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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: SG who wrote (148)	6/19/2005 10:52:43 AM
From: Glenn Petersen	Read Replies (2) \| Respond to of 3862

The homeland security sector has cooled off, though I suspect that there are a large number of private entities out there that would make good acquisition candidates. Most of the writers covering this sector start with the assumption that all of the blank check offerings are bad investments. They need to keep an open mind and evaluate each of offerings separately, paying particular attention to the team that is going to be sourcing potential acquisitions. The author of the Salon article did this, though I always cringe when someone interjects the word "scheme" into a piece. The stocks and warrants of the companies that have either completed or announced deals have actually done rather well in the market. The shares of Millstream Acquisition, the first of the current blank check companies to go public, closed Friday at $5.94. The warrants closed at $1.42, giving the original units, which consisted of one share of common stock and two warrants priced at $6.00 per unit, a total value of $8.78. The company went public of August 25, 2003. Chardan China Acquisition went public on March 17, 2004 and announced a deal, which has yet to close, on December 20, 2004. The units, consisting of one share of common stock and two warrants, were priced at $6.00. On Friday, the common shares closed at $8.05 and the warrants at $2.96, giving the original units a value of $13.97. Trinity Partners Acquisition Company, Inc. went public on July 30, 2004 and announced a deal, which has yet to close, on January 18, 2005. The company offered two classes of units. The Class A units, consisting of two Class A shares and ten Class A warrants, were priced at $10.50. On Friday, the Class A common shares closed at $4.70 and the Class A warrants closed at $.65, giving the original units a value of $15.90. The Class B units, consisting of two Class B shares and two Class B warrants, were priced at $10.10. On Friday, the Class B common shares closed at $5.02 and the Class B warrants closed at $.85, giving the original units a value of $11.74. International Shipping Enterprises, Inc. went public on December 14, 2004 and announced a deal, which has yet to close, on March 1, 2005. The units, consisting of one share of common stock and two warrants, were priced at $6.00. On Friday, the common shares closed at $5.67 and the warrants at $.76, giving the original units a value of $7.19.