Since August 2003, 32 blank check companies have gone public, raising gross proceeds totaling $1,661,626,221. Another 35 companies have filed registration statements and are looking to raise an additional $3,069.000,004.
Two companies have actually completed acquisitions, and another three companies have deals pending. In each instance, the securities of the blank check companies are trading at levels above their original offering prices.
Millstream Acquisition, which went public on August 25, 2003, completed its acquisition of NationsHealth, Inc. on August 31, 2004. The common shares and warrants last traded at $6.90 and $2.15, respectively, giving the units, which last traded at $11.00, a value of $11.20. The units were originally priced at $6.00.
International Shipping Enterprises, which went public on December 14, 2004, completed its acquisition of Navios Maritime Holdings, Inc. on August 25, 2005. The common shares and warrants last traded at $5.85 and $1.15, respectively, giving the units, which last traded at $8.05, a value of $8.15. The units were originally priced at $6.00.
Chardan China Acquisition, which went public on March 17, 2004, announced that it was acquiring four Chinese companies engaged in the production and sale of agricultural seeds on December 20, 2004. The common shares and warrants last traded at $8.70 and $3.65, respectively, giving the units, which last traded at $16.00, a value of $16.00. The units were originally priced at $6.00.
Trinity Partners Acquisition, which went public on July 30, 2004, announced that it was acquiring Adventure Holdings on January 18, 2005. The Class B common shares and warrants last traded at $5.42 and $1.11, respectively, giving the Class B units, which last traded at $13.50, a value of $13.06. The Class A common shares and warrants last traded at $4.65 and $1.05, respectively, giving the Class A units, which last traded at $20.00, a value of $19.80. The Class B and Class A units were originally priced at $10.10 and $10.50, respectively.
CEA Acquisition, which went public on February 13, 2004, announced that it was acquiring etrials Worldwide on August 22, 2005. The common shares and warrants last traded at $5.65 and $1.55, respectively, giving the units, which last traded at $8.35, a value of $8.75. The units were originally priced at $6.00. |
