JKA back to the drawing board:
JK Acquisition Corp. Announces Cancellation of Its Special Meeting of Stockholders
Thursday January 31, 4:30 pm ET
HOUSTON--(BUSINESS WIRE)--JK Acquisition Corp. (AMEX:JKA - News) (AMEX:JKA.U - News) (AMEX:JKA.WT - News) announced today that it has cancelled the special meeting of its stockholders to vote on the proposed merger with Multi-Shot, LLC scheduled for 5:00 p.m. (Central Standard Time) on Thursday, January 31, 2008. Based on the proxies received from its stockholders, the board of directors of JKA has determined that the proposed merger with Multi-Shot will not receive the votes required for approval. As a result, JKA has informed Multi-Shot that it will not receive the approval of the JKA stockholders required to consummate the proposed merger with Multi-Shot. Under the Second Amended and Restated Agreement and Plan of Merger dated August 27, 2007 (the “Merger Agreement”) regarding the proposed merger with Multi-Shot, if JKA does not receive the approval of its stockholders for the proposed merger by January 31, 2008, the Merger Agreement expires on January 31, 2008. After the expiration of the Merger Agreement, the board of directors of JKA anticipates that the proposed merger with Multi-Shot will be abandoned.
The board of directors will continue to evaluate alternatives that may be in the best interests of JKA’s stockholders, including the potential liquidation of JKA. |
