PROFILES OF CLOSED DEALS - JUNE 15, 2007
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 $1.55 and $.05, respectively, giving the units, which last traded at $1.62, a value of $1.65. 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 $4.41 and $.45, respectively, giving the units, which last traded at $5.75, a value of $5.31. The units were originally priced at $6.00. Subsequent to the close of the acquisition, the common shares of ETWC traded as high as $6.29.
Great Wall Acquisition Corporation, which raised $27.096 million when it went public on March 19, 2004, completed the acquisition of ChinaCast Communication Holdings Limited (stock symbol: CEUC), a China-based provider of e-learning services, on December 22, 2006.. The common shares and warrants last traded at $6.00 and $1.73, respectively, giving the units, which last traded at $9.85, a value of $9.46. The units were originally priced at $6.00.
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 $8.13. If you assume that $3.13 of value has been created from each of the two warrants (which had a strike price of $5.00), the original units, which were priced at $6.00 and are no longer trading, now have a value of $14.39. Another way to look at this is that the cost basis of the common stock (three shares) owned by the shareholders, which has a current value of $24.39, is $16.00. Subsequent to the close of the acquisition, the common shares of SEED traded as high as $18.35.
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 $5.37 and $.86, respectively, giving the units, which no longer trade, a value of $7.09. 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. Since the close of the transaction, HINT has made two significant acquisitions. The company currently has 1,500 employees located in 70 offices in 25 countries. The common shares and warrants last traded at $7.16 and $2.30, respectively, giving the units, which last traded at $11.55, a value of $11.76. 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 $1.13 and $.12, respectively, giving the units, which last traded at $1.40, a value of $1.37. 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 $6.36. The Class W and Z warrants last traded at $1.49 and $1.74, respectively, giving the original Class A units (consisting of two common shares and ten warrants), which were originally priced at $10.50 and no longer trade, a value of $27.62. The Class B units (consisting of two common shares and two warrants), which were originally priced at $10.10 and no longer trade, have a value of $16.20.
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 $6.95 and $2.43, respectively, giving the units, which last traded at $11.65, a value of $11.81. 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). On May 14, 2007, the company announced that it was going to force the conversion of the warrants that were issued in the initial public offering. The registration for the warrants was terminated on June 14, 2007. The common shares last traded at $8.39. If you assume that $3.39 of value has been created from each of the two warrants (which had a strike price of $5.00 per share), the original units, which were priced at $6.00 and are no longer trading, now have a value of $15.17. Another way to look at this is that the cost basis of the common stock (three shares) owned by the shareholders, which has a current value of $25.17, is $16.00
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: NM), a shipping company, on August 25, 2005. Since the close of the transaction, NM has acquired additional ships and has used its public status to raise funds. On June 6, 2006, the company temporarily reduced the strike price for some of its warrant holders and raised $65.5 million when 15,978,280 of its 65.5 million warrants were exercised. On May 23, 2007, the company raised gross proceeds of $132.25 million when it sold 13,225,000 shares at $10.00 each. The common shares and warrants last traded at $10.86 and $5.70, respectively, giving the units, which no longer trade, a value of $22.26. The units were originally priced at $6.00.
Ardent Acquisition Corporation, which raised $41.4 million when it went public on February 24, 2005, completed its acquisition of Aventair, Inc. (stock symbol: AACQ), a provider of fractional ownerships of piloted aircraft for personal and business use, on February 22, 2007. The common stock and warrants last traded at $4.60 and $.65, respectively, giving the units, which last traded at $5.65, a value of $5.90. The units were originally priced at $6.00.
Aldabra Acquisition Corporation, which raised $55.2 million when it went public on February 25, 2005, completed its acquisition of Great Lakes Dredge & Dock Corporation (stock symbol: GLDD), an international dredging company, on January 4, 2007. The common stock and warrants last traded at $9.54 and $4.62, respectively, giving the units, which no longer trade, a value of $18.78. The units were originally priced at $6.00.
Nathan Leight and Jason Weiss, the two founders of Aldabra Acquisition Corporation, recently filed an S-1 for another blank check company.
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 $2.37. The Class W and Z warrants last traded at $.30 and $.37, respectively, giving the Class A units (consisting of two common shares and ten Class W warrants), which were originally priced at $10.50, but no longer trade, a value of $7.74. The Class B units (consisting of two common shares and two Class Z warrants), which were originally priced at $10.10 , but no longer trade, have a value of $5.48.
Terra Nova Acquisition Corporation, which raised $33.12 million when it went public on April 19, 2005, completed its acquisition of ClearPoint Business Services (stock symbol: CPBR), a business services provider, on February 12, 2007. The common stock and warrants last traded at $5.16 and $.78, respectively, giving the units, which last traded at $7.00, a value of $6.72. The units were originally priced at $6.00.
KBL Healthcare Acquisition Corp. II , which raised $55.2 million when it when public on April 27, 2005, completed its acquisition of Summer Infant, Inc. (stock symbol: SUMR), a designer, marketer and distributor of branded durable health, safety and wellness products for infants and toddlers, on March 6, 2007. The common stock and warrants last traded at $5.26 and $.92, respectively, giving the units, which last traded at $6.70, a value of $7.10. The units were originally priced at $6.00.
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 $9.51 and $3.82, respectively, giving the units, which last traded at $13.81, a value of $13.33. The units were originally priced at $8.00.
Israel Technology Acquisition Corp. , which raised $37.9 million when it went public on July 14, 2005, completed its acquisition of IXI Mobile, Inc. (stock symbol: ISLT), a provider of data-centric mobile devices, on June 6, 2007. The common stock and warrants last traded at $5.70 and $1.00, respectively, giving the units, which last traded at $7.92, a value of $7.70. The units were originally priced at $6.00.
Juniper Partners Acquisition Corp., which raised $17.4 million when it went public on July 15, 2005, completed its acquisition of Firestone Communications, which owns and operates Sorpresa!, an "in language" children's television network and digital community for Hispanic youth, on January 19, 2007. The company subsequently changed its name to Juniper Content Corporation (stock symbol: JNPC) The Class common shares and Class W warrants last traded at $2.88 and $.34, respectively, giving the Class A units (consisting of two common shares and ten Class W warrants), which last traded at $9.30, a value of $9.16. The Class L warrants last traded at $.40, giving the Class B units (consisting of two common shares and two Class L warrants), which last traded at $6.50, a value of $6.56. The Class A and Class B units were originally priced at $10.50 and $10.10, respectively.
Fortress America Acquisition Corp., which raised $46.8 million when it went public on July 15, 2005, completed its acquisition of Total Tech Solutions and Vortech LLC, providers of comprehensive services for the planning, design, and development of mission critical facilities and information infrastructure, on February 19, 2007. The company subsequently changed its name to Fortress Information Group (stock symbol: FAAC) The common stock and warrants last traded at $4.97 and $.59, respectively, giving the units, which last traded at $6.38, a value of $6.15.
Stone Arcade Acquisition Corp., which raised $120 million when it went public on August 16, 2005, completed its acquisition of the kraft papers business of International Paper, on January 2, 2007. The company subsequently changed its name to KapStone Paper and Packing Corp. (stock symbol: KPPC). The common stock and warrants last traded at $7.47 and $2.70, respectively, giving the units, which no longer trade, a value of $12.97. The units were originally priced at $6.00.
Coconut Palm Acquisition Corp., which raised $69 million when it went public on September 9, 2005, completed its acquisition of Equity Broadcasting Corporation (stock symbol: CNUT), one of the largest owners and operators of television stations in the United States and a distribution platform for Spanish-language media, on April 2, 2007. The common stock and warrants last traded at $5.05 and $.61, respectively, giving the units, which last traded at $6.25, a value of $6.27. The units were originally priced at $6.00.
Federal Services Acquisition Corp., which raised $126 million when it went public on October 20, 2005, completed its acquisition of Advanced Technology Systems, Inc., a provider of systems integration and application development, IT infrastructure management and strategic IT consulting services to U.S. federal government agencies, on January 17, 2007. The company subsequently changed its name to ATS Corporation (stock symbol: ATCT) The common stock and warrants last traded at $3.55 and $.40, respectively, giving the units, which last traded at $4.10, a value of $4.35. The units were originally priced at $6.00.
Boulder Specialty Brands, Inc., which raised $102.1 million when it went public on December 19, 2005, completed its acquisition of GFA Brands, Inc., the marketer of Smart Balance, a line of heart-healthy foods, on May 21, 2007. The company subsequently changed its name to Smart Balance, Inc. (stock symbol: BDSB) The common shares and warrants last traded at $9.95 and $4.20, respectively, giving the units, which last traded at $13.56, a value of $14.15. 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 $6.54 and $1.65, respectively, giving the units, which last traded at $9.98, a value of $9.84. The units were originally priced at $6.00.
SI has an active HBRF thread at:
Subject 57050
Acquicor Technology, Inc., which raised $174.5 million when it went public on March 14, 2006, completed its acquisition of Jazz Semiconductor, Inc., an independent wafer foundry primarily focused on specialty CMOS process technologies, on February 16, 2007. When Acquicor first announced its proposed acquisition of the company on September 26, 2006, Jazz Semiconductor was midway through the process of filing for an IPO. The company subsequently changed its name to Jazz Technologies, Inc. (stock symbol: JAZ). The founders of Acquicor were Gilbert F. Amelio, Ph.D., Ellen M. Hancock and Steve Wozniak. The common shares and warrants last traded at $3.16 and $.61, respectively, giving the units, which last traded at $4.35, a value of $4.38. The units were originally priced at $6.00. |
