The common shares and warrants last traded at $5.58 and $1.00, respectively, giving the units, which last traded at $6.73, a value of $7.58. The units were originally priced at $6.00.
Arpeggio Acquisition Corp., which raised $40.8 million when it went public on June 24, 2004, completed its acquisition of Hill International (stock symbol: HINT), a construction contractor, on June 28, 2006. The common shares and warrants last traded at $6.70 and $1.95, respectively, giving the units, which last traded at $10.75, a value of $10.60. The units were originally priced at $6.00.
Sand Hill IT Security Acquisition Corp., which raised $24.66 million when it went public on July 27, 2004, completed its acquisition of St. Bernard Software, Inc. (stock symbol: SBSW), a global provider of security solutions, including Internet and email filtering appliances, patch management and data backup, on July 27, 2006. The common shares and warrants last traded at $1.88 and $.23, respectively, giving the units, which last traded at $2.40, a value of $2.34. The units were originally priced at $6.00.
Trinity Partners Acquisition, which raised $9.1 million when it went public on July 30, 2004, completed the acquisition of FreeSeas, Inc. (stock symbol: FREE), a shipping company, on December 15, 2005. The original offering consisted of two classes of securities. The registration of the old securities has since been terminated and new securities have been issued pursuant to a less complicated capital structure. The common shares last traded at $3.29. The Class W and Z warrants last traded at $.24 and $.43, respectively, giving the original Class A units, which were originally priced at $10.50 and no longer trade, a value of $8.98. The Class B units, which were originally priced at $10.10 and no longer trade, have a value of $8.73.
Rand Acquisition, which raised $27.6 million when it which went public on November 2, 2004, completed its acquisition of Lower Lakes Towing Ltd. and Grand River Navigation Company, Inc., two shipping companies operating on the Great Lakes, on March 6, 2006. It subsequently changed its name to Rand Logistics, Inc. (stock symbol: FAQC). The common shares and warrants last traded at $6.90 and $1.99, respectively, giving the units, which last traded at $11.75, a value of $10.88. The units were originally priced at $6.00.
China Unistone Acquisition Corporation, which raised $20.7 million when it went public on November 24, 2004, completed its acquisition of two Chinese IT companies servicing the banking sector in China, on November 24, 2006, and changed its name to Yucheng Technologies (stock symbol: YCHTF). The common shares and warrants last traded at $7.22 and $2.37, respectively, giving the units, which no longer trade, a value of $11.96. The units were originally priced at $6.00.
International Shipping Enterprises, which raised $196.65 million when it went public on December 14, 2004, completed the acquisition of Navios Maritime Holdings, Inc. (stock symbol: BULK), a shipping company, on August 25, 2005. The common shares and warrants last traded at $5.23 and $.75, respectively, giving the units, which last traded at $6.70, a value of $6.73. The units were originally priced at $6.00.
Mercator Partners Acquisition Corp., which raised $59.5 million when it went public on April 15, 2005, completed its acquisition of Global Telecom & Technology (stock symbol: GTLT), a telecom company, on October 20, 2006. The common shares last traded at $3.08. The Class W and Z warrants last traded at $.41 and $.44, respectively, giving the Class A units, which were originally priced at $10.50 and last traded at $10.40, a value of $10.26. The Class B units, which were originally priced at $10.10 and no longer trade, have a value of $7.04.
Services Acquisition Corp. International, which raised $138 million when it went public on June 30, 2005, completed its acquisition of Jamba Juice Company (stock symbol: JMBA) on November 29, 2006. The common stock and warrants last traded at $10.57 and $4.65, respectively, giving the units, which last traded at $14.88, a value of $15.22. The units were originally priced at $8.00.
Highbury Financial, Inc. (stock symbol: HBRF), which raised $47.5 million when it went public on January 25, 2006, completed the acquisition of the U.S. mutual fund business of ABN AMRO on November 30, 2006. The common stock and warrants last traded at $5.85 and $1.58, respectively, giving the units, which last traded at $9.00, a value of $9.01. The units were originally priced at $6.00. |
