A fourth liquidated SPAC reborn.
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 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.” Global Services Partners Acquisition was unable to close on the transaction by its April 25, 2008 deadline and in May 2008 the company distributed $5.36 per share to the Class B shareholders and cancelled all of the Class B common shares. On May 18, 2008, Global Partners Acquisition acquired SouthPeak for 35 million shares of common stock (97.4% of the total) and renamed the company SouthPeak Interactive Corporation (stock symbol: SOPK). The transaction was accounted for as a reverse merger. Simultaneous with the close of the acquisition, the company raised $2 million through the sale of 2 million Class A preferred shares at $1.00 each (by the end of June 30, 2008, the company had sold 12,984,833 Class A preferred shares). On September 15, 2011, the company terminated its registration with the SEC. The common shares and Class Z warrants last traded at $.025 and $.0001, respectively. The Class W warrants expired on April 17, 2011; the Class Z warrants expire on April 17, 2013. The Class A and Class B units were originally priced at $10.50 and $10.10, respectively. |
