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Technology Stocks : Blank Check IPOs (SPACS)
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To: Buckey who wrote (844)1/31/2007 7:23:59 PM
From: Glenn Petersen  Read Replies (1) of 3862
 
TACA and its shareholders did not have a choice in the matter. TACA's Certificate of Incorporation stated that it had to liquidate if it did not consummate a transaction within 18 months of its IPO. The deadline was January 1, 2007 and it could not be extended. Most of the blank check companies that have gone public since TACA have included a provision that allows them to extend the 18 months by another 6 months if they have entered into an acquisition agreement within the initial 18 month period. It took TACA a year to sign a deal. As it turned out, they did not allow enough time to close the deal.
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