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

To: Glenn Petersen who wrote (465)	4/8/2006 7:26:08 PM
From: Glenn Petersen	Respond to of 3862

I only picked up on the Cayman Islands based Shanghai Century Acquisition Corp. offering after reading an article on the Red Herring website, which suggested that the Shanghai Century offering will occur next week. Another interesting item from Red Herring: Not Everyone Loves Blank Checks The “blank check” companies have been having trouble getting out the door. It has not been due to investor resistance. It has been the U.S. Securities and Exchange Commission, according to reliable sources. Before an IPO can start trading, the SEC has to sign off on the deal. The sources report that the SEC has been foot-dragging on issuing releases on the “blank check” IPOs. You see the same names appearing on the IPO calendar week after week. Now you know why. redherring.com There are 36 blank check companies currently in registration, 25 of which were filed before October 1, 2005.

To: Glenn Petersen who wrote (465)	4/25/2006 9:29:36 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

Shanghai Century Acquisition Corp. completed its IPO today, selling 12,500,000 units at $8.00 per unit. The gross proceeds totaled $100 million, in line with the amount that the company was looking to raise when it filed its initial S-1 in mid-December of last year. A total of $95,000,000, equal to $7.60 per share has been placed into the trust account. This balance includes $3,000,000 of deferred underwriting fees. In the event that the company is liquidated, the underwriters will not receive any of the funds placed into the escrow account. Each unit consists on one share of common stock and a warrant to purchase one additional share at $6.00 per share. Shanghai Century Acquisition Corp. is going to focus its efforts on acquiring and operating company in the People’s Republic of China. There is no word yet as to whether or not the underwriter has exercised its over-allotment option. The securities will be listed on the AMEX. The units (SHA-U) began trading today and closed at $8.65. The common shares (SHA) and warrants (SHA-W) will begin trading separately at a later date. The final prospectus: sec.gov