PROFILES OF OPEN DEALS – DECEMBER 11, 2009
Stoneleigh Partners Acquisition (stock symbol: STAQ.PK), which raised $222.8 million when it went public on June 1, 2007, announced on April 8, 2009 that it had signed an agreement to acquire Realty Finance Corporation, "a commercial real estate specialty finance company primarily focused on managing a diversified portfolio of commercial real estate-related loans and securities." On May 29, 2009, the shareholders agreed to extend the company’s existence from May 31, 2009 to December 31, 2009 and to allow the holders of shares of common stock issued in the IPO to elect to convert their shares in the IPO into their pro rata portion of the funds held in the trust account. As a result of the approval of the conversion proposal, 25,600,412 shares of common stock were converted into cash resulting in $205.9 million being withdrawn from the trust account, leaving 8,497,088 shares of common stock outstanding and $18.1 million remaining in the trust account. As the amount remaining in the trust is less than the $20.0 million minimum investment in the RFC letter of intent, the Company is seeking other investors to co-invest in the transaction or alternatively amend the letter of intent to reduce the required investment. The company terminated its registration with the SEC on August 10, 2009 and the status of the company is uncertain. According to Yahoo, the securities are supposed to be trading on the Pink Sheets under the symbols STAQ.PK, STAQW.PK and STAQU.PK. No quotes are available. The warrants have a strike price of $5.50 and an expiration date of May 31,, 2011. The units were originally priced at $8.00.
Asia Special Situation Acquisition Corp. (stock symbol: CIO), which raised $115 million when it went public on January 17, 2008, announced on December 17, 2008 that it has reached an agreement to acquire the southeast Asian business of White Energy, which owns a “unique patent-protected coal upgrading technology, which generates a more energy efficient, cleaner burning coal, in the key Asian markets of Indonesia (where it already has operations through its wholly owned subsidiary, BCBC Singapore Pte Ltd), Singapore, Malaysia, Vietnam and the Philippines.” The transaction was terminated on November 11, 2009. The company will be forced to liquidate if it does not close on an acquisition by January 23, 2010. The common stock and warrants last traded at $9.93 and $.10, respectively, giving the units, which last traded at $9.93, a value of $10.03. The warrants have a strike price of $7.50 and an expiration date of January 16, 2012. The units were originally priced at $10.00.
Sports Properties Acquisition Corp. (stock symbol: HMR), which raised $215.6 million when it went public in January 2008, announced on November 18, 2009 that it wants to continue its existence as a "Taxi Medallion Acquiror and Manager" by entering into a framework agreement with Medallion Financial Corp. Medallion Financial owns 4,877,112 of the 5,389,071 HMR insider shares that were outstanding prior to the IPO. The warrant holders will be asked to increase the exercise price of the warrants from $7.00 to $12.00 per share in exchange for extending the warrant expiration by three years to January 17, 2015. Additionally, the underwriters will be asked to forfeit a portion of their deferred fees. The common shares and warrants last traded at $9.92 and $.20, respectively, giving the units, which last traded at $10.15, a value of $10.12. The units were originally priced at $10.00.
Atlas Acquisition Holdings, Corp. (stock symbol: AXG), which raised $200 million when it completed its IPO on January 25, 2008, has announced that it has signed a definitive agreement to merge with the parent of Select Staffing, "a leading provider of temporary staffing and employment services in the U.S., with nationwide operations across multiple contingent staffing sectors." To facilitate the transaction, the insiders have agreed to forfeit 1,000,000 of their 5,000,000 shares. All of the outstanding warrants will be exchanged for 1,677,000 Atlas common shares. The common shares and warrants last traded at $9.95 and $.32, respectively, giving the units, which last traded at $10.61, a value of $10.27. The warrants have a strike price of $7.00 and an expiration date of January 23, 2012. The units were originally priced at $10.00.
Overture Acquisition Corp. (stock symbol: NLX), which raised $150 million when it went public on February 1, 2008, announced on December 10, 2009 that it has reached an agreement with Jefferson National Life Insurance Company to enter the reinsurance industry.The common shares and warrants last traded at $10.00 and $.34, respectively, giving the units, which last traded at $10.21, a value of $10.34. The warrants have a strike price of $7.00 and an expiration date of January 30, 2013. The units were originally priced at $10.00.
BBV Vietnam S.E.A Acquisition Corp. (stock symbol: BBVUF), which raised $41.4 million when it went public in February 2008, announced on July 31, 2009 that it had signed a non-binding letter of intent to acquire Migami, Inc. No other details were provided. The common stock and warrants last traded at $7.98 and $.34, respectively, giving the units, which no longer trade, a value of $8.32. The warrants have a strike price of $5.00 and an expiration date of February 8, 2012. The units were originally priced at $8.00.
BPW Acquisition Corp. (stock symbol: BPW), which raised $350 million when it completed its IPO on February 28, 2008, announced on December 8, 2009 that it signed an agreement to be acquired by the already publicly traded Talbots (stock symbol: TLB), a specialty retailer of women’s apparel. The common stock and warrants last traded at $10.37 and $.87, respectively, giving the units, which last traded at $11.11, a value of $11.24. The warrants have a strike price of $7.50 and an expiration date of February 28, 2014. The units were originally priced at $8.00.
Hambrecht Asia Acquisition Corp. (stock symbol: HMAQF), which raised $32 million when it completed its IPO in March 2008, announced on September 4, 2009 that it has signed a letter of intent with an unidentified company doing business in the People's Republic of China. No other details were released. The common shares and warrants last traded at $7.73 and $.50, respectively, giving the units, which last traded at $9.50, a value of $8.23. The warrants have a strike price of $5.00 and an expiration date of March 7, 2013. The units were originally priced at $8.00.
China Fundamental Acquisition Corp. (stock symbol: CFQCF), which raised $30 million when it completed its IPO on May 15, 2008, announced on November 9, 2009 that it has signed a letter of intent to acquire an unidentified company with business operations in China. On November 30, 2009, the company announced that it was going to acquire Beijing Wowjoint Machinery Co., "a leading solutions provider and manufacturer of specialized heavy duty lifting and carrying machinery in China, deployed primarily in the construction of railways, highways, subways, bridges and ports." The common shares and warrants last traded at $7.85 and $1.20, respectively, giving the units, which last traded at $8.00, a value of $9.05. The warrants have a strike price of $5.00 and an expiration date of May 15, 2012. The units were originally priced at $8.00.
Chardan 2008 China Acquisition Corp. (stock symbol: CACA), which raised $55 million when it went public on August 11, 2008, announced on December 14, 2009 that it has signed an agreement to acquire DAL Group, LLC, "one of the largest providers of processing services for mortgage lenders and servicers in Florida and one of the largest judicial mortgage foreclosure processing services companies in the U.S." When the company went public, its stated objective was to search for an acquisition candidate in China. The common shares and warrants last traded at $7.75 and $1.20, respectively, giving the units, which last traded at $8.27, a value of $8.95. The warrants have a strike price of $5.00 and an expiration date of August 11, 2012. The units were originally priced at $8.00.
CS China Acquisition Corp. (stock symbol: CSAQF), which raised $33.12 million when it went public in August 2008, announced on October 13, 2009 that it has signed a definitive agreement to acquire Asia Gaming and Resort Limited, a Hong Kong company operating in the gaming industry. The common shares and warrants last traded at $5.77 and $.44, respectively, giving the units, which last traded at $6.40, a value of $6.21. The warrants have a strike price of $5.00 and an expiration date of August 10, 2013. The units were originally priced at $6.00. |
