PROFILES OF CLOSED DEALS – NOVEMBER 23, 2007
Millstream Acquisition, which raised $24.15 million when it went public on August 25, 2003, completed the acquisition of NationsHealth, Inc. (stock symbol: NHRX), a provider of medical products and prescription related service, on August 31, 2004. Millstream Acquisition was the first blank check company to go public, and the first blank check company to complete an acquisition. The founder of Millstream Acquisition, Arthur Spector, took another blank check company, Millstream II Acquisition, public on December 23, 2004, raising gross proceeds of $27.6 million. Millstream II was unable to close on its acquisition and announced on April 17, 2007 that it was going to liquidate the company. The common shares, which subsequent to the close of the acquisition traded as high as $8.33, last traded at $.65. The warrants expired worthless on August 24, 2007. The units were originally priced at $6.00.
CEA Acquisition, which raised $24.15 million when went public on February 13, 2004, completed the acquisition of etrials Worldwide (stock symbol: ETWC), a global provider of integrated software for the life sciences industry, on February 9, 2006. The common shares and warrants last traded at $3.00 and $.03, respectively, giving the units, which last traded at $2.99, a value of $3.06. The units were originally priced at $6.00. Subsequent to the close of the acquisition, the common shares of ETWC traded as high as $6.29.
Great Wall Acquisition Corporation, which raised $27.096 million when it went public on March 19, 2004, completed the acquisition of ChinaCast Education Corp (stock symbol: CAST), a China-based provider of e-learning services, on December 22, 2006.. The common shares and warrants last traded at $7.39 and $2.60, respectively, giving the units, which last traded at $11.16, a value of $12.59. The units were originally priced at $6.00.
Chardan China Acquisition, which raised $24.15 million when it went public on March 17, 2004, completed its acquisition of four Chinese companies engaged in the production and sale of agricultural seeds on November 9, 2005 and changed its name to Origin Agritech Limited (stock symbol: SEED). On December 5, 2005, Origin announced forced its warrant holders to exercise their warrants and raised over $40 million when 8,041,000 of the 8,050,000 warrants were exercised at $5.00 per share. The common shares last traded at $5.45. If you assume that $.45 of value has been created from each of the two warrants (which had a strike price of $5.00), the original units, which were priced at $6.00 and are no longer trading, now have a value of $6.35. Subsequent to the close of the acquisition, the common shares of SEED traded as high as $18.35.
Tremisis Energy Acquisition Corp., which raised $37.95 million when it went public on May 13, 2004, closed on its acquisition of Ram Energy (stock symbol: RAME), Inc., an oil and gas company, on May 8, 2006. In February 2007, the company raised another $30 million when it sold 7.5 million at $4.00 per share. The company was founded and chaired by Lawrence Coben, who resigned his position upon the close of the acquisition. On August 22, 2007, Tremisis Energy Acquisition Corp. II, another blank check company founded by Mr. Coben, filed an S-1 with the intent of raising $76 million in an IPO. The common shares and warrants of Ram Energy last traded at $4.98 and $.50, respectively, giving the units, which no longer trade, a value of $5.98. The units were originally priced at $6.00.
Arpeggio Acquisition Corp., which raised $40.8 million when it went public on June 24, 2004, completed its acquisition of Hill International (stock symbol: HINT), a construction contractor, on June 28, 2006. Since the close of the transaction, HINT has made two significant acquisitions and in 2007 it will record revenues in the $275 million to $300 million range. On October 23, 2007, the company notified the holders of its warrants that it intended to redeem them at $.01 per warrant on November 23, 2007. The forced conversion of the warrants will generate gross proceeds in excess of $60 million. The common shares and warrants last traded at $10.43 and $5.05, respectively, giving the units, which no longer trade, a value of $20.53. The units were originally priced at $6.00.
Sand Hill IT Security Acquisition Corp., which raised $24.66 million when it went public on July 27, 2004, completed its acquisition of St. Bernard Software, Inc. (stock symbol: SBSW), a global provider of security solutions, including Internet and email filtering appliances, patch management and data backup, on July 27, 2006. The common shares and warrants last traded at $.60 and $.04, respectively, giving the units, which last traded at $.55, a value of $.68. The units were originally priced at $6.00.
Trinity Partners Acquisition, which raised $9.1 million when it went public on July 30, 2004, completed the acquisition of FreeSeas, Inc. (stock symbol: FREE), a shipping company, on December 15, 2005. The original offering consisted of two classes of securities. The registration of the old securities has since been terminated and new securities have been issued pursuant to a less complicated capital structure. In November 2007, the company raised $104.4 million in gross proceeds through the sale of 12,650,000 shares at $8.25 per share. The common shares last traded at $5.81. The Class W and Z warrants last traded at $1.90 and $2.21, respectively, giving the original Class A units (consisting of two common shares and ten Class W warrants), which were originally priced at $10.50 and no longer trade, a value of $30.62. The Class B units (consisting of two common shares and two Class Z warrants), which were originally priced at $10.10 and no longer trade, have a value of $16.04.
Rand Acquisition, which raised $27.6 million when it which went public on November 2, 2004, completed its acquisition of Lower Lakes Towing Ltd. and Grand River Navigation Company, Inc., two shipping companies operating on the Great Lakes, on March 6, 2006. It subsequently changed its name to Rand Logistics, Inc. (stock symbol: RLOG). On August 1, 2006, the company raised $13 million through the sale of 2,402,957 shares at $5.41 per share. During the spring of 2007, the company temporarily reduced the exercise price on its warrants from $5.00 to $4.50 per share. The holders of 3,964,965 warrants exercised their warrants, generating $17.8 million in gross proceeds for the company. The common shares and warrants last traded at $6.46 and $1.85, respectively, giving the units, which last traded at $11.50, a value of $10.16. The units were originally priced at $6.00.
China Unistone Acquisition Corporation, which raised $20.7 million when it went public on November 24, 2004, completed its acquisition of two Chinese IT companies servicing the banking sector in China, on November 24, 2006, and changed its name to Yucheng Technologies (stock symbol: YCHTF). In June 2007, the company forced the exercise of 6.9 warrants and raised gross proceeds of $34.3 million. The common shares last traded at $11.36. If you assume that $6.36 of value has been created from each of the two warrants (which had a strike price of $5.00 per share), the original units, which were priced at $6.00 and are no longer trading, now have a value of $24.08.
International Shipping Enterprises, which raised $196.65 million when it went public on December 14, 2004, completed the acquisition of Navios Maritime Holdings, Inc. (stock symbol: NM), a vertically integrated seaborne shipping company, on August 25, 2005. Since the close of the transaction, NM has acquired additional ships and has used its public status to raise funds. Since its IPO, Navios has raised a total of $112.5 million through the exercise of its warrants. On May 23, 2007, the company raised gross proceeds of $132.25 million when it sold 13,225,000 shares at $10.00 each. The common shares and warrants last traded at $13.17 and $8.21, respectively, giving the units, which no longer trade, a value of $29.59. The units were originally priced at $6.00.
On November 13, 2007, Navios Maritime Partners L.P (stock symbol: NMM) went public, raising $200 million through the sale of selling 10 million units at $20 per unit. NMM is a creation of Navios Maritime Holdings, Inc. At the close of the offering, NMM was going to acquire seven ships form NM, which will control 41% of NMM’s shares and provide its managerial expertise to the venture.
Ardent Acquisition Corporation, which raised $41.4 million when it went public on February 24, 2005, completed its acquisition of Aventair, Inc. (stock symbol: AAIR), a provider of fractional ownerships of piloted aircraft for personal and business use, on February 22, 2007. In November 2007, the company raised $11.3 million in a private placement of its convertible preferred stock. On August 9, 2007, the founders of Ardent Acquisition filed an S-1 for an initial public offering to raise $40 million for another blank check company, North Shore Acquisition Corp. The common stock and warrants last traded at $4.43 and $.62, respectively, giving the units, which last traded at $5.50, a value of $5.67. The units were originally priced at $6.00.
Aldabra Acquisition Corporation, which raised $55.2 million when it went public on February 25, 2005, completed its acquisition of Great Lakes Dredge & Dock Corporation (stock symbol: GLDD), an international dredging company, on January 4, 2007. During the summer of 2007, the company forced its warrant holders to exercise their warrants and raised $91.8 million. On June 19, 2007, the two principals of Aldabra Acquisition Corporation raised $414 million when they took another blank check company, Aldabra 2 Acquisition Corporation, public. The common stock and warrants last traded at $8.56. If you assume that $3.56 of value has been created from each of the two warrants (which had a strike price of $5.00 per share), the original units, which were priced at $6.00 and are no longer trading, now have a value of $15,68.
Mercator Partners Acquisition Corp., which raised $59.5 million when it went public on April 15, 2005, completed its acquisition of Global Telecom & Technology (stock symbol: GTLT), a telecom company, on October 20, 2006. The common shares last traded at $1.05. The Class W and Z warrants last traded at $.08 and $.07, respectively, giving the Class A units (consisting of two common shares and ten Class W warrants), which were originally priced at $10.50, but no longer trade, a value of $2.90. The Class B units (consisting of two common shares and two Class Z warrants), which were originally priced at $10.10, but no longer trade, have a value of $2.24.
Terra Nova Acquisition Corporation, which raised $33.12 million when it went public on April 19, 2005, completed its acquisition of ClearPoint Business Services (stock symbol: CPBR), a business services provider, on February 12, 2007. The common stock and warrants last traded at $1.95 and $.25, respectively, giving the units, which last traded at $2.56, a value of $2.45. The units were originally priced at $6.00.
KBL Healthcare Acquisition Corp. II , which raised $55.2 million when it when public on April 27, 2005, completed its acquisition of Summer Infant, Inc. (stock symbol: SUMR), a designer, marketer and distributor of branded durable health, safety and wellness products for infants and toddlers, on March 6, 2007. At the close of the transaction, the holders of 1,208,775 shares valued at $6.9 million exercised their redemption rights. On July 23, 2007, the principals of KBL Healthcare Acquisition Corp. II raised $138 million when they took another blank check company, KBL Healthcare Acquisition Corp. III, public. The common stock and warrants last traded at $5.13 and $.95, respectively, giving the units, which last traded at $7.16, a value of $7.03. The units were originally priced at $6.00.
Services Acquisition Corp. International, which raised $138 million when it went public on June 30, 2005, completed its acquisition of Jamba, Inc. (stock symbol: JMBA) on November 29, 2006. To help finance the transaction, the company raised gross proceeds of $231.6 million through the sale of 30,979,999 shares in a private placement at $7.50 per share. The common stock and warrants last traded at $3.60 and $.68, respectively, giving the units, which last traded at $3.84, a value of $4.28. The common shares have traded as high $12.87. The units were originally priced at $8.00.
Courtside Acquisition Corp., which raised $82.8 million when it went public on July 1, 2005, completed the acquisition of American Community Newspapers, LLC (stock symbol: ANE), a group of 73 publications, comprised of 60 weekly suburban newspapers, three daily newspapers and 10 niche publications, on July 2, 2007. The holders of 2,179,055 Courtside Acquisition shares elected to exercise their redemption rights and were paid an aggregate of $12.4 million. The common shares and warrants last traded at $3.25 and $.20, respectively, giving the units, which last traded at $4.00, a value of $3.65. The units were originally priced at $6.00.
Oakmont Acquisition Corp., which raised $51.45 million when it went public on July 14, 2005, completed the acquisition of Brooke Credit Corporation (stock symbol: BRCR), a specialty finance company that lends money to locally owned companies that sell insurance. (On August 1, 2006, Oakmont had announced that it was acquiring One Source Equipment Rentals LLC, a provider of industrial and construction equipment in the Midwest, but it terminated that agreement on January 17, 2007). The holders of 1,156,249 Oakmont Acquisition shares elected to exercise their redemption rights and were paid an aggregate of $6.7 million. The common stock and warrants last traded at $4.90 and $.45, respectively, giving the units, which last traded at $6.00, a value of $5.80. The units were originally priced at $6.00.
Israel Technology Acquisition Corp. , which raised $37.9 million when it went public on July 14, 2005, completed its acquisition of IXI Mobile, Inc. (stock symbol: IXMO.OB), a provider of data-centric mobile devices, on June 6, 2007. Subsequent to the close of the transaction, the company raised $9.7 million in a private placement of 2,703,000 shares. The common stock and warrants last traded at $3.35 and $.68, respectively, giving the units, which last traded at $4.40, a value of $4.71. The units were originally priced at $6.00.
Juniper Partners Acquisition Corp., which raised $17.4 million when it went public on July 15, 2005, completed its acquisition of Firestone Communications, which owns and operates Sorpresa!, an "in language" children's television network and digital community for Hispanic youth, on January 19, 2007. The company subsequently changed its name to Juniper Content Corporation (stock symbol: JNPC) Juniper Partners Acquisition had a difficult time getting its shareholders to approve the acquisition. As an incentive to the shareholders, two of the principals of Firestone Communications purchased $6.5 million worth of Juniper shares in a series of private transactions. The Class common shares and Class W warrants last traded at $1.05 and $.06, respectively, giving the Class A units (consisting of two common shares and ten Class W warrants), which last traded at $2.30, a value of $2.70. The Class L warrants last traded at $.10, giving the Class B units (consisting of two common shares and two Class L warrants), which last traded at $3.00, a value of $2.30. The Class A and Class B units were originally priced at $10.50 and $10.10, respectively.
Fortress America Acquisition Corp., which raised $46.8 million when it went public on July 15, 2005, completed its acquisition of Total Tech Solutions and Vortech LLC, providers of comprehensive services for the planning, design, and development of mission critical facilities and information infrastructure, on February 19, 2007. The company subsequently changed its name to Fortress Information Group (stock symbol: FIGI) The holders of 756,1000 shares with a value of $4.3 million exercised their redemption rights. On October 24, 2007, C. Thomas McMillen, the founder of Fortress America Acquisition, took another blank check company, Secure America Acquisition, public in an IPO that raised $80 million. The common stock and warrants of Fortress International last traded at $5.45 and $.75, respectively, giving the units, which last traded at $6.85, a value of $6.95.
Healthcare Acquisition Corp.,,which raised $75.2 million when it went public on July 28, 2005, completed its acquisition of PharmAthene, Inc. (stock symbol: PIP), a company engaged in the biodefense industry, specifically the discovery and development of new human therapeutics and prophylactics for the treatment and prevention of morbidity and mortality from exposure to chemical and biological weapons, on August 3, 2007. Healthcare Acquisition had a difficult time getting its shareholders to approve the acquisition. As an incentive to close the transaction, certain of the company’s insiders and shareholders of PharmAthene agreed to purchase up to 2,800,00 shares (at approximately $7.60 per share) held by shareholders who intended to vote against the acquisition. The common shares and warrants last traded at $3.80 and $.45, respectively, giving the units, which no longer trade, a value of $4.25. The units were originally priced at $8.00.
Chardan China North Acquisition Corp., which raised $$34.5 million when it went public on August 4, 2005, completed its acquisition of HLS Systems International Ltd. (stock symbol: HLSYF), a company that sell automotive automation systems into the Chinese market, on September 20, 2007. On November 8, 2007, the company announced that it was going to force the redemption of all of its outstanding warrants. Those warrants that are not exercised by December 10, 2007 will be redeemed for $.01 per warrant. The common stock and warrants last traded at $7.30 and $2.25, respectively, giving the units, which last traded at $11.75, a value of $11.70. The units were originally priced at $6.00.
Stone Arcade Acquisition Corp., which raised $120 million when it went public on August 16, 2005, completed its acquisition of the kraft papers business of International Paper, on January 2, 2007. The company subsequently changed its name to KapStone Paper and Packing Corp. (stock symbol: KPPC). When the transaction closed, Roger Stone, the Chairman and CEO of the company, indicated that the company would be looking for additional companies to acquire. The common stock and warrants last traded at $7.22 and $2.18, respectively, giving the units, which no longer trade, a value of $11.58. The units were originally priced at $6.00.
Ithaka Acquisition Corp., which raised $53.1 million when it went public on August 16, 2005, completed its acquisition of Alsius Corporation (stock symbol: ALUS), a commercial-stage medical device company that develops, manufactures and sells proprietary products to precisely control patient temperature in hospital critical care settings, on June 21, 2007. The holders of 720,600 shares with a value of $4.1 million exercised their redemption rights. The common stock and warrants last traded at $4.07 and $.39, respectively, giving the units, which last traded at $4.59, a value of $4.85. The units were originally priced at $6.00.
Ad.Venture Partners, Inc., which raised $54 million when it went public on August 26, 2005, completed its acquisition of 180 Connect, Inc. (stock symbol: CNCT), one of the largest outsourced providers of technology fulfillment and integration services for the home, on August 24, 2007. Ad.Venture Partners had a difficult time getting this deal done. As an incentive to its shareholders, the founders agreed to give up 352,000 of their shares to individual investors purchasing 2,200,000 shares of the company with the intent that those shares would be voted in favor of the acquisition. The common stock and warrants last traded at $1.75 and $.26, respectively, giving the units, which last traded at $2.50, a value of $2.31. The units were originally priced at $6.00.
Coconut Palm Acquisition Corp., which raised $69 million when it went public on September 9, 2005, completed its acquisition of Equity Broadcasting Corporation, one of the largest owners and operators of television stations in the United States and a distribution platform for Spanish-language media, on April 2, 2007. The company subsequently changed its name to Equity Media Holdings Corp. (stock symbol: EMDA). The holders of 1,908,911 shares with a value of $10.9 million exercised their redemption rights. In June 2007, the company raised $9 million through the sale of 1,406,250 shares in a private placement. The common stock and warrants last traded at $2.40 and $.15, respectively, giving the units, which last traded at $2.50, a value of $2.70. The units were originally priced at $6.00.
Federal Services Acquisition Corp., which raised $126 million when it went public on October 20, 2005, completed its acquisition of Advanced Technology Systems, Inc., a provider of systems integration and application development, IT infrastructure management and strategic IT consulting services to U.S. federal government agencies, on January 17, 2007. The company subsequently changed its name to ATS Corporation (stock symbol: ATCT). Federal Services Acquisition had a difficult time getting its shareholders to approve the acquisition. As an incentive to its shareholders, the founders agreed to return 2,625,000 of their shares to the company for $.011 per share, reducing their overall position by 50%. The company has subsequently purchased and retired an additional 5,717,755 shares at a cost of approximately $30.3 million. The common stock and warrants last traded at $3.50 and $.38, respectively, giving the units, which last traded at $4.34, a value of $4.26. The units were originally priced at $6.00.
Paramount Acquisition Corp. (stock symbol: PMQC), which raised $58.65 million when it went public on October 24, 2006, completed the acquisition of Chem Rx, a long-term care pharmacy servicing the New York metropolitan area, on October 23, 2007. The company had a difficult time obtaining shareholder approval for the deal. As an incentive to the shareholders, certain of the Chem Rx insiders agreed to provide put options for up to 5,879,998 shares at a price not to exceed $6.00 per share to certain institutional investors in exchange for a “yes” vote on the acquisition. The common shares and warrants last traded at $6.60 and $1.07, respectively, giving the units, which last traded at $8.51, a value of $8.74. The units were originally priced at $6.00.
Platinum Energy Resources, Inc. (stock symbol: PGRI), which raised $115.2 million when it went public on October 25, 2005, completed its acquisition of Tandem Energy Holdings, an oil and gas company, on November 1, 2007. The company had a difficult time obtaining shareholder approval. As an incentive to its shareholders, an affiliate of one of the insiders agreed to purchase up to 2,000,000 shares from certain of the investors. The common shares and warrants last traded at $7.94 and $1.95, giving the units, which last traded at $9.99, a value of $9.89. The units were originally priced at $8.00.
Boulder Specialty Brands, Inc., which raised $102.1 million when it went public on December 19, 2005, completed its acquisition of GFA Brands, Inc., the marketer of Smart Balance, a line of heart-healthy foods, on May 21, 2007. The company subsequently changed its name to Smart Balance, Inc. (stock symbol: SMBL) Prior to the close of the acquisition, the company completed a private placement that generated net proceeds in excess of $246 million. On November 9, 2007, the company announced that it was going to force its warrant holders to exercise their warrants and expected to generate gross proceeds in excess of $77 million. The common shares and warrants last traded at $11.62 and $5.56, respectively, giving the units, which last traded at $17.27, a value of $17.18. The units were originally priced at $8.00.
Argyle Security Acquisition Corp. (stock symbol: ARGL), which raised $30.6 million when it went public on January 25, 2006, completed its acquisition of ISI Security Group, a solutions provider to the physical security industry, on July 31, 2007. The holders of 211,965 shares with a value of $1.7 million exercised their redemption rights. The common shares and warrants last traded at $7.10 and $1.80, respectively, giving the units, which last traded at $8.41, a value of $8.90. The units were originally priced at $8.00.
Highbury Financial, Inc. (stock symbol: HBRF), which raised $47.5 million when it went public on January 25, 2006, completed the acquisition of the U.S. mutual fund business of ABN AMRO on November 30, 2006. The common stock and warrants last traded at $4.95 and $.70, respectively, giving the units, which last traded at $6.26, a value of $6.36. The units were originally priced at $6.00.
SI has an active HBRF thread at:
Subject 57050
Acquicor Technology, Inc., which raised $174.5 million when it went public on March 14, 2006, completed its acquisition of Jazz Semiconductor, Inc., an independent wafer foundry primarily focused on specialty CMOS process technologies, on February 16, 2007. When Acquicor first announced its proposed acquisition of the company on September 26, 2006, Jazz Semiconductor was midway through the process of filing for an IPO. The company subsequently changed its name to Jazz Technologies, Inc. (stock symbol: JAZ). The founders of Acquicor were Gilbert F. Amelio, Ph.D., Ellen M. Hancock and Steve Wozniak. Acquicor had a difficult time getting its shareholders to approve the acquisition. As an incentive to its shareholders, the founders agreed to return 1,873,738 of their shares to the company at a price of $.0047 per share, reducing their overall position to 3.5 million shares. The common shares and warrants last traded at $2.35 and $.36, respectively, giving the units, which last traded at $2.91, a value of $3.07. The units were originally priced at $6.00.
General Finance Corp. (stock symbol: GFN), which raised $69 million when it went public on April 5, 2006, completed its acquisition of Royal World Trading Australia Pty Limited, an Australian corporation engaged in the sale and leasing of portable storage containers, portable container buildings and freight containers, on September 11, 2007. The holders of 835,400 shares valued at $6.6 million exercised their redemption rights. The common shares and warrants last traded at $8.85 and $3.10, respectively, giving the units, which last traded at $12.15, a value of $11.95. The units were originally priced at $8.00.
HAPC, Inc., formerly Healthcare Acquisition Partners, which raised $101.3 million when it went public on April 12, 2006, completed its acquisition of InfuSystem, Inc. (stock symbol: HAPN), a nationwide leader in ambulatory infusion pump management services to oncologists, on October 24, 2007. This proved to be a difficult transaction to close, and prior to the shareholder vote, HAPC reduced the purchase price by approximately 20%. The common shares and warrants last traded at $3.90 and $.37, respectively, giving the units, which last traded at $4.68, a value of $4.64. The units were originally priced at $6.00.
Freedom Acquisition Holdings, which raised $528 million when it went public on December 22, 2006, completed its acquisition of GLG Partners, Inc. (stock symbol: GLG), the largest independent alternative asset manager in Europe and one of the largest in the world, on November 2, 2007. The common stock and warrants last traded at $12.87 and $5.45, respectively, giving the units, which last traded at $18.30, a value of $18.32. The units were originally priced at $8.00.
Information Services Group (stock symbol: III), which raised $258,750,000 when in went public on February 1, 2007, completed its acquisition of TPI, self-described as "the largest independent sourcing advisory firm in the world focusing on the design, implementation and management of sourcing strategies for major corporate clients," on November 16, 2007. The common stock and warrants last traded at $7.02 and $1.00, respectively, giving the units, which last traded at $8.15, a value of $8.02. The units were originally priced at $8.00.
Symmetry Holdings, Inc. (stock symbol: SHJ), which raised $150,000,000 when it went public on March 8, 2007, completed its acquisition of Novamerican Steel, which processes and distributes carbon steel, stainless steel and aluminum products and operates as an intermediary between primary metal producers and manufacturers that require processed metal, on November 15, 2007. To finance the $585.2 million transaction, Symmetry had to tap into the credit markets for $500 million. The common shares and warrants last traded at $7.16 and $1.76, respectively, giving the units, which last traded at $8.70, a value of $8.92. The units were originally priced at $8.00. |
