PROFILES FOR CLOSED DEALS – DECEMBER 11, 2009
Great Wall Acquisition Corporation, which raised $27.096 million when it went public on March 19, 2004, completed the acquisition of ChinaCast Education Corp (stock symbol: CAST), a China-based provider of e-learning services, on December 22, 2006. In June and July of 2008, the company temporarily reduced the exercise price of its warrants from $5.00 to $4.25 per share, which resulted in the exercise of 3,513,199 warrants, equal to 38.90% of the 9,031,950 warrants that were sold in the IPO. As an additional incentive to exercise their warrants, the holders received a total of 537,313 shares of common stock. The remainder of the warrants expired worthless on March 16, 2009. In October 2008, the company sold 4,250,000 shares of common stock at $2.60 per share, raising gross proceeds of $11.05 million. The common shares, which traded as high as $9.10 subsequent to the acquisition, last traded at $7.32. 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. The company subsequently changed its name to Origin Agritech Limited (stock symbol: SEED). On December 5, 2005, Origin redeemed its warrants, raising 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 $11.64. If you assume that a value of $6.64 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 $24.92. The common shares of SEED have 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. In February 2007, the company raised $30 million when it sold 7.5 million common shares at $4.00 per share. On November 29, 2007, RAME closed on a second acquisition, acquiring Ascent Energy, Inc. for $286 million. Prior to the May 12, 2008 expiration date of the warrants, the company reduced the exercise price of the warrants to $4.25. The holders of 11,418,351 of the warrants that were issued in the IPO (90.26% of the total) exercised their warrants. A total of 1,231,649 warrants were allowed to expire. The common shares, which have traded as high as $6.84, last traded at $1.55. If you assume that a negative ($2.70) value has been created from each of the two warrants (which had an adjusted strike price of $4.25), the original units, which were priced at $6.00 and are no longer trading, now have a negative value of ($3.85).
On December 27, 2007, Lawrence Coben, the founder of the company, raised $76 million when he took a second blank check company, Tremisis Energy Acquisition Corp. II, public.
Arpeggio Acquisition Corp., which raised $40.8 million when it went public on June 24, 2004, completed its acquisition of Hill International (stock symbol: HIL), a construction contractor, on June 28, 2006. Since the close of the transaction, HIL has used its stock to make a series of acquisitions. On November 29, 2007, the company redeemed its warrants, raising $67.9 million when its warrant holders exercised 13,577,601 warrants (out of 13,600,000) at $5.00 each. The common shares, which have traded as high as $19.71, last traded at $6.39. If you assume that a value of $1.39 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 $9.17. 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 last traded at $.20. The warrants, which had a strike price of $5.00, expired worthless on July 25, 2009.. The common shares have never traded above $5.50. 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. In November 2007, the company raised $104.4 million in gross proceeds through the sale of 12,650,000 common shares at $8.25 per share. The common shares last traded at $1.34. The Class W and Z warrants last traded at $.05 and $.16, respectively, giving the original Class A units (consisting of two common shares and ten Class W warrants), which were originally priced at $10.50 and no longer trade, a value of $3.18. The Class B units (consisting of two common shares and two Class Z warrants), which were originally priced at $10.10 and no longer trade, have a value of $3.00. The expiration date for the Class W warrants has been extended from July 29, 2009 to December 31, 2009 and the strike price has been reduced from $5.00 to $2.50. The Class Z warrants have a strike price of $5.00 and an expiration date of July 29, 2011. The common shares have traded as high as $10.24.
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: RLOG). On August 1, 2006, the company raised an additional $13 million through the sale of 2,402,957 shares at $5.41 per share. During the spring of 2007, the company temporarily reduced the exercise price on its warrants from $5.00 to $4.50 per share. The holders of 3,964,965 warrants exercised their warrants, generating $17.8 million in gross proceeds for the company. The remainder of the warrants expired worthless on October 26, 2008. The common shares, which have traded as high as $6.45, last traded at $3.07. If you assume that a negative ($1.43) value has been created from each of the two warrants (which had an adjusted strike price of $4.50), the original units, which were priced at $6.00 and are no longer trading, now have a value of $.21.
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. The company subsequently changed its name to Yucheng Technologies (stock symbol: YTEC). In June 2007, the company redeemed its warrants, raising $34.3 million when the holders of 6.9 million warrants exercised their warrants. The common shares, which have traded as high as $19.36, last traded at $8.45. If you assume that $3.45 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 $15.35.
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 vertically integrated 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 additional funds. It raised $112.5 million from the exercise of a portion of the warrants that were issued in the IPO. The remainder of these warrants expired worthless on December 9, 2008. 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, which have traded as high as $19.76, last closed at $5.79. If you assume that $.79 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 $7.37.
On November 13, 2007, Navios Maritime Partners L.P (stock symbol: NMM) went public, raising $200 million through the sale of selling 10 million units at $20 per unit. NMM is a creation of Navios Maritime Holdings, Inc. At the close of the offering, NMM acquired seven ships form NM, which controls 41% of NMM’s shares and provide its managerial expertise to the venture. The units are currently trading at $14.83.
Ardent Acquisition Corporation, which raised $41.4 million when it went public on February 24, 2005, completed its acquisition of Avantair, Inc. (stock symbol: AAIR), a provider of fractional ownerships of piloted aircraft for personal and business use, on February 22, 2007. In November 2007, the company raised an additional $11.3 million through a private placement of its convertible preferred stock. On November 18, 2008, the company commenced a warrant redemption program, pursuant to which the exercise price of the warrants was reduced from $5.00 to $2.75. The program terminated on December 12, 2008. No warrants were exercised. The warrants expired worthless on February 23, 2009. The common shares, which have traded as high as $5.60, last traded at $1.90. The units were originally priced at $6.00.
On November 30, 2008, Barry Gordon, the founder of Ardent Acquisition, raised $50.4 million when he took a second blank check company, North Shore Acquisition Corp., public.
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. During the summer of 2007, the company redeemed its warrants, raising $91.9 million. The common stock of GLDD, which has traded at high as $10.18, last traded at $6.26. If you assume that $1.26 in 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 $8.78.
On June 19, 2007, the principals of Aldabra Acquisition Corporation raised $414 million when they took a second blank check company, Aldabra 2 Acquisition Corp., public. Aldabra 2 subsequently acquired certain paper and packaging assets from Boise Cascade. On December 31, 2007, the principals filed registration statements for Aldabra 3 and Aldabra 4, two new blank check companies that are looking to raise another $600 million. The registration statements have not yet been withdrawn.
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 $1.01. The Class W and Z warrants last traded at $.001 and $.029, 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 $2.03. 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 $2.08. The warrants have a strike price of $5.00. The Class W and Class Z warrants have expiration dates of April 10, 2010 and April 10, 2012, respectively. The common shares have traded as high as $4.50.
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 company’s warrants expired worthless on April 17, 2009. The common shares, which traded as high as $9.24 subsequent to the acquisition, last traded at $.02. 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 company’s warrants expired worthless on April 20, 2009. The common shares, which traded as high as $7.50 subsequent to the acquisition, last traded at $4.48. The common shares have traded as high as $7.50.
On July 23, 2007, the principals of KBL Healthcare Acquisition Corp. II raised $138 million when they took another blank check company, KBL Healthcare Acquisition Corp. III, public.
Services Acquisition Corp. International, which raised $138 million when it went public on June 30, 2005, completed its acquisition of Jamba, Inc. (stock symbol: JMBA) on November 29, 2006. To help finance the transaction, the company raised gross proceeds of $231.6 million through the sale of 30,979,999 shares in a private placement at $7.50 per share. The common stock last traded at $1.74. The common shares have traded as high $12.87. The warrants, which had a strike price of $6.00, expired worthless on June 28, 2009. The units were originally priced at $8.00.
Courtside Acquisition Corp., which raised $82.8 million when it went public on July 1, 2005, completed the acquisition of American Community Newspapers, LLC (stock symbol: ACNI), a group of 73 publications, comprised of 60 weekly suburban newspapers, three daily newspapers and 10 niche publications, on July 2, 2007. On November 10, 2008, the company terminated its registration with the SEC. On April 28, 2009, the company filed for Chapter 11 protection. The common shares, which have traded as high as $5.64, last traded at $.01. The warrants, which had a strike price of $5.00, expired worthless on June 29, 2009. The units were originally priced at $6.00.
Oakmont Acquisition Corp., which raised $51.45 million when it went public on July 14, 2005, completed the acquisition of Brooke Credit Corporation, a specialty finance company that lends money to locally owned companies that sell insurance, on July 18, 2007. The company assumed the name of Brooke Credit Corporation. (On August 1, 2006, Oakmont had previously announced that it was acquiring One Source Equipment Rentals LLC, a provider of industrial and construction equipment in the Midwest, but it terminated that agreement on January 17, 2007.) On May 30, 2008, the company changed its named to Aleritas Capital Corp. (stock symbol: ARTAE) In the fall of 2008, the company’s primary creditor took action to foreclose on the assets of the company and the current status of the company is uncertain. The last Form 8-K was filed on October 22, 2008. No quote is available for the company’s common stock. The warrants, which had a strike price of $5.00, expired worthless on July 11, 2009. The units were originally priced at $6.00.
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: IXMO.OB), a provider of data-centric mobile devices, on June 6, 2007. Subsequent to the close of the transaction, the company raised $9.7 million in a private placement of 2,703,000 shares. The common stock last traded at $.03. The warrants, which had a strike price of $5.00, expired on July 11, 2009. The common shares have traded s high as $6.10. 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). As an incentive to obtain the approval of the Juniper shareholders, two of the principals of Firestone Communications purchased $6.5 million worth of Juniper shares in a series of private transactions. On April 20, 2009, the company terminated its registration with the SEC. The common shares and Class W warrants last traded at $.0012 and $.0001, respectively, giving the Class A units (consisting of two common shares and ten Class W warrants), which no longer trade, a value of $.0013. The Class L warrants last traded at $.0002, giving the Class B units (consisting of two common shares and two Class L warrants), which no longer trade, a value of $.0016. The Class A and Class B units were originally priced at $10.50 and $10.10, respectively. The warrants have a strike price of $5.00. The Class W and Class Z warrants have expiration dates of July 12, 2010 and July 12, 2012, respectively. The Class A common shares have traded as high as $4.00.
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: FIGI) The common stock of Fortress International last traded at $.56. The warrants, which had a strike price of $5.00, expired on July 12, 2009. The units were originally priced at $6.00. The common shares have traded as high as $6.53.
On October 24, 2007, C. Thomas McMillen, the founder of Fortress America Acquisition, raised an additional $80 million when he took another blank check company, Secure America Acquisition, public.
Healthcare Acquisition Corp.,,which raised $75.2 million when it went public on July 28, 2005, completed its acquisition of PharmAthene, Inc. (stock symbol: PIP), self-described as “a leading bio-defense company specializing in the development and commercialization of medical countermeasures against biological and chemical terrorism”, on August 3, 2007. As an incentive to the shareholders of Healthcare Acquisition to approve the transaction, certain of the company’s insiders and shareholders of PharmAthene agreed to purchase up to 2,800,00 shares (at approximately $7.60 per share) held by shareholders who intended to vote against the acquisition. The common shares last traded at $1.12. The warrants, which had a strike price $6.00, expired worthless on July 27, 2009. The units were originally priced at $8.00. The common shares have traded as high as $9.08.
Chardan China North Acquisition Corp., which raised $$34.5 million when it went public on August 4, 2005, completed its acquisition of HLS Systems International Ltd. (stock symbol: HLSYF), a company that sell automotive automation systems into the Chinese market, on September 20, 2007. In December 2007, the company forced the redemption of its warrants, raising $57.2 through the exercise the exercise of its warrants. The common shares, which have traded as high as $13.48, last closed at $11.97. If you assume that $.6.97 in 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 $25.91.
SI has a thread devoted to HOLI at:
Subject 57774
Chardan China South Acquisition Corp., which raised $34.5 million when it went public on August 4, 2005, completed its acquisition of Head Dragon Holdings Limited, the largest private Chinese engineering company providing design, construction, installation, and operating expertise for distributed power generation and micro power networks in China on January 24, 2007 and changed its name to A-Power Energy Generation Systems (stock symbol: APWR). In March 2008, the company announced the redemption of its warrants, hoping to raise $57.5 million when the redemption period expired on March 31, 2008. The common stock, which has traded as high as $31.89, last traded at $17.50. If you assume that $12.50 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 $42.50.
SI has a thread devoted to APWR at:
Subject 57511
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). Prior to the expiration of the warrants on August 15, 2009, 20,072,456 of the warrants exercised, providing the company with over $100 million. The remaining 19,371,454 warrants were allowed to expire. The common shares, which have traded as high as $8.53, last traded at $8.27. If you assume that $3.27 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 $14.78. 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, 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 company subsequently changed its name to Equity Media Holdings Corp. (stock symbol: EMDA). In June 2007, the company raised $9 million through the sale of 1,406,250 shares in a private placement. The common shares, which have traded as high as $5.81, last traded at $0.0022. The warrants, which had a strike price of $5.00, expired worthless on September 7, 2009. On December 8, 2008, the company filed a voluntary petition for Chapter 11 bankruptcy protection. The company terminated its registration with the SEC on January 16, 2009. 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). As an incentive to the shareholders of Federal Services to approve the transaction, the founders agreed to return 2,625,000 of their shares to the company for $.011 per share, reducing their overall position by 50%. The company has subsequently purchased and retired an additional 5,717,755 common shares at a cost of approximately $30.3 million. The common shares, which have traded as high as $5.83, last traded at $2.50. The warrants, which had a strike price of $5.00, expired worthless on October 19, 2009. The units were originally priced at $6.00.
Paramount Acquisition Corp. , which raised $58.65 million when it went public on October 24, 2006, completed the acquisition of Chem Rx (stock symbol: CHRXE), a long-term care pharmacy servicing the New York metropolitan area, on October 23, 2007. As an incentive to the shareholders of Paramount to approve the transaction, certain of the Chem Rx insiders agreed to provide put options for up to 5,879,998 shares at a price not to exceed $6.00 per share to certain institutional investors in exchange for a “yes” vote on the acquisition. The common shares, which have traded as high as $6.90, last traded at $.35. The warrants, which had a strike price of $5.00, expired worthless on October 20, 2009. The units were originally priced at $6.00. The current status of the company is uncertain as it is delinquent in its filings with the SEC. The company failed to file its Form 10-K for the year ending December 31, 2008 and has not filed a Form 10-Q since November 12, 2008.
Endeavor Acquisition Corp., which raised $129,285,960 when it went public on December 15, 2005, completed its acquisition of American Apparel, Inc. (stock symbol: APP), a leading domestic vertically-integrated manufacturer and retailer of cotton fashion basics and the largest T-shirt manufacturer in the United States on December 12, 2007. In March 2008, the company forced the redemption of its warrants. Of the 16.4 million warrants that were outstanding, approximately 5.2 million were exercised using a cashless exercise option. Approximately 10.9 million warrants were exercised by paying the cash exercise price of $6 per warrant, raising gross proceeds of approximately $66.8 million. The common shares last traded at $2.88. If you assume that a negative value of ($3.12) has been created from exercise of the warrant (which had a strike price of $6.00 per share), the original units, which were priced at $8.00 and are no longer trading, now have a negative value of $.24. The common shares have traded as high as $24.25.
Star Maritime Acquisition Corp., which raised $200 million when it went public on December 16, 2005, completed its acquisition of eight drydock carriers from TMT Co on November 30, 2007 and changed its name to Star Bulk Carriers Corp. (stock symbol: SBLK). The common stock and warrants last traded at $3.03 and $.06, respectively, giving the units, which no longer trade, a value of $3.09. The common shares have traded as high as $14.57. The warrants have a strike price of $8.00. On November 27, 2009, the company extended expiration date of the warrants from December 15, 2009 to March 15, 2010. The company also announced that the warrant holders will be offered an opportunity to exchange their warrants for new warrants that would have an as yet to be determined strike price and an expiration date of March 15, 2011. The units were originally priced at $8.00.
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: SMBL) Prior to the close of the acquisition, the company completed a private placement that generated net proceeds in excess of $246 million. In December 2007, the company forced the redemption of its outstanding warrants and raised gross proceeds of $76.5 million. The common shares last traded at $5.40. If you assume that a negative ($.60) of value has been created from exercise of the warrant (which had a strike price of $6.00 per share), the original units, which were priced at $8.00 and are no longer trading, now have a value of $4.80. The common shares have traded as high as $14.10.
SI has a thread devoted to SMBL at:
Subject 57450
Argyle Security Acquisition Corp. (stock symbol: ARGL), which raised $30.6 million when it went public on January 25, 2006, completed its acquisition of ISI Security Group, a solutions provider to the physical security industry, on July 31, 2007. The common shares and warrants last traded at $..34 and $.004, respectively, giving the units, which last traded at $.50, a value of $.34. The common shares have traded as high as $7.95. The warrants have a strike price of $5.50 and have an expiration date of January 24, 2011. The units were originally priced at $8.00.
Global Logistics Acquisition Corporation which raised $88 million when it went public on February 16, 2006, announced on February 11, 2008 that it had received shareholder approval for its acquisition of The Clark Group, a "provider of mission- critical supply chain solutions to the print media industry." The company subsequently changed its name to Clark Holdings (stock symbol: GLA). As an incentive for third party investors to purchase 2,380,000 shares from holders who have indicated that they are opposed to the transaction, certain of the insiders agreed to give up 380,000 of their shares. The common stock and warrants last traded at $.48 and $.01, respectively, giving the units, which last traded at $.50, a value of $.49. The common shares have traded as high as $8.90. The warrants have a strike price of $6.00 and have an expiration date of February 15, 2011. The units were originally priced at $8.00.
India Globalization Capital, Inc. (stock symbol: IGC), which raised $67,827,000 when it went public on March 3, 2006, completed its acquisitions of majority interests in Siricon Infrastructure Limited Techni Bharathi Limited, both of which are India based engineering and construction companies. As an incentive to third party investors to purchase 2.5 million shares of common stock to be voted in favor the transactions, the insiders offered to transfer ownership of 2.5 million of their shares. The common stock and warrants last traded at $1.36 and $.07, respectively, giving the units, which last traded at $1.34, a value of $1.50. The warrants have a strike price of $5.00 and have an expiration date of March 3, 2011. The common shares have traded as high as $6.20. The units were originally priced at $6.00.
Echo Healthcare Acquisition Corp., which raised $57.5 million when it went public on March 17, 2006, completed its acquisition of XLNT Veterinary Care, Inc., an entity which owns a chain of animal hospitals, on January 7, 2008. The company subsequently changed its name to Pet DRx Corporation (stock symbol: VETS). The transaction was approved only after certain of the Echo Healthcare and XLNT insiders agreed to give up as many as 1,150,000 of their shares to third party investors who indicated that they would be willing to purchase up to 3,000,000 shares from shareholders who were going to vote against the transaction. The common shares and warrants last traded at $.34 and $.007, respectively, giving the units, which last traded at $.35, a value of $.35. The warrants have a strike price of $6.00 and have an expiration date of March 17, 2010. The common shares have traded as high as $8.04. The units were originally priced at $8.00.
General Finance Corp. (stock symbol: GFN), which raised $69 million when it went public on April 5, 2006, completed its acquisition of Royal World Trading Australia Pty Limited, an Australian corporation engaged in the sale and leasing of portable storage containers, portable container buildings and freight containers, on September 11, 2007. On May 2, 2008, the company temporarily reduced the exercise price of the 8,625,000 warrants that were sold in the IPO from $6.00 to $5.10. A total of 4,135,953 warrants were exercised. The common shares and warrants last traded at $1.10 and $.04, respectively, giving the units, which last traded at $1.30, a value of $1.14. The common shares have traded as high as $9.89. The warrants have a strike price of $6.00 and have an expiration date of April 5, 2010. The units were originally priced at $8.00.
Jaguar Acquisition Corporation, which raised $28,300,002 when it went public on April 10, 2006, completed its acquisition of China Cablecom Ltd. (stock symbol: CBAL), a cable network operator in China, on June 9, 2008. The common shares and warrants last traded at $.70 and $.05, respectively, giving the units, which last traded at $.75, a value of $.75. The common shares have traded as high as $7.50. The warrants have a strike price of $5.00 and have an expiration date of April 4, 2010. The units were originally priced at $6.00.
HAPC, Inc., formerly Healthcare Acquisition Partners, which raised $101.3 million when it went public on April 12, 2006, completed its acquisition of InfuSystem Holdings, Inc. (stock symbol: INHI), a nationwide leader in ambulatory infusion pump management services to oncologists, on October 24, 2007. Prior to the shareholder vote, InfuSystem agreed to a reduction in the purchase price of approximately 20%. The common shares and warrants last traded at $2.50 and $.06, respectively, giving the units, which no longer trade, a value of $2.62. The common shares have traded as high as $5.86. The warrants have a strike price of $5.00 and have an expiration date of April 11, 2011. The units were originally priced at $6.00.
Asia Automotive Acquisition Corp., which raised $40,250,000 when it went public on April 12, 2006, completed its acquisition of Tongxin International Ltd. (stock symbol: TXIC), “the largest independent Chinese supplier of Engineered Vehicle Body Structures ("EVBS") capable of providing products for both light and commercial vehicles in addition to designing, fabricating and testing dies used to stamp automotive body panels” on April 17, 2008. The common shares and warrants last traded at $9.02 and $4.00, respectively, giving the units, which last traded at $13.25, a value of $13.02. The common shares have traded as high as $12.07. The warrants have a strike price of $5.00 and have an expiration date of April 10, 2011. The units were originally priced at $8.00.
Community Bankers Acquisition Corp., which raised $60 million when it went public on June 5, 2006, announced on September 6, 2007 that it had reached an agreement to acquire TransCommunity Financial Corporation, a community oriented Virginia based banking organization. The company subsequently changed its name to Community Bankers Trust (stock symbol: BTC). Prior to the shareholder vote, the company announced that certain new investors had purchased 4.1 million shares (approximately 55% of the shares originally sold in the IPO) and that these new investors had agreed to vote their shares in favor of the transaction in exchange for options from the insiders to purchase one common share and one warrant for each 4 shares that they had purchased at a strike price of $.01. On May 30, 2008, the shareholders approved the transaction. The common stock and warrants last traded at $2.59 and $.16, respectively, giving the units, which last traded at $3.33, a value of $2.75. The common shares have traded as high as $7.65. The warrants have a strike price of $5.00 and have an expiration date of June 4, 2011. The units were originally priced at $8.00.
Millennium India Acquisition Corporation (stock symbol: SMCG), which raised $58 million when it went public on July 21, 2006, completed its acquisition of minority interests in SMC Global Securities and an affiliate, two Indian financial services companies, on January 22, 2008. The transaction was approved only after certain of Millennium India Acquisition insiders agreed to give up as many as 900,000 of their shares to third party investors who indicated that they would be willing to purchase up to 3,000,000 shares from shareholders who were going to vote against the transaction. The common stock and warrants last traded at $1.57 and $.02, respectively, giving the units, which last traded at $1.46, a value of $1.59. The common shares have traded as high as $8.10. The warrants have a strike price of $6.00 and have an expiration date of July 19, 2010. The units were originally priced at $8.00.
Marathon Acquisition Corp., which raised $320,286,200 when it went public on August 25, 2006, closed on its acquisition of Global Ship Lease, a containership charter company, on August 14, 2008. In order to get the transaction approved, the founding shareholders agreed to forfeit approximately 3.06 million shares, or approximately 33%, of their holdings. The company subsequently changed its name to Global Ship Lease, Inc. (stock symbol: GSL). The common stock and warrants last traded at $1.26 and $.02, respectively, giving the units, which last traded at $1.32, a value of $1.28. The common shares have traded as high as $8.05. The warrants have a strike price of $6.00 and have an expiration date of August 24, 2010. The units were originally priced at $8.00.
Energy Services Acquisition Corp., which raised $51.6 million when it went public on August 30, 2006, completed its acquisition of C.J. Hughes Construction Company, an underground utility services company, and S.T. Pipeline, Inc., a company engaged in servicing the oil and gas industry primarily through the installation and repairs of pipelines, on August 15, 2008. The company subsequently changed its name to Energy Services of America (stock symbol: ESA). The common stock and warrants last traded at $2.93 and $.60, respectively, giving the units, which last traded at $4.30, a value of $4.13. The common shares have traded as high as $7.25. The warrants have a strike price of $5.00 and have an expiration date of August 29, 2011. The units were originally priced at $6.00.
SI has a thread devoted to ESA and natural gas issues in general at:
Subject 57548
Rhapsody Acquisition Corp., which raised $41.4 million when it went public on October 10, 2006, completed its acquisition of Primoris Services Corporation (stock symbol: PRIM), a specialty contractor and engineering firm, on July 31, 2008. On December 24, 2008, the company completed a tender offer that resulted in the purchase of 1,416,908 warrants at $1.20 per warrant. The common stock and warrants last traded at $8.16 and $3.04, respectively, giving the units, which last traded at $11.00, a value of $11.20. The common shares have traded as high as $8.64. The warrants have a strike price of $6.00 and have an expiration date of October 2, 2010. The units were originally priced at $8.00.
Middle Kingdom Alliance Corp., which raised $29.164,040 when it went public on December 14, 2006, completed the acquisition of Pyop Digital Company, described as “a leading distributor in China of Samsung mobile phones and other related products,” on July 6, 2009. The company’s original liquidation deadline was December 13, 2008. In order to facilitate the transaction, the shareholders had previously approved an extension of the company’s existence to August 31, 2009. The company subsequently changed its name to Funtalk China Holdings Limited (stock symbol: FTLK). The Class A common shares and Class D warrants last traded at $9.50 and $2.15, respectively, giving the Class A units (consisting of one Class A common share and five Class W warrants), which last traded at $15.00, a value of $20.25. The Class B common shares and Class B warrants last traded at $9.50 and $1.60, respectively giving the Class B units (consisting of one Class B common share and one Class B warrant), which last traded at $9.50, a value of $11.20. The warrants have a strike price of $5.00 and an expiration date of December 13, 2013. Both the Class A and Class B units were originally priced at $8.00.
Pantheon China Acquisition Corp., which raised $34.5 million when it went public in December 2006, completed the acquisition of China Cord Blood Services (stock symbol: CO), a blood bank operator in China, on July 1, 2009. On December 14, 2008, the shareholders of Pantheon had previously agreed to extend the deadline by which a business combination must be approved by the shareholders from December 14, 2008 to September 30, 2009. The holders of 929,613 shares voted against the extension and elected to redeem their shares at $5.9826 per share. The total dollar amount of the shares that were redeemed was $5,561,686. The common stock and warrants last traded at $5.78 and $1.00, respectively, giving the units, which no longer trade, a value of $7.78. The warrants have a strike price of $5.00 and an expiration date of December 13, 2010. The units were originally priced at $6.00.
Freedom Acquisition Holdings, which raised $528 million when it went public on December 22, 2006, completed its acquisition of GLG Partners, Inc. (stock symbol: GLG), the largest independent alternative asset manager in Europe and one of the largest in the world, on November 2, 2007. The common stock and warrants last traded at $3.30 and $.15, respectively, giving the units, which last traded at $3.30, a value of $3.45. The common shares have traded as high as $14.97. The warrants have a strike price of $5.00 and have an expiration date of December 28, 2011. The units were originally priced at $10.00.
ChinaGrowth North Acquisition, which raised $39.9 million when it went public on January 25, 2007, completed its acquisition of UIB Group Limited, an insurance brokerage company based in China, on February 27, 2009 and changed its name to UIB Group Limited(stock symbol: CGNYF). The common stock and warrants last traded at $4.60 and $.18, respectively, giving the units, which no longer trade, a value of $4.78. The warrants have a strike price of $6.00 and have an expiration date of January 23, 2011. The units were originally priced at $8.00.
ChinaGrowth South Acquisition which raised $40.1 million when it went public on January 25 2007, completed its acquisition of Olympia Media Holdings, described as "a leading operator of print media services to newspapers in China," on February 27, 2009 and changed its name to China TopReach, Inc. (stock symbol: CGSUF),. The common stock and warrants last traded at $4.10 and $.19, respectively, giving the units, which no longer trade, a value of $4.29. The warrants have a strike price of $6.00 and have an expiration date of January 23, 2011. The units were originally priced at $8.00.
Information Services Group (stock symbol: III), which raised $258,750,000 when in went public on February 1, 2007, completed its acquisition of TPI, self-described as "the largest independent sourcing advisory firm in the world focusing on the design, implementation and management of sourcing strategies for major corporate clients," on November 16, 2007. The common stock and warrants last traded at $3.01 and $.07, respectively, giving the units, which last traded at $2.14, a value of $3.08.The common shares have traded as high as $8.30. The warrants have a strike price of $6.00 and have an expiration date of January 31, 2011. The units were originally priced at $8.00.
Symmetry Holdings, Inc., which raised $150,000,000 when it when public on March 8, 2007, completed its acquisition of Novamerican Steel , which processes and distributes carbon steel, stainless steel and aluminum products and operates as an intermediary between primary metal producers and manufacturers that require processed metal, on November 15, 2007. To finance the $585.2 million transaction, Symmetry had to tap into the credit markets for $500 million. The company subsequently changed its name to Barzel Industries (stock symbol: TONS). The common shares and warrants last traded at $.0081 and $.00, respectively, giving the units, which no longer trade, a value of $.01. The common shares have traded as high as $8.10. On September 15, 2009, the company filed for Chapter 11 bankruptcy protection. The warrants have a strike price of $5.50 and an expiration date of March 7, 2011. The units were originally priced at $8.00.
Hyde Park Acquisition Corp., which raised $103.5 million when it went public on March 8, 2007, closed on the acquisition of Essex Crane Rental Corp. (stock symbol: ERNT), self-described as "the largest specialized fleet of lattice-boom crawler cranes and attachments in North America" on October 21, 2008. The common stock and warrants last traded at $5.40 and $.97, respectively, giving the units, which no longer trade, a value of $6.37. The common shares have traded as high as $7.90. The warrants have a strike price of $5.00 and an expiration date of March 4, 2011. The units were originally priced at $8.00.
China Opportunity Acquisition Corp., which raised $41.4 million when it completed its IPO on March 21, 2007, announced on November 13, 2008 that it has agreed to acquire Golden Green Enterprises Limited, a Chinese specialty steel company. On March 13, 2009, the transaction was approved and the company changed its name to Golden Green Enterprises Limited. The company later changed its name to
China Gerui Advanced Materials Group (stock symbol: CHOP). The common shares and warrants last traded at $5.55 and $.1.22, giving the units, which no longer trade, a value of $7.99. The warrants have a strike price of $5.00 and an expiration date of March 19, 2011. The units were originally priced at $6.00.
Vector Intersect Security Acquisition Corp., which raised $55.8 million when it went public on April 26, 2007, announced on December 19, 2008 that it had closed on the acquisition of Cyalume Technologies Holdings (stock symbol: CYLU), self-described as "a leading provider of safety, security and training products for the US military and other militaries." The common stock and warrants last traded at $3.50 and $.36, respectively, giving the units, which no longer trade, a value of $3.86. The common shares have traded as high as $7.95. The warrants have a strike price of $5.00 and an expiration date of April 25, 2012. The units were originally priced at $8.00.
Shermen WSC Acquisition Corp., which raised $138 million when it completed its IPO on May 24, 2007, announced on May 28, 2009 that it had closed on the acquisition of the Westway Group, Inc. (stock symbol: WTWG), a "bulk liquid storage and liquid animal feed supplement businesses." The common stock and warrants last traded at $4.12 and $.30, respectively, giving the units, which no longer trade, a value of $4.72. The warrants have a strike price of $5.00 and an expiration date of May 24, 2011. The units were originally priced at $6.00.
Vantage Energy Services, Inc,. which raised $276 million when it went public on May 24, 2007, closed on the acquisition of four “ultra-premium jackup rigs” on June 10, 2008. The company subsequently changed its name to Vantage Drilling Company (stock symbol: VTG). The common stock and warrants last traded at $1.70 and $.10, respectively, giving the units, which last traded at $1.93, a value of $1.90. The warrants have a strike price of $6.00 and an expiration date of May 24, 2011. The units were originally priced at $8.00.
Aldabra 2 Acquisition Corp., which raised $414 million when it when public on June 19, 2007, completed its acquisition of certain paper and packaging assets from Boise Cascade on February 22, 2008 and changed its name to Boise, Inc. (stock symbol: BZ). Prior to the approval of the transaction, certain affiliates of the Boise entered into Contingent Value Rights agreements with 40 institutional investors as an incentive to get them to vote in favor of the transaction. The common stock and warrants last traded at $5.04 and $.60, respectively, giving the units, which no longer trade, a value of $5.64. The warrants have a strike price of $7.50 and an expiration date of June 18, 2011. The units were originally priced at $10.00.
China Discovery Acquisition Corporation (stock symbol: CADQ), which raised $34.5 million when it went public in June 2007, completed the acquisition of HeNan Smart Food Company, "a leading instant noodle producer in China, the largest instant noodle market in the world,” on June 26, 2009. The company subsequently as Si Mei Te Food Limited (stock symbol: CADQ). The common stock and warrants last traded at $2.90 and $.10, respectively, giving the units, which no longer trade, a value of $3.10. The warrants have a strike price of $5.00 and an expiration date of June 17, 2011. The units were originally priced at $6.00.
Alyst Acquisition Corp., which raised $64.4 million when it went public on June 29, 2007, completed its acquisition of China Networks International Holdings, Ltd. (stock symbol: CNWHF), "which owns television station operating assets in the People's Republic of China," on June 29, 2009. The common stock and warrants last traded at $1.21 and $.03, respectively, giving the units, which no longer trade, a value of $1.24. The warrants have a strike price of $5.00 and an expiration date of June 28, 2011. The units were originally priced at $8.00.
Alternative Asset Management Acquisition, which raised $414 million when it went public on August 3, 2007, completed the acquisition of Great American Group, LLC, "a leading provider of asset disposition and valuation and advisory services to a wide range of retail, wholesale and industrial clients, as well as lenders, capital providers and professional service firms," on July 31, 2009 and subsequently changed its name to Great American, Inc. (stock symbol: GAMR). Previously on March 13, 2008, Alternative Asset Management had signed an agreement to acquire Halcyon Asset Management, self-described as "a leading global alternative asset management firm with approximately $11.5 billion in assets under management." The transaction was terminated on June 23, 2008. To facilitate the transaction with Great American, the founders of Alternative Asset Management agreed to forfeit 7,850,000 of their shares, leaving them with 2,500,000 shares. On November 2, 2009, the company announced that it had redeemed all of its outstanding warrants at $.50 per warrant. The common stock last traded at $3.35 per share, giving the units, which no longer trade, a value of $3.85. The units were originally priced at $10.00.
InterAmerican Acquisition Group (IAAG), which raised $45.2 million when it went public on September 10, 2007, over two years after it filed its initial S-1, closed on the acquisition of Sing Kung Limited, a Chinese company that provides "economic strategy guidance and detailed urban planning services to municipalities struggling to deal with growth and demands on city infrastructures," on September 9, 2009. The company subsequently changed its name to CNC Development, Ltd. (stock symbol: CDLV). The company has been redomesticated in the Cayman Islands. According the company’s SEC filings, each of the original IAAG common shares was automatically converted into 0.1850734 shares of common stock of CNC and 0.8857955 shares of Class A Preferred Stock of CNC. It is unclear if the Class A Preferred shares are actually trading. The common stock and warrants last traded at $1.50 and $.20, respectively, giving the units, which last traded at $4.00, a value of $1.70. The warrants have a strike price of $5.00 and an expiration date of September 4, 2011. The units were originally priced at $8.00.
Seanergy Maritime Corp. (stock symbol: SHIP), which raised $231 million when it went public on September 18 2007, announced on August 27, 2008 that its shareholders had approved the acquisition of six dry bulk vessels. The common stock and warrants last traded at $4.20 and $.22, respectively, giving the units, which no longer trade, a value of $4.44. The warrants have a strike price of $6.50 and an expiration date of March 24, 2011. The units were originally priced at $10.00.
Hicks Acquisition Company I, Inc., which raised $552 million when it went public on October 3, 2007, completed its merger with Resolute Natural Resources Corp. (stock symbol: REN, “an independent oil and gas company with long-lived oil reserves,” on September 25, 2009. Previously, the company had signed an agreement on June 30, 2008 to merge with Graham Packaging, "a global technology and innovation leader in value-added blow-molded rigid plastic containers for the branded food and beverage, household, personal care/specialty and automotive lubricant industries." That agreement was terminated on August 3, 2009. To facilitate the transaction, the founders agreed to forfeit 7,335,000 of their units and 4,600,000 of their warrants. The warrant holders approved a resolution, pursuant to which they agreed to either have their warrants redeemed for $.55 or accept a new warrant with a strike price of $13.00 and an expiration date of five years from the closing of the transaction. The amount of restructured warrants was capped at 50% of the outstanding public warrants. On September 29, 2009, the company announced that the old warrants would be converted into approximately 0.5804 of a new warrant and approximately $0.23 in cash, and that each public warrant that was tendered for cash or was not properly tendered would be converted into a right to receive $0.55. The common stock and warrants last traded at $11.00 and $2.14, respectively, giving the units, which no longer trade, a value of $13.14. The warrants have a strike price of $7.50 and an expiration date of September 28, 2011. The units were originally priced at $10.00.
FMG Acquisition, which raised $37,869,000 when it went public on October 5, 2007, completed the acquisition of United Insurance Holdings (stock symbol: UIHC) on September 29, 2008. The common stock and warrants last traded at $3.75 and $.70, respectively, giving the units, which no longer trade, a value of $5.16. The warrants have a strike price of $6.00 and an expiration date of October 4, 2011. The units were originally priced at $8.00.
TM Entertainment & Media, Inc., which raised $82,040,000 when it went public on October 18, 2007, completed the acquisition of Mandefu Holdings Limited (d/b/a China MediaExpress, "China’s largest television advertising operator on inter-city express buses," on October 15, 2009. The company has changed its name to China MediaExpress (stock symbol: TMI). To facilitate the approval of the transaction, the founders agreed to transfer 750,000 of their 2,875,000 shares to the owners of China MediaExpress. The common stock and warrants last traded at $12.04 and $5.00, respectively, giving the units, which no longer trade, a value of $17.04. The warrants have a strike price of $5.50 and an expiration date of October 17, 2011. The units were originally priced at $8.00.
Global BPO Services Corp., which raised $250 million when it went public on October 18, 2007, announced on January 28, 2008 that it had signed a definitive agreement to acquire Stream Holdings Corporation, self-described as “a leader in providing global customer relationship management and other business process outsourcing services to Fortune 100 companies,” for $225 million. The purchase price was subsequently reduced to $200 million and prior to the shareholder vote the company secured $150 million in financing in the form of convertible notes and disclosed that the proceeds from the notes would be used for a tender offer of the company’s stock after the close of the acquisition. On July 31, 2008, the company closed on the acquisition and changed its name to Stream Global Services, Inc. (stock symbol: SGS). The company subsequently purchased 20.757 million shares at $8.00 per share, for a total cost of $166.056 million. On December 14, 2009, the company completed a tender offer pursuant to which it purchased 9,956,689 of its warrants at $.50 per warrant. The common stock and warrants last traded at $6.12 and $.49, respectively, giving the units, which last traded at $6.90, a value of $6.61. The warrants have a strike price of $6.00 and an expiration date of October 17, 2011. The units were originally priced at $8.00.
NRDC Acquisition Corp., which raised $414,000,000 when it went public on October 18, 2007, announced on August 7, 2009 that the company had entered into a Framework Agreement pursuant to which the company would continue its business as a REIT. The transaction was approved by the shareholders on October 20, 2009 and the company changed its name to Retail Opportunity Investments Corp. (stock symbol: ROIC). To facilitate the approval of the transaction, the founders agreed to forfeit 10,225,000 of their 10,350,000 shares. Additionally, the exercise price of the warrants has been reset to $12.00 per share and the expiration date extended from October 17, 2011 to October 23, 2014. The common stock and warrants last traded at $10.27 and $1.17, respectively, giving the units, which last traded at $10.50, a value of $11.44. The units were originally priced at $10.00.
Secure America Acquisition Corp., which raised $80 million when it went public on October 24, 2007, closed on the acquisition of Ultimate Escapes Holdings, LLC, "a leading operator of luxury destination clubs," on October 29, 2009. The company subsequently changed its name to Ultimate Escapes, Inc. (stock symbol: UEI). To facilitate the approval of the transaction, the founders agreed to forfeit 2,185,295 of their 2,500,000 common shares. The warrant holders approved a reset of the warrant strike price from $5.25 to $8.80 per share and a two year extension of the expiration date for the warrants from October 23, 2011 to October 29, 2013. The common shares and warrants last traded at $4.20 and $.22, respectively, giving the units, which no longer trade, a value of $4.42. The units were originally priced at $8.00.
Triplecrown Acquisition Corporation), which raised $552 million when it went public on October 24, 2007, completed the acquisition of Cullen Agricultural Holding Corp. (stock symbol: CAGZ), "a agricultural technologies company," on October 22, 2009. Cullen Agricultural Holding was controlled by Eric Watson, the founder of Triplecrown. To facilitate the approval of the transaction, the founders agreed to forfeit 11,260,000 of their 13,800,000 shares. The warrants holders also approved an increase in the strike price of the warrants from $7.50 to $12.00 and an extension of the expiration date by one year from October 21, 2012 to October 21, 2013. Prior to the shareholder meeting, Triplecrown entered into “forward contracts” to purchase approximately 39.4 million of the shares of its common stock sold in its initial public offering in privately negotiated transactions from stockholders who would otherwise have voted against the merger for an aggregate purchase price of approximately $385 million. A total of 55,200,000 shares were sold in the IPO. The common shares and warrants last traded at $6.10 and $.10, respectively, giving the units, which no longer trade, a value of $6.20. The units were originally priced at $10.00.
Enterprise Acquisition Corp., which raised $250 million when it went public on November 7, 2007, completed its merger with ARMOUR Residential REIT, Inc. (stock symbol: ARR) on November 5, 2009, thereby completing its conversion into a REIT that “intends to invest, on a leveraged basis, primarily in adjustable-rate, hybrid adjustable-rate, and fixed rate residential mortgage-backed securities issued or guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Government National Mortgage Administration.” As part of the transaction, Capitol’s founders agreed to retire all of their 6,562,257 common shares. The warrant holders also approved an increase in the strike price from $7.50 per share to $11.00 and an extension of the expiration date from November 7, 2011 to November 7, 2013. The common shares and warrants last traded at $7.43 and $.25, respectively, giving the units, which no longer trade, a value of $7.68. The warrants have a strike price of $11.00. The units were originally priced at $10.00.
Capitol Acquisition Corp., which raised $262,490,000 when it went public in November 2007, completed its merger with Two Harbors Investment Corp. (stock symbol: TWO), a newly-formed Maryland corporation focused on investing in residential mortgage-backed securities..As part of the transaction, Capitol’s founders agreed to retire all of their 6,562,257 common shares. The common stock and warrants last traded at $9.71 and $.57, respectively, giving the units, which no longer trade, a value of $10.28. The warrants, which originally had have a strike price of $6.00 and an expiration date of November 8, 2012, now have a strike price of $11.00 and an expiration date of November 7, 2013. The units were originally priced at $10.00.
2020 ChinaCap Acquirco, which raised $60 million when ir completed its IPO on November 9, 2007, completed the acquisition of Windrace International, "one of the largest branded sportswear companies in China that is engaged in the design, manufacturing, trading and distribution of sporting goods, including footwear, apparel and accessories, in the People's Republic of China," on October 21, 2009. The company subsequently changed its name to Exceed International, Ltd. (stock symbol: EDS), On November 23, 2009, the company offered its warrant holders a limited opportunity to acquire common shares through a cashless exchange of 3.96 warrants for one share of common stock. The offer will commence on November 30, 2009 and terminate after 20 business days. The common stock and warrants last traded at $9.60 and $2.49, respectively, giving the units, which last traded at $11.50, a value of $12.09. The warrants have a strike price of $5.25 and an expiration date of November 8, 2011. The units were originally priced at $8.00.
Heckmann Corporation (stock symbol: HEK), which raised $432,934,400 when it went public on November 13, 2007, completed its acquisition of China Water & Drinks, a leading distributor of bottled water in China, on October 31, 2008. The common stock and warrants last traded at $4.83 and $.87, respectively, giving the units, which last traded at $5.75, a value of $5.70. The common shares have traded as high as $10.74. The warrants have a strike price of $6.00 and an expiration date of November 9, 2011. The units were originally priced at $8.00.
Prospect Acquisition Corp., which raised $250 million when it went public on November 15, 2007, completed the acquisition of Kennedy-Wilson Holdings, Inc. (stock symbol: KWIC), "a vertically-integrated real estate investment and services company headquartered in Beverly Hills, CA," on November 13, 2009. To facilitate the transaction, the founders agreed to forfeit 2,575,000 of the 6,250,000 common shares that they received prior to the IPO. Additionally, the warrant holders agreed to either receive $0.55 in cash for each of their warrants or to continue to hold their warrants with an adjusted exercise price of $12.50 and a new expiration date of November 14, 2013. The common shares and warrants last traded at $9.25 and $.60, respectively, giving the units, which no longer trade, a value of $9.85. The units were originally priced at $10.00.
China Holdings Acquisition Corp. which raised $128 million when it went public on November 16, 2007, closed on the acquisition of Jinjiang Hengda Ceramics Co., Ltd., “a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings,” on November 20, 2009. The company has changed its name to China Ceramics Co., Ltd. (stock symbol: HOL), Previously the company had signed an agreement on July 21, 2008 to acquire Bright World Precision Machinery Ltd., "a leading Chinese manufacturer of high performance metal stamping machines." That proposed transaction was terminated. To facilitate the second transaction, the founders forfeited 50% of their common shares, reducing their position from 3.2 million shares to 1.6 million shares. The common stock and warrants last traded at $9.06 and $1.22, respectively, giving the units, which last traded at $9.51, a value of $10.28. The warrants have a strike price of $7.50 and an expiration date of November 16, 2012. The units were originally priced at $10.00.
Ideation Acquisition Corp., which raised $80 million when it completed its IPO on November 21, 2007, completed the acquisition of SearchMedia International Limited, "a leading nationwide multi-platform media company in China.," on October 30, 2009. The company has changed its name to SearchMedia Holdings Limited (stock symbol: IDI). The common stock and warrants last traded at $7.85 and $2.40, respectively, giving the units, which last traded at $11.01, a value of $10.25. The warrants have a strike price of $6.00 and an expiration date of November 19, 2011. The units were originally priced at $8.00.
Global Consumer Acquisition Corp., which raised $319,488,500 when it went public on November 21, 2009, completed its merger with the Nevada-based 1st Commerce Bank on October 9, 2009 and changed its name to Western Liberty Bancorp (stock symbol: WLBC). The warrant holders agreed to restructure the warrants. The warrants now have a strike price of $12.50 and an expiration date of October 9, 2016. Additionally, the founders of Consumer Global agreed to retire over 95% of the 7,987,213 common shares that were issued to them prior to the IPO. The common stock and warrants last traded at $7.10 and $.83, respectively, giving the units, which last traded at $8.50, a value of $7.93. The units were originally priced at $10.00.
Camden Learning Corp., which raised $53,010,400 when it completed its IPO on November 30, 2007, completed the acquisition of Dlorah (d/b/a National American University) on November 23, 2009, National American University is, a "for-profit university with 16 regionally-accredited locations in seven states, offering courses in traditional, accelerated and distance learning formats. In addition to its campus locations, National American University offers an extensive array of online program offerings." The company has changed its name to National University Holdings, Inc. (stock symbol: CAEL). As part of the transaction, all of the warrants were redeemed at a price of $.50 per warrant. The common shares last traded at $8.00, giving the units, which no longer trade, a value (which includes the $.50 warrant redemption) of $8.50. The units were originally priced at $8.00.
Polaris Acquisition Corp. which raised $150 million when it went public on January 17, 2008, announced on June 16, 2008 that it had reached an agreement to acquire Hughes, Telematics, described as a leading participant in the auto telematics industry. The transaction closed on March 31, 2009 and the company changed its name to Hughes Telematics, Inc. (stock symbol: HTC). The common stock and warrants last traded at $4.30 and $.08, respectively, giving the units, which no longer trade, a value of $4.38. The warrants have a strike price of $7.00 and an expiration date of January 10, 2012. The units were originally priced at $10.00.
GHL Acquisition Corp., which raised $400 million when it went public on February 18, 2008, completed the acquisition of Iridium, described as "a leading provider of voice and data mobile satellite services," on September 29, 2009. The company subsequently changed its name to Iridium Communications, Inc. (stock symbol: IRDM).
To facilitate the approval of the transaction, Greenhill & Co., the company’s sponsor, agreed to forfeit 1,441,176 of the common shares that were purchased prior to the IPO, 8,369,563 of the founder warrants and 4,000,000 of the private placement warrants. Additionally, the underwriters agreed to reduce their deferred commissions by approximately $8.2 million. The company also entered into agreements with certain of the warrant holders to repurchase approximately 12.4 million warrants at $.25 per warrant and to restructure another 14.4 million warrants, increasing their strike price to $11.50 and extending their expiration date by two years to February 2015.
Prior to the shareholder vote, the management of GHL entered into agreements with various third parties owning 14,750,691 common shares, pursuant to which the company agreed to purchase the shares at their liquidation value of $10.10 per share after the Iridium transaction had been approved in return for the having the shares voted in favor of the proposed transaction. Immediately after the close of the transaction, the company completed a public offering of 16 million shares at $10.00 per share.
The common stock and warrants last traded at $8.25 and $3.15, respectively, giving the units, which last traded at $14.00, a value of $12.92. The warrants have strike prices that range from $7.00 to $11.50 and expiration dates that range from February 14, 2013 to February 2015. The units were originally priced at $10.00.
Spring Creek Acquisition Corp., which raised $41,400,000 when it went public on February 28, 2008, completed its acquisition of AutoChina International, Ltd. (stock symbol: AUTC), a” leading one-stop commercial and consumer auto sales and financing company in China.” The common stock and warrants last traded at $21.85 and $16.78, respectively, giving the units, which last traded at $40.10, a value of $38.63. The common shares have traded as high as $35.99. The warrants have a strike price of $5.00 and an expiration date of February 26, 2013. On December 8, 2009, the company announced that it was going to redeem its warrants. The units were originally priced at $8.00. |
