PROFILES OF LIQUIDATED COMPANIES (EXISTENCE EXTENDED) – DECEMBER 11, 2009
Good Harbor Partners Acquisition Corp. (stock symbols: GHBAA and GHBBB), which raised $58,316,500 when it went public on March 10, 2006, announced on September 14, 2007 that it had signed a letter of intent to acquire a company that it never identified. On November 15, 2007, the company announced that it had terminated the letter of intent and that the company was going to liquidate. On February 7, 2008, the company distributed $5.36 per share to the Class B shareholders and cancelled the Class B shares. The company has continued its existence as a shell. The Class A and Class B units (which included two Class B shares) were originally priced at $8.50 and $10.10, respectively.
Phoenix India Acquisition Corp. (stock symbol: PXIA), which raised $57,387,496 when it went public on March 31, 2006, announced on October 4, 2007, that it had reached an agreement to acquire a 65% interest Citius Power Limited, a company that had agreements to acquire wind energy assets in India. On March 4, 2008, the company announced that it was not going to be able to complete the acquisition of Source Global by April 4, 2008, and that it was going to seek the approval of its shareholders to distribute its cash, while at the same time retaining its corporate status so that it could raise new funding to close on the acquisition of the interest in Citius. On April 21, 2008, the company distributed $8.03 to the non-insider shareholders. The company was unable to fund the Citius Power acquisition and terminated its SEC registration on December 9, 2008. The units were originally priced at $8.00.
JK Acquisition Corp. (stock symbol: JKAK), which raised $81.35 million when it went public on April 11, 2006, announced on September 7, 2006 that it had reached an agreement to acquire Multi-Shot LLC, an independent directional drilling services company with an established presence in most major producing onshore oil and gas basins in the United States. On January 31, 2008, the company announced that its shareholders had not approved the transaction. The company subsequently liquidated the trust fund and distributed $6.14 per share to each of the non-insider shareholders in June 2008. The company, which executed a one-for-three reverse split on June 17, 2008, has continued its corporate existence as a shell. The common shares and warrants last traded at $.01 and $.001, respectively, giving the units, which last traded at $.02, a value of $.01. The units were originally priced at $6.00 ($18.00 when adjusted for the reverse split).
Global Services Partners Acquisition Corp., which raised $34,109,000 when it went public on April 20, 2006, announced on October 24, 2007, that it had reached an agreement to acquire a company subsequently identified as SouthPeak Interactive, self-described as “a fast growing video game publisher with a unique production model that exclusively utilizes independent studios to source and produce innovative video games.” The original transaction was not completed by the April 25, 2008 deadline and in May 2008 the company distributed $5.36 per share to the Class B shareholders and cancelled the Class B shares. An alternative transaction was negotiated, and on May 14, 2008 the company closed on the acquisition of Southpeak and renamed the company SouthPeak Interactive Corporation (stock symbol: SOPK). The Class A common shares and Class W warrants last traded at $.38 and $.001, respectively, giving the Class A units (consisting of two Class A common shares and ten Class W warrants), which no longer trade, a value of $.39. The Class Z warrants last traded at $.02, giving the Class B units (consisting of two Class B common shares and two Class Z warrants), which no longer trade, a value of $.80. The Class A and Class B units were originally priced at $10.50 and $10.10, respectively.
Ascend Acquisition Corp. (stock symbol: ASCQ), which raised $41,400,000 when it went public on May 12, 2006, announced on July 31, 2007 that it had reached an agreement to acquire e.PAK Resources (S) Pte. Ltd., a full-service supplier of semiconductor transfer and handling products. The company terminated the agreement on April 28, 2008 and distributed $5.98 per share to the non-insider shareholder on September 18, 2008. The company, which executed a one-for-ten reverse split in September 2008, has continued its corporate existence as a shell. The common stock and warrants last traded at $.02 and $.0002, respectively, giving the units, which last traded at $.10, a value of $.02. The units were originally priced at $6.00 ($60.00 when adjusted for the reverse split).
Affinity Media International Corp. (stock symbol: AFMI), which raised $20,475,000 when it went public on June 6, 2006, announced on July 25, 2007 that it had reached an agreement to acquire Hotels At Home, a publisher of in-room retail catalogues and hotel-branded e-commerce Web sites for luxury hotels and resorts worldwide. The shareholders rejected the transaction on June 10, 2008 and on October 17, 2008 the company distributed $6.00 per share to the non-insider shareholders. The company has continued its existence as a corporate shell and executed a one-for-seven reverse split. While the securities are supposed to be trading on the Pink Sheets, no quotations are available. On March 30, 2009, the company terminated its registration with the SEC. The units were originally priced at $6.00 ($42.00 when adjusted for the reverse split).
Israel Growth Partners Acquisition Corp. (Class A stock symbol: IGPAA), which raised $56,218,050 when it went public on July 19, 2006, announced on January 14, 2008 that it had signed an agreement to acquire Negetech, Ltd., high-tech company headquartered in Israel. On July 18, 2008, the company announced that it had terminated the agreement and that the company was going to be liquidated. The company has distributed $5.40 per share to the Class B common shareholders and the shareholders approved management’s proposal to allow the company to continue its corporate existence as a shell. The Class B common shares have been cancelled. The Class A common shares and the Class W and Class Z warrants last traded at $.055, $.0001 and $.01, respectively. The Class A and Class B units were originally priced at $8.50 and $10.10, respectively.
Santa Monica Media Corporation (stock symbol: MEJ) raised $100 million when it went public on March 28, 2007. The company was unable to find an acquisition target and on March 27, 2009 the company announced its intent to liquidate. On July 30, 2009, the shareholders approved the liquidation of the trust fund and the continued existence of the company. In August 2009, the company distributed approximately $8.05 per share to the non-insider shareholders. The company terminated its registration with the SEC on September 29, 2009. The units were originally priced at $8.00.
Pinpoint Advance Corp. (stock symbol: PPAC), which raise $28,750,000 when it went public on April 20, 2007, announced on October 27, 2008 that it had signed a definitive agreement to acquire an unidentified company, but that the target company had reneged on the agreement. On May 18, 2009, the company distributed $9.91 per share to the non-insider shareholders and continued its existence as a shell. The non-insider common shareholders each received one Class A common share for eight of their old shares, a total of 359,275 Class A shares. The insiders received five Class A chares for each of their old shares, a total of 3,125,000 Class A common shares. In December 2009, Pinpoint filed a $10 million lawsuit against Elbit System, alleging that Elbit illegally backed out of an agreement to sell a controlling stake in its Kinetic Systems subsidiary to Pinpoint Advance. The new securities are not yet trading. The units were originally priced at $10.00.
China Healthcare Acquisition (stock symbol: CHM), which raised $58,509,330 when it went public on April 23, 2007, announced on August 6, 2008 that it had signed a definitive agreement to acquire Europe Asia Huadu Environment Holding, a company that "manufactures water treatment equipment and provides construction and engineering services for water treatment projects in China." The transaction was terminated on November 13, 2008, and on December 24, 2008 the company announced its intention to liquidate. The shareholders have approved the company’s existence as a corporate shell. On March 10, 2009, the company distributed $5.89 per share to the non-insider shareholders. On August 19, 2009, the company terminated its registration with the SEC. There is no evidence that the shares are trading. The units were originally priced at $6.00. |
