PROFILES OF LIQUIDATED COMPANIES (REGISTRATION TERMINATED) – DECEMBER 11, 2009
China Mineral Acquisition Company (stock symbol: CMAQ), which raised $24 million when it went public on August 30, 2004, announced on February 23, 2006, that it was acquiring Sunwing Energy, Ltd., the China-based oil and gas subsidiary of Ivanhoe Energy. The company failed to close on the acquisition and announced on November 28, 2006 that its shareholders had approved the liquidation of the company. In December 2006, the company distributed $5.45 per share to the non-insider shareholders. The units were originally priced at $6.00.
Millstream II Acquisition (stock symbol: MSMA), which raised $27.6 million when it went public on December 23, 2004, announced on June 12, 2006 that it was acquiring Specialty Surfaces International (d/b/a Sprinturf), a manufacturer of synthetic turf systems. The company failed to close on the acquisition and announced on April 17, 2007 that its shareholders had approved the liquidation of the company. The units were originally priced at $6.00.
The founder of Millstream II Acquisition, Arthur Spector, took another blank check company, Millstream Acquisition, public on August 23, 2004, raising gross proceeds of $24.15 million. Millstream Acquisition, which acquired NationsHealth, Inc., was the first blank check company to go public, and the first blank check company to complete an acquisition. On July 23, 2009, NationsHealth was acquired by ComVest Investors Partners III, a Florida-based private equity firm.
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Coastal Bancshares Acquisition Corp. (stock symbol: CBAS), which raised $33.12 million when it went public on February 14, 2005, announced on April 6, 2006, that it was acquiring Intercontinental Bank Shares Corporation, a bank holding company with three branches in San Antonio, Texas and an office in Mexico City. On October 26, 2006, the company announced that its shareholders had not approved the transaction, and that its board of directors was recommending that the company be liquidated. In March 2007, the company distributed $5.50 to each of its non-insider shareholders and terminated its registration with the SEC. The units were originally priced at $6.00.
TAC Acquisition Corp. (stock symbol: TACA), which raised $132 million when it went public on June 29, 2005, announced on June 12, 2006 that it had reached an agreement to acquire AVIEL Systems, Inc., a provider of IT and management consulting solutions to the federal government in areas critical to national security, transportation and defense. The shareholders did not approve the acquisition and subsequently voted to liquidate the company. In February 2007, the company distributed $5.6941 to each of the non-insider shareholders. The units were originally priced at $6.00.
Key Hospitality Acquisition Corporation (stock symbol: KHPA), which raised $51.6 million when it went public on October 24, 2005, announced on March 27, 2007 that it had reached an agreement to acquire Cay Clubs LLC, "...a developer and operator of premier destination resorts and properties." On October 3, 2007, the company announced that it was terminating the agreement because of the deterioration in the mortgage market and that the company would be liquidated. On December 11, 2007, the shareholders approved the distribution of $7.6876 per share. The units were originally priced at $8.00.
Cold Spring Capital, Inc. (stock symbol: CDS), which raised $120 million when it went public on November 11, 2005, announced on November 3, 2006 that it had reached an agreement to acquire Sedona Development Partners LLC, a specialty real estate developer. The shareholders did not approve the acquisition and subsequently voted to liquidate the company. On May 10, 2007, the company distributed $5.74 to each of the non-insider shareholders. The units were originally priced at $6.00.
Grubb & Ellis Realty Advisors, Inc. (stock symbol: GAV), which raised $143,750,004 when it went public on February 27, 2006, announced on June 18, 2007, that it had reached an agreement to acquire three properties from its sponsor, Grubb & Ellis Company. As an incentive to obtain approval for the deal from its shareholders, the insiders agreed to sell 4,395,788 (77.6% of their total position) of their shares back to the company for a nominal sum. On February 28, 2008, the company announced that it had been unable to obtain the approval from its shareholders for the proposed transaction and that the company was going to liquidate. On April 17, 2008, the company distributed $6.09 per share to the non-insider shareholders. The units were originally priced at $6.00.
Oracle Healthcare Acquisition Corp. (stock symbol: OHAQ,which raised $120 million when it went public on March 2, 2006, announced on September 8, 2007 that it had singed a letter of intent to acquire a company that it never identified. On October 22, 2007, it announced that it had terminated the letter of intent and that the company was probably going to liquidate. On December 4, 2007, the company announced that it had signed a definitive agreement to acquire Precision Therapeutics and that it was not going to liquidate. On February 22, 2008, the company announced that as an incentive to its shareholders to approve the transaction that the shareholders of Precision Therapeutics had agreed to reduce their compensation by approximately 15% and that the insiders of Oracle had agreed to forfeit 50% of their stock. On March 4, 2008, the company announced that the merger agreement had been terminated and that it intended to liquidate the company. On May 12, 2008, the company distributed $8.01 per share to the non-insider shareholders. The units were originally priced at $8.00.
North American Insurance Leaders, Inc. (stock symbol: NAO), which raised $115 million when it went public on March 23, 2006, announced on August 10, 2007 that it had reached an agreement to acquire Deep South Holding L.P., and insurance company with 2,000 independent agents doing business in 24 states. On March 25, 2008, the company announced that the acquisition had not been approved and that the company was going to liquidate. On July 25, 2008, the company distributed $8.00 per share to the non-insider shareholders. The common shares and warrants last traded at $7.88 and $.01, respectively, giving the units, which last traded at $7.80, a value of $7.89. The units were originally priced at $8.00.
Shanghai Century Acquisition Corp. (stock symbol: SHA), which raised $115 million when it went public on April 25, 2006, announced on May 28, 2007 that it had reached an agreement to acquire Sichuam Kelum Pharmaceutical, China's largest producer of IV solutions. On February 20, 2008, the company announced that it had terminated its agreement to acquire Sichuam Kelum and had signed a definitive agreement to acquire New Goal International, a company "engaged in the structured and specialized financial leasing business in the People’s Republic of China." On April 29, 2008, the shareholders voted not to go forward with the acquisition. On September 3, 2008, the company distributed $7.97 per share to the non-insider shareholders. The units were originally priced at $8.00.
Harbor Acquisition Corp. (stock symbol: HAC), which raised $82.8 million when it went public on April 25, 2006, announced on December 18, 2006 that it had reached an agreement to acquire Elmet Technologies, Inc., a company which provides innovative refractory metal solutions to OEMs serving such industries as data storage, semiconductor, medical, electronics and lighting. On February 1, 2008, Elmet Technologies terminated the agreement and on June 6, 2008 the company distributed $5.90 per share to the non-insider shareholders. The units were originally priced at $6.00.
H D Partners Acquisition Corporation (stock symbol: HDP), which raised $150 million when it went public on June 2, 2006, announced on May 30, 2007 that it had reached an agreement to acquire the National Hot Rod Association, the primary sanctioning body for the sport of drag racing in the United States with 140 member tracks. On January 31, 2008, the company announced that the acquisition had not been approved. In April 2008 the company distributed $7.97 per share to the non-insider shareholders. The units were originally priced at $8.00.
Energy Infrastructure Acquisition Corp. (stock symbol: EII), which raised $217,503,980 when it went public on July 20, 2006, announced on December 3, 2007 that it had reached an agreement to acquire nine large crude oil carriers. On July 18, 2008, the company terminated its agreement with Vanship Holdings. On November 13, 2008, the company distributed $10.05 per share to the non-insider shareholders of the company. The units were originally priced at $10.00.
Fortissimo Acquisition Corp. (stock symbol: FSMO), which raised $27,210,000 when it went public on October 12, 2006, announced on January 15, 2008 that it had reached an agreement to acquire Pysop, Inc., self-described as “an award-winning provider of design based 3D animation, innovative visual effects and digital content for the advertising market.” On October 7, 2008, the shareholders rejected the proposed acquisition and the company announced that it was going to liquidate. On October 16, 2008, the company distributed $6.18 per share to the non-insider shareholders. The units were originally priced at $6.00.
Granahan McCourt Acquisition (stock symbol: GHN), which raised $90 million when it went public in October 2006, announced on April 30, 2008 that it reached an agreement to merger with Pro Brand International, a "designer and developer of advanced antenna and RF systems for the satellite industry”. On October 21, 2008, the company announced that its shareholders had rejected the acquisition and that the company was going to liquidate. On November 17, 2008, the company distributed $8.34 per share to the non-insider shareholders. The units were originally priced at $6.00.
Restaurant Acquisition Corporation (stock symbol: RAQP), which raised $20 million when it went public in December 2006, announced on June 19, 2008 that it had signed a definitive agreement to acquire Oregano's Pizza Bistro, self-described as "a full service casual Italian bistro restaurant chain featuring a moderately priced menu specializing in Chicago-style thin crust and stuffed pizzas, and unique recipes for pasta, sandwiches and salads." On December 17, 2008, the company announced that it was not going to be able to close the transaction and that the company would be liquidated. On December 31, 2008, the shareholders of the company approved the liquidation. In January 2009, the shareholders received $5.85 per share for each of the non-insider common shares. On February 3, 2009, the company filed a Form 25 notifying the SEC that he it had delisted its securities and that it was terminating its registration. The units were originally priced at $6.00.
Transforma Acquisition (stock symbol: TAQ), which raised $100 million when it went public in December 2006, announced on June 26, 2008 that it has qualified for an extension of the time in which it must complete an acquisition. No other details were ever released. On November 21, 2008 the company announced that it was going to liquidate the company. On December 22, 2008, the company distributed $8.13 per share to the non-insider shareholders. The units were originally priced at $8.00.
Shine Media Acquisition Corp. (stock symbol: SHND), which raised $42.2 million when it went public in January 2007, announced on Mazy 9, 2008 that it had entered into a definitive agreement to acquire China Greenscape Co., a fully integrated, technology-driven company that develops, cultivates and distributes trees, and plants to China’s rapidly expanding municipalities." On December 26, 2008, the shareholders rejected the proposed transaction and the company announced that it was going to liquidate. On March 10, 2009, the company distributed $5.81 per share to the non-insider shareholders and terminated trading in the company’s securities. The units were originally priced at $6.00.
NTR Acquisition Corp. (stock symbol: NTQ), which raised $245,572,050 when it went public on January 31, 2007, announced on November 5, 2007 that it had reached an agreement to acquire Kern Oil & Refining Co., an independent petroleum refining and marketing company. On April 4, 2008, the company terminated the acquisition agreement and announced on January 26, 2009 that the company was going to liquidate. On January 30, 2009, the company distributed $10.03 per share to the non-insider shareholders. On February 18, 2009, the company terminated its registration with the SEC. The units were originally priced at $10.00.
Renaissance Acquisition Corp. (stock symbol: RAK), which raised $107.6 million when it went public on January 31 2007, announced on September 15, 2008 that it has signed a definitive agreement to acquire First Communications, self-described as "a leading Midwest competitive local exchange carrier and owner of wireless telecommunications towers." On January 14, 2009, the company terminated the agreement and announced that the company was going to be liquidated. In February 2009, the company distributed $5.93 per share to the non-insider shareholders. On February 18, 2009, the company terminated its registration with the SEC. The units were originally priced at $6.00.
Dekania Corp. (stock symbol: DEK), which raised $99.6 million when it went public in February 2007, announced on September 16, 2008 that it had agreed to acquire Advanced Equities Financial Corp., "a leading provider of annuities, investment management, pension administration, securities brokerage and venture capital investment banking services." On October 7, 2008, the company announced that the shareholders of Advanced Equities had rejected the proposed transaction. On January 7, 2008, the company announced that it has reached an agreement to acquire BlueCreek Energy, "an energy company engaged in the acquisition, exploration and development of coal bed methane properties." The company also announced that it was requesting that its shareholders extend the date of its required dissolution from February 7, 2009 to August 31, 2009. On February 6, 2009, the shareholders rejected this request. The company subsequently distributed $10.00 per share to the non-insider shareholders. On February 27, 2009, the company terminated its registration with the SEC. The units were originally priced at $10.00.
Union Street Acquisition Corp. (stock symbol: USQ), which raised $100 million when it went public on February 6, 2007, announced on February 27, 2008 that it had reached agreements to acquire RAZOR Strategy Consultants, LLC, self-described as a "a rapidly growing direct and interactive retail marketing agency" and Archway Marketing Services, self-described as a "a leading provider of Marketing Operations Management solutions." The shareholders of the company rejected the proposed transaction on September 22, 2008 and the company announced that it was going to liquidate. On November 20, 2008, the company distributed $8.09 per share to the non-insider shareholders. The units were originally priced at $8.00.
Trans-India Acquisition (stock symbol: TIL), which raised $92 million when it went public on February 9, 2007, announced on August 7, 2008 that it has signed a letter of intent to acquire an operating entity in India. On October 27, 2008, it announced that the target company is Solar Semiconductor, a company that "designs, manufactures and sells solar photovoltaic modules for industrial, commercial and public-utility customers worldwide." On January 21, 2009, the agreement was terminated and on January 30, 2009, the company announced that it was going to liquidate. On March 31, 2009 the company distributed $7.97 per share to the non-insider shareholders. On February 27, 2009, the company terminated its registration with the SEC. The units were originally priced at $8.00.
Geneva Acquisition Corporation (stock symbol: GAC), which raised $69 million when it went public on February 14, 2007, announced on November 28, 2008 that it has signed and agreement to acquire Global Hi-Tech Industries, an integrated steel producer in India. The transaction was structured so that at the close of the acquisition, the company would distribute a $2.00 per share dividend to the shareholders of Geneva. The insiders also agreed to retire 1 million of their 2.5 million common shares. On February 5, 2009, the company announced that the transaction had been terminated and that the company was going to be liquidated. The company subsequently distributed $5.96 per share to the non-insider shareholders and on February 13, 2009 terminated its registration with the SEC. The units were originally priced at $8.00.
Oceanaut, Inc. (stock symbol: OKN), which raised $155 million when it went public on March 1, 2007, announced on October 15, 2007 that it had reached an agreement to acquire nine dry bulk carrier vessels. The transaction was terminated on February 19, 2008. On August 25, 2008, the company announced that it has reached agreements to purchase four dry bulk vessels for $352 million in cash. On February 18, the company announced that it would not be able to complete the second transaction within its allotted time frame and that the company would be liquidated. On April 20, 2009, the company distributed $8.26 per share to the non-insider shareholders and on April 13, 2009 terminated its registration with the SEC. The units were originally priced at $8.00.
Churchill Ventures Ltd. (stock symbol: CGV), which raised $107,779,200 when it went public on March 6, 2007, announced on November 21, 2007 that it was going to end it search for an acquisition candidate and liquidate the company. On December 19, 2008, the company distributed $8.15 per share to the non-insider shareholders. The units were originally priced at $8.00.
Media & Entertainment Holdings (stock symbol: TVH), which raised $99,360,000 million when it went public on March 12 2007, announced on July 11, 2008 that it had signed a letter of intent to acquire an unidentified company. It signed a second letter of intent on October 2, 2008, once again with an unidentified company. Because the company was unable to complete the second transaction within its allotted time, the company filed a preliminary proxy statement on February 27, 2009 asking its shareholders to approve the liquidation of the company. On June 12, 2009, the company distributed $7.81 per share to the non-insider shareholders. The units were originally priced at $8.00.
Alpha Security Group (stock symbol: HDS), which raised $60 million when it went public on March 27 2007, announced on September 26, 2008 that it has "met the condition under its Certificate of Incorporation that permits it until March 28, 2009 to complete an appropriate acquisition meeting the criteria set forth therein." On January 6, 2008, then company announced that it has entered into an agreement to acquire Soya China Pte. Ltd., a company that "manufactures, develops and sells soybean products under the "Dougongfang" and "Soybean Joy" brands through a distribution network in the PRC consisting of flagship and franchise stores, distributors and other retail channels, including supermarkets and railway operators." On March 12, the company announced that that the agreement had been terminated and that the company was going to liquidate. In June 2009, the company distributed $10.00 per share to the non-insider shareholders. The units were originally priced at $10.00.
Tailwind Financial, Inc. (stock symbol: TNF), which raised $100 million when it went public on April 12, 2007, announced on January 8, 2008 that it had reached an agreement to acquire Asset Alliance Corporation, self-described as “a multi-faceted investment management firm specializing in alternative investments.” The merger agreement was terminated on August 8, 2008. On August 20, 2008, the company signed an agreement to acquire 20 dry bulk vessels. That agreement was terminated on October 25, 2008. On January 26, 2009, the company announced that it has reached an agreement to purchase Allen-Vanguard Corp., a security equipment maker. On April 6, 2009, the company announced that the second transaction had been terminated and that the company was going to liquidate. On April 17, 2009, the company distributed $8.18 per share to the non-insider shareholders and the company terminated its registration with the SEC. The units were originally priced at $8.00.
MBF Healthcare Acquisition Corp. (stock symbol: MBH), which raised $172.5 million when it went public on April 18, 2007, announced on February 7, 2008 that it had signed a definitive agreement to acquire Critical Homecare Solutions, self-described as “a leading provider of comprehensive home infusion therapy and specialty infusion services. The transaction was terminated on October 31, 2008. On April 17, 2009, the company announced that it was going to liquidate. On April 24, 2009, the company distributed $8.24 per share to the non-insider shareholders and the company terminated its registration with the SEC. The units were originally priced at $8.00.
Victory Acquisition Corp. (stock symbol: VRY), which raised $330 million when it went pubic in April 2007, announced on March 24, 2009 that it has signed a definitive agreement to acquire TouchTunes Corporation,. described as "one of the largest out-of-home interactive entertainment networks in America." On April 24, 2009, the company announced that its shareholders had rejected the proposed transaction and that the company was going to liquidate. The company subsequently distributed $10.00 per share to the non-insider shareholders. The company terminated its registration with the SEC on April 30, 2009. The units were originally priced at $10.00.
Columbus Acquisition Corp. (stock symbol: BUS), which raised $115 million when it went public on May 21, 2007, announced on December 15, 2008 that it had reached and agreement to acquire Integrated Drilling Equipment Company, which provides a full complement of products and services to the world-wide land-based drilling market. On May 15, 2009, the company announced that its shareholders had rejected the company’s proposals to extend the date by which Columbus must complete a business combination and that the company was going to liquidate. In June 2009, the company distributed $7.98 per share to the non-insider shareholders. The units were originally priced at $8.00.
Arcade Acquisition Corp. (stock symbol: ACDQ), which raised $69 million when it went public on May 22, 2007, announced on September 22, 2008 that it has signed definitive agreements to acquire ten container vessels. The transaction was terminated on February 2, 2009 and on March 30, 2009 the company announced that it was going to be liquidated. The company subsequently distributed approximately $7.89 to the non-insider shareholders. The company terminated its registration with the SEC on March 30, 2009. The units were originally priced at $8.00.
TransTech Service Partners, Inc. (stock symbol: TTSP), which raised $41.4 million when it completed its IPO on May 24, 2007, announced on November 13, 2008 that it has signed a letter of intent to acquire Active Response Group. On April 3, 2009, the company announced that it had terminated its letter of intent to acquire Active Response Group and that it had signed a definitive agreement to acquire Global Hi-Tech Industries Limited, a Mumbai, India based "integrated steel producer catering to the high growth infrastructure sector." On May 20, 2009, the company announced that it was going to liquidate. In July 2009, the company distributed $7.89 to the non-insider shareholders. The units were originally priced at $8.00.
Apex Bioventures Acquisition (stock symbol: PEX), which raised $69 million when it went public on June 7, 2007, announced on February 6, 2008 that it had signed a definitive agreement to acquire Dynogen Pharmaceuticals, self-described as a “clinical-stage biopharmaceutical company developing innovative treatment for gastrointestinal and genitourinary disorders.” The transaction was terminated on April 16, 2008. On December 15,, 2008, the company announced that it has signed a letter of intent to acquire an unidentified company. On March 5, 2009, the company announced that it was going to liquidate. In June 2009, the company distributed $7.84 per share to the non-insider shareholders. The units were originally priced at $8.00.
Advanced Technology Acquisition Corp. (stock symbol: AXC), which raised $150 million when it went public on June 18 2007, announced on December 22, 2008 that it has signed a letter of intent to acquire Bioness, described as "a neuromodulation company marketing non-invasive medical devices and developing minimally-invasive implantable products intended to treat the tens of millions of individuals suffering from disabling conditions caused by various neurological events and conditions (such as stroke and multiple sclerosis), chronic pain and urological syndromes." On June 1, 2009, the company announced that the letter of intent had been terminated and that the company was going to liquidate. In July 2009, the company distributed $8.12 per share to the non-insider shareholders. The units were originally priced at $8.00.
GSC Acquisition Company (stock symbol: GGA), which raised $207 million when it went public on June 27, 2007, announced on May 9, 2008 that it had reached an agreement to acquire Complete Energy, the owner and operator of two natural gas-fired combined cycle power generation facilities. On June 23, 2009, the company announced that it was not going to be able to complete the acquisition within its allotted time frame, and on June 25, 2009 the company distributed $9.81 per share to the non insider shareholders. The units were originally priced at $10.00.
China Fortune Acquisition Corp. (stock symbol: CFAQF), which raised $75 million when it went public in July 2007, announced on July 23, 2009 that it had been unable to find an acquisition candidate and that the company was going to liquidate. In August 2009, the company distributed approximately $7.91 to the non-insider shareholders. The units were originally priced at $8.00.
KBL Healthcare Acquisition Corp. III (stock symbol: KHA), which raised $133.9 million when it went public in July 2007, announced on March 16, 2009 that it is going to acquire PRWT Services, "a national, diversified enterprise operating in pharmaceutical manufacturing and distribution, facilities management and maintenance services, and business processing services." On July 16, 2009, the company announced that it had terminated its agreement with PWRT and that the company would be liquidated. The company estimated that it would be distributing approximately $7.77 per share to the non-insider shareholders. The company terminated its SEC registration on July 27, 2009. The units were originally priced at $8.00.
Highlands Acquisition Corp. (stock symbol: HIA), which raised $138 million when it went public in October 2007, announced on September 25, 2009 that it had been unable to complete an acquisition within its allotted time and that the company was going to liquidate. In October 2009, the company distributed approximately $9.92 to the non-insider shareholders. The units were originally priced at $10.00.
Inter-Atlantic Financial, Inc. (stock symbol: IAN), which raised $68.9 million when it completed its IPO on October 9, 2007, announced on April 24, 2009 that it has signed a definitive agreement to acquire Patriot Risk Management, a specialty workers’ compensation risk management firm. On October 7, 2009, the company announced that the shareholders had rejected the proposed transaction and that the company would liquidate. The company subsequently distributed $7.96 per share to the non-insider shareholders. The units were originally priced at $8.00.
SP Acquisition Holdings, Inc. (stock symbol: DSP), which raised $432.9 million when it went public on October 12, 2007, announced on July 31, 2009 that it had agreed to merge with Frontier Financial Corporation, a Washington-based bank holding company with approximately $4.0 billion in assets. To facilitate the transaction, the founders agreed to forfeit 9.453,412 of their shares. On October 5, 2009, the company announced that the agreement had been terminated and that the company was going to liquidate. In October 2009, the company distributed $9.85 per share to the non-insider shareholders. The units were originally priced at $10.00.
Stone Tan China Acquisition Corp. (stock symbol: STTA), which raised $263.8 million when it went public on October 17, 2007, announced on August 6, 2009 that it "will be seeking stockholder approval to fund up to three separate newly-formed entities established under the laws of the People’s Republic of China (“PRC”) to operate in the non-bank financial services industry targeting the needs of small and medium sized enterprises." On October 7, 2009, the company announced that it had cancelled its shareholder meeting and that the company would be liquidated. The company subsequently distributed $7.98 per share to the non-insider shareholders. The units were originally priced at $8.00.
Golden Pond Healthcare, Inc. (stock symbol: GPH), which raised $135 million when it went public on November 7, 2009, announced on October 22, 2009 that it had been unable to find an appropriate acquisition candidate and that the company would liquidate. The company estimated that it would be distributing $7.88 per share to the non-insider shareholders. The company terminated its AMEX listing and its registration with the SEC on November 12, 2009. The units were originally priced at $8.00.
North Shore Acquisition Corp. (stock symbol: NSAQ), which raised $50.4 million when it went public in November 2007, announced on September 10, 2009 that it has signed a definitive agreement to merge with Sungdong Industries Co. Ltd., a South Korean company involved in the ship building sector. To facilitate the transaction, the founders agreed to sell their 1,488,250 common shares to the controlling shareholder of Sumdong for $1,000,000. On November 30, 2009, the company announced that the transaction had been terminated and that it was going to liquidate. The company subsequently distributed $7.82 per share to the non-insider shareholders. The units were originally priced at $8.00.
Tremisis Energy Acquisition Corp. II (stocky symbol: TGY), which raised $76 million when it went public on December 7, 2007, entered into an agreement to acquire control of Asiana Airlines, Inc., South Korea's second-largest passenger carrier. To facilitate the approval of the transaction the founders agreed to sell 2,203,298 of the 2,433,168 common shares that they purchased prior to the IPO to individuals affiliated with Asiana Airlines. On November 27, 2009, the company announced that it was not going to be able to complete the transaction and that the company would cease operations and distribute $7.95 per share to the non-insider shareholders. The units were originally priced at $8.00.
Global Brands Acquisition Corp. (stock symbol: GQN), which raised $287.5 million when it completed its IPO on December 7, 2007, announced on November 9, 2009 that it would like to continue its existence as a REIT. To facilitate the approval of the transaction, the founders agreed to cancel 7,118,056 of the common shares and 6,368,056 the warrants that were issued to them prior to the IPO. Also, the warrant holders were going to be asked to increase the strike price of their warrants from $7.00 to $12.00 in exchange for an extension of the expiration date to a date five years from the close of the proposed transaction. Additionally, the underwriters had agreed to forfeit a portion of the deferred fees. On December 4, 2008, the company was abandoning its proposed transaction and that the company would be liquidated. The company subsequently distributed $9.95 per share to the non-insider shareholders. The units were originally priced at $10.00.
United Refining Energy Corp. (stock symbol: URX), which raised $450 million when it went public on December 12, 2007, announced on October 13, 2009 that it is going to merge with Chaparral Energy, independent oil and gas exploration and production company.” To facilitate the transaction, the founders agreed to forfeit 4,167,500 of the 11,250,000 common shares that were issued to them prior to the IPO. Additionally, the warrant holders were asked to either redeem their warrants at $.55 each, or accept new warrants with a strike price of $13.00 and an expiration date five years from the close of the proposed transaction. On December 11, 2009, the company announced that its shareholders had rejected the proposed transaction and that the company would be liquidated. The company subsequently distributed $10.03 per share to the non-insider shareholders. The units were originally priced at $10.00.
Trian Acquisition I Corp. (stock symbol: TUX), which raised $920 million when it went public on January 25, 2008, announced on December 18, 2009 that the company had been unable to find an appropriate acquisition candidate and that the company was going to liquidate in January 2010. The company anticipated that they would be distributing $9.88 per share to the non-insider shareholders. The units were originally priced at $10.00. |
