PROFILES FOR CLOSED DEALS – MAY 22, 2009
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. In June and July of 2008, the company temporarily reduced the exercise price of its warrants from $5.00 to $4.25 per share, which resulted in the exercise of 3,513,199 warrants, equal to 38.90% of the 9,031,950 warrants that were sold in the IPO. As an additional incentive to exercise their warrants, the holders received 537,313 shares of common stock. The remainder of the warrants expired worthless on March 16, 2009. In October 2008, the company sold 4,250,000 shares of common stock at $2.60 per share, raising gross proceeds of $11.05 million. The common shares, which traded as high as $9.10 subsequent to the acquisition, last traded at $5.03. 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 redeemed its warrants, raising 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 $4.93. If you assume that a negative ($.07) 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 $.4.79. 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 shares at $4.00 per share. On November 29, 2007, RAME closed on a second acquisition, acquiring Ascent Energy, Inc. for $286 million. On December 27, 2007, Lawrence Coben, the founder of the company, raised $76 million when he took a second blank check company, Tremisis Energy Acquisition Corp. II, public. Prior to their May 12, 2008 expiration date, the company reduced the exercise price of the warrants to $4.25 and the holders of 11,418,351 of the warrants that were issued in the IPO (90.26% of the total) were exercised. A total of 1,231,649 warrants were allowed to expire. The common shares, which have traded as high as $6.84, last traded at $.82. If you assume that a negative ($3.42) value has been created from each of the two warrants (which had an adjusted strike price of $4.25), the original units, which were priced at $6.00 and are no longer trading, now have a negative value of ($6.02).
Arpeggio Acquisition Corp., which raised $40.8 million when it went public on June 24, 2004, completed its acquisition of Hill International (stock symbol: HIL), a construction contractor, on June 28, 2006. Since the close of the transaction, HIL has used its stock to make a series of acquisitions. On November 29, 2007, the company redeemed its warrants, raising $67.9 million when its warrant holders exercised 13,577,601 warrants (out of 13,600,000) at $5.00 each. The common shares, which have traded as high as $19.71, last traded at $4.00. If you assume that a negative ($1.00) value of 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 $2.00. 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 $.18 and $.0007, respectively, giving the units, which last traded at $.16, a value of $.18. The warrants have a strike price of $5.00 and have an expiration date of July 25, 2009.. The common shares have never traded above $5.50. 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 and additional $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 $1.90. The Class W and Z warrants last traded at $.28 and $.26, 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 $6.60. 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 $4.32. The warrants have a strike price of $5.00. The Class W and Class Z warrants have expiration dates of July 29, 2009 and July 29, 2011, respectively. The common shares have traded as high as $10.24.
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 an additional $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 remainder of the warrants expired worthless on October 26, 2008. The common shares, which have traded as high as $6.45, last traded at $3.50. If you assume that a negative ($1.00) value has been created from each of the two warrants (which had an adjusted strike price of $4.50), the original units, which were priced at $6.00 and are no longer trading, now have a value of $1.50.
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. The company subsequently changed its name to Yucheng Technologies (stock symbol: YTEC). In June 2007, the company redeemed its warrants, raising $34.3 million when the holders of 6.9 million warrants exercised their warrants. The common shares, which have traded as high as $19.36, last traded at $7.37. If you assume that $2.37 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 $12.11.
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 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 additional funds. It raised $112.5 million from the exercise of a portion of the warrants that were issued in the IPO. The remainder of these warrants expired worthless on December 9,2008. 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, which have traded as high as $19.76, last closed at $4.21. If you assume that a negative ($.79) 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 $2.63.
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 acquired seven ships form NM, which controls 41% of NMM’s shares and provide its managerial expertise to the venture. The units are currently trading at $9.39.
Ardent Acquisition Corporation, which raised $41.4 million when it went public on February 24, 2005, completed its acquisition of Avantair, 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 an additional $11.3 million through a private placement of its convertible preferred stock. On November 18, 2008, the company commenced a warrant redemption program, pursuant to which the exercise price of the warrants was reduced from $5.00 to $2.75. The program terminated on December 12, 2008. No warrants were exercised. The warrants expired worthless on February 23, 2009. The common shares, which have traded as high as $5.60, last traded at $1.75. The units were originally priced at $6.00.
On November 30, 2008, the founder of Ardent Acquisition, Barry Gordon, raised $50.4 million when he took a second blank check company, North Shore Acquisition Corp., public.
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, redeemed its warrants, raising $91.9 million from the exercised of its warrants. The common stock of GLDD, which has traded at high as $10.18, last traded at $4.75. If you assume that a negative ($.25) 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 $4.25.
On June 19, 2007, the principals of Aldabra Acquisition Corporation raised $414 million when they took a second blank check company, Aldabra 2 Acquisition Corp., public. Aldabra 2 subsequently acquired certain paper and packaging assets from Boise Cascade. On December 31, 2007, the principals filed registration statements for Aldabra 3 and Aldabra 4, two blank check companies that are looking to raise another $600 million. The registration statements have not yet been withdrawn.
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 $.60. The Class W and Z warrants last traded at $.0003 and $.004, 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 $.1.20. 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 $1.20. The warrants have a strike price of $5.00. The Class W and Class Z warrants have expiration dates of April 10, 2010 and April 10, 2012, respectively. The common shares have traded as high as $4.50.
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 company’s warrants expired worthless on April 17, 2009. The common shares, which traded as high as $9.24 subsequent to the acquisition, last traded at $.29. 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. The company’s warrants expired worthless on April 20, 2009. The common shares, which traded as high as $7.50 subsequent to the acquisition, last traded at $2.01. The common shares have traded as high as $7.50.
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.
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 $.1.15 and $.0151, respectively, giving the units, which last traded at $1.08, a value of $1.17. The common shares have traded as high $12.87. The warrants have a strike price of $6.00 and an expiration date of June 28, 2009. 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: ACNI), a group of 73 publications, comprised of 60 weekly suburban newspapers, three daily newspapers and 10 niche publications, on July 2, 2007. On November 10, 2008, the company terminated its registration with the SEC. On April 28, 2009, the company filed for Chapter 11 protection. The common shares, which have traded as high as $5.64, and the warrants last traded at $.01 and $.0001, respectively, giving the units, which last traded at $.01, a value of $.01. The warrants have a strike price of $5.00 and an expiration date of June 29, 2009. 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, a specialty finance company that lends money to locally owned companies that sell insurance, on July 18, 2007. The company assumed the name of Brooke Credit Corporation. (On August 1, 2006, Oakmont had previously 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. On May 30, 2008, the company changed its named to Aleritas Capital Corp. (stock symbol: ARTAE) The common stock and warrants last traded at $.002 and $.0001, respectively, giving the units, which last traded at $.01, a value of $0022. The warrants have a strike price of $5.00 and have an expiration date of July 11, 2009. 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 $.19 and $.0001, respectively, giving the units, which last traded at $.03, a value of $.19. The warrants have a strike price of $5.00 and have an expiration date of July 11, 2009. The units were originally priced at $6.00. The common shares have traded s high as $6.10.
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). As an incentive to obtain the approval of the Juniper shareholders, two of the principals of Firestone Communications purchased $6.5 million worth of Juniper shares in a series of private transactions. On April 20, 2009, the company terminated its registration with the SEC. The common shares and Class W warrants last traded at $.02 and $.0002, respectively, giving the Class A units (consisting of two common shares and ten Class W warrants), which no longer trade, a value of $.02. The Class L warrants last traded at $.0002, giving the Class B units (consisting of two common shares and two Class L warrants), which no longer trade, a value of $.04. The Class A and Class B units were originally priced at $10.50 and $10.10, respectively. The warrants have a strike price of $5.00. The Class W and Class Z warrants have expiration dates of July 12, 2010 and July 12, 2012, respectively. The Class A common shares have traded as high as $4.00.
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 common stock and warrants of Fortress International last traded at $1.28 and $.01, respectively, giving the units, which last traded at $..87, a value of $1.30. The warrants have a strike price of $5.00 and an expiration date of July 12, 2009. The units were originally priced at $6.00. The common shares have traded as high as $6.53.
On October 24, 2007, C. Thomas McMillen, the founder of Fortress America Acquisition, raised an additional $80 million when he took another blank check company, Secure America Acquisition, public.
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), self-described as “a leading biodefense company specializing in the development and commercialization of medical countermeasures against biological and chemical terrorism”, on August 3, 2007. As an incentive to the shareholders of Healthcare Acquisition to approve 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 $2.09 and $.07, respectively, giving the units, which no longer trade, a value of $2.16. The warrants have a strike price of $6.00 and have an expiration date of July 27, 2009. The units were originally priced at $8.00. The common shares have traded as high as $9.08.
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. In December 2007, the company forced the redemption of its warrants, raising $57.2 through the exercise the exercise of its warrants. The common shares, which have traded as high as $12.90, last closed at $5.20. If you assume that $.20 in 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 $5.60.
SI has a thread devoted to HOLI at:
Subject 57774
Chardan China South Acquisition Corp., which raised $34.5 million when it went public on August 4, 2005, completed its acquisition of Head Dragon Holdings Limited, the largest private Chinese engineering company providing design, construction, installation, and operating expertise for distributed power generation and micro power networks in China on January 24, 2007 and changed its name to A-Power Energy Generation Systems (stock symbol: APWR). In March 2008, the company announced the redemption of its warrants, hoping to raise $57.5 million when the redemption period expired on March 31, 2008. The common stock, which has traded as high as $31.89, last traded at $9.86. If you assume that $4.86 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 $19.58.
SI has a thread devoted to APWR at:
Subject 57511
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). As of September 30, 2008, the holders of 3,029,080 of the 40 millions warrants that were issued in the IPO have been exercised. The remaining warrants expire on August 15, 2009. The common stock and warrants last traded at $3.93 and $.20, respectively, giving the units, which no longer trade, a value of $4.23. The common shares have traded as high as $8.53. The warrants have a strike price of $5.00 and have an expiration date of August 15, 2009. 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). 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 $0.01 and $.0001, respectively, giving the units, which last traded at $.01, a value of $.01. The common shares have traded as high as $5.81. The warrants have a strike price of $5.00 and have an expiration date of September 7, 2009. The units were originally priced at $6.00. On December 8, 2008, the company filed a voluntary petition for Chapter 11 bankruptcy protection.
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). As an incentive to the shareholders of Federal Services to approve the transaction, 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 $1.58 and $.0002, respectively, giving the units, which last traded at $2.50, a value of $1.58. The common shares have traded as high as $5.83. The warrants have a strike price of $5.00 and have an expiration date of October 19, 2009. The units were originally priced at $6.00.
Paramount Acquisition Corp. , which raised $58.65 million when it went public on October 24, 2006, completed the acquisition of Chem Rx (stock symbol: CHRXE), a long-term care pharmacy servicing the New York metropolitan area, on October 23, 2007. As an incentive to the shareholders of Paramount to approve the transaction, 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 $.40 and $.02, respectively, giving the units, which last traded at $.70, a value of $.59. The common shares have traded as high as $6.90. The warrants have a strike price of $5.00 and have an expiration date of October 20, 2009. 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. As an incentive to the shareholders of Platinum Energy to approve the transaction, 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 $.40 and $.02, giving the units, which last traded at $.80, a value of $.42. The warrants have a strike price of $6.00 and have an expiration date of October 23, 2009. The common shares have traded as high as $7.99. The units were originally priced at $8.00.
Endeavor Acquisition Corp., which raised $129,285,960 when it went public on December 15, 2005, completed its acquisition of American Apparel, Inc. (stock symbol: APP), a leading domestic vertically-integrated manufacturer and retailer of cotton fashion basics and the largest T-shirt manufacturer in the United States on December 12, 2007. In March 2008, the company forced the redemption of its warrants. Of the 16.4 million warrants that were outstanding, approximately 5.2 million were exercised using a cashless exercise option. Approximately 10.9 million warrants were exercised by paying the cash exercise price of $6 per warrant, raising gross proceeds of approximately $66.8 million. The common shares last traded at $3.51. If you assume that a negative value of ($2.49) has been created from exercise of the warrant (which had a strike price of $6.00 per share), the original units, which were priced at $8.00 and are no longer trading, now have a value of $1.02. The common shares have traded as high as $24.25.
Star Maritime Acquisition Corp., which raised $200 million when it went public on December 16, 2005, completed its acquisition of eight drydock carriers from TMT Co on November 30, 2007 and changed its name to Star Bulk Carriers Corp. (stock symbol: SBLK). The common stock and warrants last traded at $5.02 and $.36, respectively, giving the units, which no longer trade, a value of $45.38. The common shares have traded as high as $14.57. The warrants have a strike price of $8.00 and have an expiration date of December 15, 2009. 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. In December 2007, the company forced the redemption of its outstanding warrants and raised gross proceeds of $76.5 million. The common shares last traded at $7.77. If you assume that $1.77 of value has been created from exercise of the warrant (which had a strike price of $6.00 per share), the original units, which were priced at $8.00 and are no longer trading, now have a value of $9.54. The common shares have traded as high as $14.10.
SI has a thread devoted to SMBL at:
Subject 57450
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 common shares and warrants last traded at $.86 and $.20, respectively, giving the units, which last traded at $1.00, a value of $1.06. The common shares have traded as high as $7.95. The warrants have a strike price of $5.50 and have an expiration date of January 24, 2011. 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 $3.31 and $.10, respectively, giving the units, which last traded at $2.90, a value of $3.41. The common shares have traded as high as $6.75. The warrants have a strike price of $5.00 and have an expiration date of January 25, 2010. The units were originally priced at $6.00.
SI has a thread devoted to HBRF at:
Subject 57050
Global Logistics Acquisition Corporation which raised $88 million when it went public on February 16, 2006, announced on February 11, 2008 that it had received shareholder approval for its acquisition of The Clark Group, a "provider of mission- critical supply chain solutions to the print media industry." The company subsequently changed its name to Clark Holdings (stock symbol: GLA). As an incentive for third party investors to purchase 2,380,000 shares from holders who have indicated that they are opposed to the transaction, certain of the insiders agreed to give up 380,000 of their shares. The common stock and warrants last traded at $.92 and $.008, respectively, giving the units, which last traded at $.8, a value of $.93. The common shares have traded as high as $8.90. The warrants have a strike price of $6.00 and have an expiration date of February 15, 2011. The units were originally priced at $8.00.
India Globalization Capital, Inc. (stock symbol: IGC), which raised $67,827,000 when it went public on March 3, 2006, completed its acquisitions of majority interests in Siricon Infrastructure Limited Techni Bharathi Limited, both of which are India based engineering and construction companies. As an incentive to third party investors to purchase 2.5 million shares of common stock to be voted in favor the transactions, the insiders offered to transfer ownership of 2.5 million of their shares. The common stock and warrants last traded at $1.03 and $.20, respectively, giving the units, which last traded at $1.45, a value of $.43. The warrants have a strike price of $5.00 and have an expiration date of March 3, 2011. The common shares have traded as high as $6.20. The units were originally priced at $6.00.
Echo Healthcare Acquisition Corp., which raised $57.5 million when it went public on March 17, 2006, completed its acquisition of XLNT Veterinary Care, Inc., an entity which owns a chain of animal hospitals, on January 7, 2008. The company subsequently changed its name to Pet DRx Corporation (stock symbol: VETS). The transaction was approved only after certain of the Echo Healthcare and XLNT insiders agreed to give up as many as 1,150,000 of their shares to third party investors who indicated that they would be willing to purchase up to 3,000,000 shares from shareholders who were going to vote against the transaction. The common shares and warrants last traded at $.73 and $.015, respectively, giving the units, which last traded at $.96, a value of $.75. The warrants have a strike price of $6.00 and have an expiration date of March 17, 2010. The common shares have traded as high as $8.04. The units were originally priced at $8.00.
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. On May 2, 2008, the company temporarily reduced the exercise price of the 8,625,000 warrants that were sold in the IPO from $6.00 to $5.10. A total of 4,135,953 warrants were exercised. The common shares and warrants last traded at $1.50 and $.18, respectively, giving the units, which last traded at $1.33, a value of $1.68. The common shares have traded as high as $9.89. The warrants have a strike price of $6.00 and have an expiration date of April 5, 2010. The units were originally priced at $8.00.
Jaguar Acquisition Corporation, which raised $28,300,002 when it went public on April 10, 2006, completed its acquisition of China Cablecom Ltd. (stock symbol: CBAL), a cable network operator in China, on June 9, 2008. The common shares and warrants last traded at $.36 and $.03, respectively, giving the units, which last traded at $.37, a value of $.42. The common shares have traded as high as $7.50. The warrants have a strike price of $5.00 and have an expiration date of April 4, 2010. The units were originally priced at $6.00.
HAPC, Inc., formerly Healthcare Acquisition Partners, which raised $101.3 million when it went public on April 12, 2006, completed its acquisition of InfuSystem Holdings, Inc. (stock symbol: INHI), a nationwide leader in ambulatory infusion pump management services to oncologists, on October 24, 2007. Prior to the shareholder vote, InfuSystem agreed to a reduction in the purchase price of approximately 20%. The common shares and warrants last traded at $3.20 and $.09, respectively, giving the units, which last traded at $2.10, a value of $3.38. The common shares have traded as high as $5.86. The warrants have a strike price of $5.00 and have an expiration date of April 11, 2011. The units were originally priced at $6.00.
Asia Automotive Acquisition Corp., which raised $40,250,000 when it went public on April 12, 2006, completed its acquisition of Tongxin International Ltd. (stock symbol: AAAC), “the largest independent Chinese supplier of Engineered Vehicle Body Structures ("EVBS") capable of providing products for both light and commercial vehicles in addition to designing, fabricating and testing dies used to stamp automotive body panels” on April 17, 2008. The common shares and warrants last traded at $3.22 and $.40, respectively, giving the units, which last traded at $3.14, a value of $3.62. The common shares have traded as high as $8.65. The warrants have a strike price of $5.00 and have an expiration date of April 10, 2011. The units were originally priced at $8.00.
Community Bankers Acquisition Corp., which raised $60 million when it went public on June 5, 2006, announced on September 6, 2007 that it had reached an agreement to acquire TransCommunity Financial Corporation, a community oriented Virginia based banking organization. The company subsequently changed its name to Community Bankers Trust (stock symbol: BTC). Prior to the shareholder vote, the company announced that certain new investors had purchased 4.1 million shares (approximately 55% of the shares originally sold in the IPO) and that these new investors had agreed to vote their shares in favor of the transaction in exchange for options from the insiders to purchase one common share and one warrant for each 4 shares that they had purchased at a strike price of $.01. On May 30, 2008, the shareholders approved the transaction. The common stock and warrants last traded at $3.80 and $.70, respectively, giving the units, which last traded at $4.36, a value of $4.50. The common shares have traded as high as $7.65. The warrants have a strike price of $5.00 and have an expiration date of June 4, 2011. The units were originally priced at $8.00.
Millennium India Acquisition Corporation (stock symbol: SMCG), which raised $58 million when it went public on July 21, 2006, completed its acquisition of minority interests in SMC Global Securities and an affiliate, two Indian financial services companies, on January 22, 2008. The transaction was approved only after certain of Millennium India Acquisition insiders agreed to give up as many as 900,000 of their shares to third party investors who indicated that they would be willing to purchase up to 3,000,000 shares from shareholders who were going to vote against the transaction. The common stock and warrants last traded at $1.22 and $.10, respectively, giving the units, which last traded at $1.29, a value of $1.32. The common shares have traded as high as $8.10. The warrants have a strike price of $6.00 and have an expiration date of July 19, 2010. The units were originally priced at $8.00.
Marathon Acquisition Corp., which raised $320,286,200 when it went public on August 25, 2006, closed on its acquisition of Global Ship Lease, a containership charter company, on August 14, 2008. In order to get the transaction approved, the founding shareholders agreed to forfeit approximately 3.06 million shares, or approximately 33%, of their holdings. The company subsequently changed its name to Global Ship Lease, Inc. (stock symbol: GSL). The common stock and warrants last traded at $1.92 and $.09, respectively, giving the units, which last traded at $2.00, a value of $2.11. The common shares have traded as high as $8.05. The warrants have a strike price of $6.00 and have an expiration date of August 24, 2010. The units were originally priced at $8.00.
Energy Services Acquisition Corp., which raised $51.6 million when it went public on August 30, 2006, completed its acquisition of C.J. Hughes Construction Company, an underground utility services company, and S.T. Pipeline, Inc., a company engaged in servicing the oil and gas industry primarily through the installation and repairs of pipelines, on August 15, 2008. The company subsequently changed its name to Energy Services of America (stock symbol: ESA). The common stock and warrants last traded at $3.02 and $.48, respectively, giving the units, which last traded at $4.43, a value of $3.98. The common shares have traded as high as $7.25. The warrants have a strike price of $5.00 and have an expiration date of August 29, 2011. The units were originally priced at $6.00.
SI has a thread devoted to ESA at:
Subject 57548
Rhapsody Acquisition Corp., which raised $41.4 million when it went public on October 10, 2006, completed its acquisition of Primoris Services Corporation (stock symbol: PRIM), a specialty contractor and engineering firm, on July 31, 2008. On December 24, 2008, the company completed a tender offer that resulted in the purchase of 1,416,908 warrants at $1.20 per warrant. The common stock and warrants last traded at $4.90 and $1.40, respectively, giving the units, which last traded at $5.00, a value of $6.30. The common shares have traded as high as $8.64. The warrants have a strike price of $6.00 and have an expiration date of October 2, 2010. The units were originally priced at $8.00.
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 $3.29 and $.17, respectively, giving the units, which last traded at $3.45, a value of $3.46. The common shares have traded as high as $14.97. The warrants have a strike price of $5.00 and have an expiration date of December 28, 2011. The units were originally priced at $10.00.
ChinaGrowth North Acquisition, which raised $39.9 million when it went public on January 25, 2007, completed its acquisition of UIB Group Limited, an insurance brokerage company based in China, on February 27, 2009 and changed its name to UIB Group Limited(stock symbol: CGNYF). The common stock and warrants last traded at $7.50 and $.11, respectively, giving the units, which last traded at $4.00, a value of $7.61. The warrants have a strike price of $6.00 and have an expiration date of January 23, 2011. The units were originally priced at $8.00.
ChinaGrowth South Acquisition which raised $40.1 million when it went public on January 25 2007, completed its acquisition of Olympia Media Holdings, described as "a leading operator of print media services to newspapers in China," on February 27, 2009 and changed its name to China TopReach, Inc. (stock symbol: CGSUF),. The common stock and warrants last traded at $6.00 and $.15, respectively, giving the units, which last traded at $3.50, a value of $5.10. The warrants have a strike price of $6.00 and have an expiration date of January 23, 2011. 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 $2.95 and $.10, respectively, giving the units, which last traded at $2.81, a value of $3.05.The common shares have traded as high as $8.30. The warrants have a strike price of $6.00 and have an expiration date of January 31, 2011. The units were originally priced at $8.00.
Symmetry Holdings, Inc., which raised $150,000,000 when it when 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 company subsequently changed its name to Barzel Industries (stock symbol: TONS). The common shares and warrants last traded at $.19 and $.06, respectively, giving the units, which no longer trade, a value of $.35. The common shares have traded as high as $8.10. The warrants have a strike price of $5.50 and an expiration date of March 7, 2011. The units were originally priced at $8.00.
Hyde Park Acquisition Corp., which raised $103.5 million when it went public on March 8, 2007, closed on the acquisition of Essex Crane Rental Corp. (stock symbol: HYQR), self-described as "the largest specialized fleet of lattice-boom crawler cranes and attachments in North America" on October 21, 2008. The common shares have traded as high as $7.90. The common stock and warrants last traded at $6.75 and $1.65, respectively, giving the units, which last traded at $6.50, a value of $8.40. The common shares have traded as high as $7.90. The warrants have a strike price of $5.00 and an expiration date of March 4, 2011. The units were originally priced at $8.00.
China Opportunity Acquisition Corp. (stock symbol: CHNQ), which raised $41.4 million when it completed its IPO on March 21, 2007, announced on November 13, 2008 that it has agreed to acquire Golden Green Enterprises Limited, a Chinese specialty steel company. On March 13, 2009, the transaction was approved and the company changed its name to Golden Green Enterprises Limited (stock symbol: GGEEF). The common shares and units have not yet traded under their new symbols. The warrants last traded at $.55. The warrants have a strike price of $5.00 and an expiration date of March 19, 2011. The units were originally priced at $6.00.
Vector Intersect Security Acquisition Corp., which raised $55.8 million when it went public on April 26, 2007, announced on December 19, 2008 that it had closed on the acquisition of Cyalume Technologies Holdings (stock symbol: CYLU), self-described as "a leading provider of safety, security and training products for the US military and other militaries." The common stock and warrants last traded at $3.45 and $.23, respectively, giving the units, which last traded at $3.50, a value of $3.69. The common shares have traded as high as $7.95. The warrants have a strike price of $5.00 and an expiration date of April 25, 2012. The units were originally priced at $8.00.
Vantage Energy Services, Inc., which raised $276 million when it went public on May 24, 2007, closed on the acquisition of four “ultra-premium jackup rigs” on June 10, 2008. The company subsequently changed its name to Vantage Drilling Company (stock symbol: VTG). The common stock and warrants last traded at $1.81 and $.12, respectively, giving the units, which last traded at $1.68, a value of $1.93. The warrants have a strike price of $6.00 and an expiration date of May 24, 2011. The units were originally priced at $8.00.
Aldabra 2 Acquisition Corp., which raised $414 million when it when public on June 19, 2007, completed its acquisition of certain paper and packaging assets from Boise Cascade on February 22, 2008 and changed its name to Boise, Inc. (stock symbol: BZ). Prior to the approval of the transaction, certain affiliates of the Boise entered into Contingent Value Rights agreements with 40 institutional investors as an incentive to get them to vote in favor of the transaction. The common stock and warrants last traded at $2.14 and $.15, respectively, giving the units, which no longer trade, a value of $2.29. The warrants have a strike price of $7.50 and an expiration date of June 18, 2011. The units were originally priced at $10.00.
Seanergy Maritime Corp. (stock symbol: SHIP), which raised $231 million when it went public on September 18 2007, announced on August 27, 2008 that its shareholders had approved the acquisition of six dry bulk vessels. The common stock and warrants last traded at $4.00 and $.18, respectively, giving the units, which no longer trade, a value of $4.18. The warrants have a strike price of $6.50 and an expiration date of March 24, 2011. The units were originally priced at $10.00.
FMG Acquisition, which raised $37,869,000 when it went public on October 5, 2007, completed the acquisition of United Insurance Holdings (stock symbol: UIHC) on September 29, 2008. The common stock and warrants last traded at $4.75 and $.41, respectively, giving the units, which last traded at $6.00, a value of $5.16. The warrants have a strike price of $6.00 and an expiration date of October 4, 2011. The units were originally priced at $8.00.
Global BPO Services Corp., which raised $250 million when it went public on October 18, 2007, announced on January 28, 2008 that it had signed a definitive agreement to acquire Stream Holdings Corporation, self-described as “a leader in providing global customer relationship management and other business process outsourcing services to Fortune 100 companies,” for $225 million. The purchase price was subsequently reduced to $200 million and prior to the shareholder vote the company secured $150 million in financing in the form of convertible notes and disclosed that the proceeds from the notes would be used for a tender offer of the company’s stock after the close of the acquisition at a price of $8.00 per share. On July 31, 2008, the company closed on the acquisition and changed its name to Stream Global Services, Inc. (stock symbol: OOO). The company subsequently purchased 20.757 million shares at a total cost of $166.056 million. The common stock and warrants last traded at $4.65 and $.20, respectively, giving the units, which last traded at $4.50, a value of $4.85. The warrants have a strike price of $6.00 and an expiration date of October 17, 2011. The units were originally priced at $8.00.
Heckmann Corporation (stock symbol: HEK), which raised $432,934,400 when it went public on November 13, 3007, completed its acquisition of China Water & Drinks, a leading distributor of bottled water in China, on October 31, 2008. The common stock and warrants last traded at $4.20 and $.55, respectively, giving the units, which last traded at $4.80, a value of $4.75. The common shares have traded as high as $10.74. The warrants have a strike price of $6.00 and an expiration date of November 9, 2011. The units were originally priced at $8.00.
Polaris Acquisition Corp. which raised $150 million when it went public on January 17, 2008, announced on June 16, 2008 that it had reached an agreement to acquire Hughes, Telematics, described as a leading participant in the auto telematics industry. The transaction closed on March 31, 2009 and the company changed its name to Hughes Telematics, Inc. (stock symbol: HTC). The common stock and warrants last traded at $4.12 and $.25, respectively, giving the units, which last traded at $4.56, a value of $4.37. The warrants have a strike price of $7.00 and an expiration date of January 10, 2012. The units were originally priced at $10.00.
Spring Creek Acquisition Corp., which raised $41,400,000 when it went public on February 28, 2008, completed its acquisition of AutoChina International, Ltd. (stock symbol: SCRF), a” leading one-stop commercial and consumer auto sales and financing company in China.” The common stock and warrants last traded at $7.30 and $1.10, respectively, giving the units, which last traded at $7.95, a value of $8.40. The common shares have traded as high as $7.87. The warrants have a strike price of $5.00 and an expiration date of February 26, 2013. The units were originally priced at $8.00. |
