China Holdings Acquisition Corp. Files Annual Report

Read the report here

United Refining Energy Corp Files Quarterly Report

Read the report here

Navios Maritime Acquisition CORP Files Annual Report

Read the report here

Spring Creek Acquisition Corp. Announces Shareholder Approval of Acquisition of AutoChina Group Inc.

Spring Creek Acquisition Corp. (OTCBB: SCRQF, SCRWF, SCRUF) that announced its shareholders have approved the definitive share exchange agreement among Spring Creek and AutoChina Group Inc. The vote to approve the $69 million transaction took place on April 8, 2009 at Spring Creek’s extraordinary general meeting of shareholders. The SPAC will issue a press release when the transaction closes, which the parties expect to occur shortly.

Subsequent to the transaction, Spring Creek will change its name to AutoChina International Ltd. and continue to trade on the OTCBB under the symbols SCRQF, SCRWF, SCRUF until a new symbol is issued. In addition to approving the merger, the Spring Creek shareholders also approved certain amendments to Spring Creek’s certificate of incorporation and the election of three members to the Company’s Board of Directors.

Read the release here

China Discovery Acquisition Corp. to acquire Instant Noodle Company in $90 Million Transaction

China Discovery Acquisition Corp. (OTCBB: CADQE, CADWE, CADUE) and privately-held HeNan Smart Food Company announced that they have entered into a definitive share exchange agreement whereby China Discovery will issue 14.7 million shares and cash consideration of $3.0 million in exchange for 100.0% of Si Mei Te, subject to China Discovery shareholder approval.

Si Mei Te is an instant noodle producer in China, the largest instant noodle market in the world. Si Mei Te produces and sells its products under several brands and is ranked among the top 5 instant noodle producers in China based on market share.

Under the terms of the transaction, China Discovery will acquire 100.0% of Si Mei Te in exchange for 14.7 million newly issued shares of China Discovery and cash consideration of $3.0 million (representing total transaction consideration of approximately $87.4 million based upon the closing price for a China Discovery ordinary share of $5.74 on April 13, 2009). After the closing, China Discovery will have approximately 21.8 million basic shares outstanding and 24.4 million fully diluted shares outstanding(4). Si Mei Te current shareholders will own approximately 67.4% of the basic shares outstanding and 60.3% of the fully diluted shares outstanding in the pro-forma company.

Read the release here

VICTORY ACQUISITION CORP. TO TRANSFER THE LISTING OF ITS SECURITIES TO NASDAQ FOLLOWING TOUCH TUNES ACQUISITION

Victory Acquisition Corp. (NYSE Amex: VRY; VRY.WS; VRY.U), announced that, upon consummation of its previously-announced merger with TouchTunes Corporation, the SPAC will voluntarily transfer the listing of its common stock, warrants and units from the NYSE Amex to The NASDAQ Global Market. The SPAC expects that its common stock, warrants and units will begin trading on The NASDAQ Global Market on or about April 24, 2009 under the symbols TTUN, TTUNW and TTUNU, respectively.

The Company is currently not in compliance with certain continued listing standards of the NYSE Amex, as set forth in Section 704 of the NYSE Amex Company Guide, due to its failure to hold an annual meeting during 2008 to elect directors. Victory will conduct a special meeting in lieu of annual meeting on April 23, 2009 in order to, among other things, approve the merger with TouchTunes and elect directors. Accordingly, Victory will be in full compliance with the NYSE Amex’s continued listing standards at such time.

Read the release here

Pantheon China Acquisition Corp. Files Annual Report

Read the annual report here

Middle Kingdom Alliance Corp Files Annual Report

Read the annual report here

Stoneleigh Partners Acquisition Corp. enters into a Letter of Intent with Realty Finance Corporation

Stoneleigh Partners Acquisition Corp. (NYSE Alternext: SOC, SOC-U, SOC-WT), has entered into a letter of intent for a transaction with Realty Finance Corporation (“RFC”), a commercial real estate specialty finance company primarily focused on managing a portfolio of commercial real estate-related loans and securities.

The transaction is valued at approximately $242 million.

As of December 31, 2008, the net carrying value of RFC’s investments was approximately $1.2 billion and its GAAP book value was $218 million. RFC’s portfolio is comprised solely of commercial real estate debt and equity investments. RFC has long-term financing in place through the issuance of two CDO’s.

The SPAC will acquire a controlling interest in RFC. Stoneleigh will receive 31,000,000 shares of newly issued RFC common stock and a $31,250,000 principal amount senior secured note of RFC for which Stoneleigh will pay to RFC $25,000,000 in cash. Stoneleigh shall have the option to adjust its investment to any amount between $20,000,000 and $150,000,000; provided, however, that the number of shares of common stock and principal amount of notes shall be adjusted proportionately. The note will be secured by a first priority senior secured position in all of the assets of RFC, including the capital stock of RFC’s subsidiaries, and bear interest at the rate of 8%. Stoneleigh will have the right to appoint three of six members to RFC’s board of directors upon the closing of the transaction. Stoneleigh intends for the transaction to constitute a business combination as provided in its certificate of incorporation.

Read the release here

Columbus Acquisition Corp Shareholders Set to Vote On Amendment to Extend Deadline to July 15, 2009

$110 million SPAC Columbus Acquisition Corp continues to pursue its $93 million acquisition target, Integrated Drilling Equipment (IDE) Company.

Additionally, the SPAC has set April 20, 2009 as the record date for the stockholders entitled to vote at its special meeting to approve amendments to its certificate of incorporation to extend the time available for it to consummate a business combination with Integrated Drilling Equipment Company until July 15, 2009 and related proposals.

Currently, the SPAC has until mid-May to complete the acquisition.

Read the release here

Chardan 2008 China Acquisition Corp. Files Annual Report

Chardan 2008 China Acquisition Corp., an $55 million SPAC priced in August 2008, has filed its annual report. The SPAC, which has not specified a target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until mid-February 2011 to identify and complete an acquisition.

Read the annual report here

Victory Acquisition Corp. To Sets April 21, 2009 as Vote for Acquisition of Digital Jukebox Manufacturer

Victory Acquisition Corp., a $330 million SPAC priced in April 2007, had previously announced the $360 million acquisition of TouchTunes Corporation, an interactive digital entertainment system manufacturer.

The vote date occurs right at the expiration of the SPAC, so the sponsors will only have one opportunity for a successful vote.

Read the prospectus here

Tailwind Financial Inc Announces Liquidation

$100 million SPAC Tailwind Financial Inc will terminate on April 17, 2009 because the SPAC simply ran out of time. The liquidating distribution will equal approximately $8.18 per share.

After the close of trading of Tailwind’s shares on April 17, 2009, NYSE Alternext US LLC will suspend trading of its shares.

The SPAC's previous $99 million merger with Asset Corp and $600 million merger with GrandUnion called off due to market conditions.

Read the release here

Santa Monica Media Corp Files Annual Report and Announces Liquidation

Santa Monica Media Corp, a $100 million SPAC priced in March 2007, has run out of time and money:

"We have depleted the funds from the interest on the trust account available to us, and do not believe we have sufficient funds for all costs associated with implementing our plan of dissolution and liquidation as well as payments to any creditors."

The SPAC has announced that it will not move forward with its planned acquisition of NUI LLC, a "healthy kids lifestyle" company. The company was to have completed the acquisition of NUI by April 1st, 2009. The SPAC has approximately $8.07 in trust that it will distribute to shareholders.

Read the annual report here
Read the liquidation release here

InterAmerican Acquisition Group Inc. Files Annual Report

InterAmerican Acquisition Group Inc., a $46 million SPAC priced in September 2007, has filed its annual report. The SPAC, which had originally specified manufacturing or services in Mexico / Latin America as target industries for acquisitions, has agreed to acquire Sing Kung Ltd, a Chinese Infrastructure development for $185 million.

The SPAC has until early September to complete its acquisition.

Read the annual report here

Secure America Acquisition Corp Files Annual Report

Secure America Acquisition Corp, an $80 million SPAC priced in October 2007, has filed its annual report. The SPAC, which has specified homeland security as a target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until mid-October to identify and complete an acquisition.

Read the annual report here

GHL Acquisition Corp. Files Annual Report

GHL Acquisition Corp., a $400 million SPAC priced in June 2007, has filed its annual report. The SPAC, which had not specified a target industry for acquisitions, has agreed to acquire Iridium Holdings LLC, a voice and data mobile satellite services provider, for $490 million.

The SPAC has until mid-February 2010 to complete the acquisition.

Read the annual report here

TM Entertainment and Media, Inc. Files Annual Report

TM Entertainment and Media, Inc., a $82 million SPAC priced in October 2007, has filed its annual report. The SPAC, which has specified entertainment, media, digital or communications as target industries for acquisitions, has yet to identify an acquisition, and has recently resolved a proxy fight with major investor Opportunity Partners LP.

The SPAC has until mid-October to identify and complete an acquisition.

Read the annual report here

BPW Acquisition Corp Files Annual Report

BPW Acquisition Corp, a $350 million SPAC priced in February 2008, has filed its annual report. The SPAC, which has specified financial & business services as a target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until the end of February 2010 to identify and complete an acquisition.

Read the annual report here

Camden Learning Corp Files Annual Report

Camden Learning Corp, a $53 million SPAC priced in November 2007, has filed its annual report. The SPAC, which has specified education as a target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until the end of November to identify and complete an acquisition.

Read the annual report here

Hambrecht Asia Acquisition Corp. Files Annual Report

Hambrecht Asia Acquisition Corp., a $34 million SPAC priced in March 2008, has filed its annual report. The SPAC, which has not specified a target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until March 2010 to identify and complete an acquisition.

Read the annual report here

Asia Special Situation Acquisition Corp. Files Annual Report

Asia Special Situation Acquisition Corp, a $115 million SPAC priced in January 2008, has filed its annual report. The SPAC, which had originally specified hospitality or financial services in Asia as target industries for acquisitions, has agreed to acquire White Energy Company and Binderless Coal Company, clean coal upgrading technology companies, for $157 million.

The SPAC has until mid-January in 2010 to identify and complete an acquisition.

Read the annual report here

Ideation Acquisition Corp. Agrees to Acquire Chinese Outdoor Advertising Company in $177 Million Transaction

Ideation Acquisition Corp. (NYSE AMEX: IDI) and SearchMedia International Limited have agreed to merge in a $176.7 million all stock transaction. The $80 million SPAC, with priced in November 2007, has just over seven months to complete the acquisition.

SearchMedia is a multi-platform media company in China. It an integrated operator of outdoor billboard and in-elevator advertising networks in China. SearchMedia’s also offers a subway advertising platform.

Read the release here

Inter-Atlantic Financial, Inc. Files Annual Report

Inter-Atlantic Financial, Inc., a $69 million SPAC priced in October 2007, has filed its annual report. The SPAC, which has specified financial services is its target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until early October to identify and complete an acquisition.

Read the annual report here

Polaris Acquisition Corp Shareholders Vote to Approve Hughes Telematics Acqusition

Polaris Acquisition Corp. announced that it received shareholder approval and completed its merger with HUGHES Telematics, Inc. In connection with the merger, Polaris was renamed HUGHES Telematics, Inc. In addition, the securities which historically traded on the NYSE Amex under the symbol TKP will trade under the symbol HTC.

Holders of approximately 70.1% of Polaris’ shares approved the merger, and holders of 29.9% of Polaris’ shares voted against the merger.

In addition, approximately $72 million was spent by Polaris and HUGHES Telematics in share purchases from then Polaris shareholders.

Read the release here

TM Entertainment and Media, Inc. Finally Announces Settlement of Proxy Battle With Opportunity Partners L.P.

Finally concluding its ongoing proxy battle with investors, TM Entertainment and Media, Inc. (AMEX: TMI), has announced that it has reached an agreement with Opportunity Partners L.P., such that Opportunity agreed

1. to cease its efforts to effectuate an early windup of the SPAC;
2. not to oppose the board of directors at the next meeting of stockholders or otherwise seek to exercise control over the management of the SPAC;
3. to withdraw its demand to force the SPAC to hold an annual meeting of stockholders, and;
4. to enter into a forward contract with the SPAC or a third party whereby Bulldog would not vote its shares against a proposed business combination.

As part of the settlement, the SPAC has agreed to name one person to be designated by Opportunity to its Board of Directors,

As a result of the settlement agreement, the SPAC has determined to postpone the previously announced annual meeting of stockholders scheduled for May 13, 2009.

Read the release here

China Holdings Acquisition Corp. Withdraws Offer to Acquire Bright World Precision Machinery Limited

China Holdings Acquisition Corp. (NYSE Amex: HOL) announced that it has withdrawn its pre-conditional voluntary $255 million cash offer (first announced on July 21, 2008) to acquire all the issued shares of publicly-traded Bright World Precision Machinery Limited.

Because Bright World's profit after tax for the full year ended December 31, 2008 decreased by 11.3% to approximately RMB 127.9 million as compared to approximately RMB 144.3 million for the corresponding full year, the SPAC decided to withdraw its offer.

Read the release here

Advanced Technology Acquisition Corp Files Annual Report

Advanced Technology Acquisition Corp , a $173 million SPAC priced in June 2007, has filed its annual report. The SPAC, which had specified Israeli technology as a target industry for acquisitions, has agreed to acquire Bioness Inc., a medical device manufacturer for $247 million.

The SPAC has until mid-June to identify and complete an acquisition.

Read the report here

Sports Properties Acquisition Corp Files Annual Report

Sports Properties Acquisition Corp, a $215 million SPAC priced in January 2008, has filed its annual report. The SPAC, which had specified sports, leisure or entertainment as target industries for acquisitions, has yet to identify an acquisition.

The SPAC has until mid-January 2010 to identify and complete an acquisition.

Read the annual report here

2020 ChinaCap Acquirco, Inc. Files Annual Report

2020 ChinaCap Acquirco, Inc., a $69 million SPAC priced in November 2007, has filed its annual report. The SPAC, which has specified China, but no target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until early-November to identify and complete an acquisition.

Read the annual report here

TransTech Services Partners Inc., Files Annual Report

TransTech Services Partners Inc., a $41.4 million SPAC priced in May 2007, has filed its annual report. The SPAC, which had originally specified TMT as target industries for acquisitions, has agreed to acquire Gobal Hi-Tech Industries Ltd., an Indian steel producer.

The SPAC has until the end of May to identify and complete an acquisition.

Read the annual report here

Tremisis Energy Acquisition Corp II Files Annual Report

Tremisis Energy Acquisition Corp II, a $78 million SPAC priced in December 2007, has filed its annual report. The SPAC, which has specified energy or the environment as target industries for acquisitions, has yet to identify an acquisition.

The SPAC has until early December to identify and complete an acquisition.

Read the annual report here

Arcade Acquisition Corp. Files Intent to Delist, Move to the Pink Sheets

Arcade Acquisition Corp., a $70 million SPAC priced in May 2007 and focused on paper and packaging acquisitions has filed a notice of termination with the SEC.

According to InvestorsHub:

"When a firm “goes dark” it deregisters with the Securities and Exchange Commission (SEC) and delists its shares ... no longer required to make SEC filings such as annual reports, proxies, 10-Ks, [and] 10-Qs ... And they’re no longer required to have annual meetings or elect outside directors.

To deregister, a firm files Form 15-12G (Securities Registration Termination) with the SEC stating its intent to deregister, [then] ... the stock exchange or NASDAQ prohibits future trading in the shares. The firm’s shares are then relegated to the pink sheets, where liquidity is usually much lower. Although the actual process takes some time, the firm’s share price typically will decline immediately after the “going dark” announcement, since many institutions are prohibited from owning shares of firms that don’t file with the SEC or trade on the exchanges or NASDAQ"

Read the release here
More about form 15-12G here

North Shore Acquisition Corp. Appoints New Co-Chairman of the Board

North Shore Acquisition Corp. (OTC Bulletin Board: NSAQU, NSAQ, NSAQW) announced that it has appointed Young-Joo Kim as its Co-Chairman of the Board. Most recently, Mr. Kim served as the Chairman and Chief Executive Officer of NKBIO Co., Ltd., an anti-cancer cell therapy research firm.

Barry J. Gordon, the Company’s Co-Chairman of the Board and Chief Executive Officer, stated, “We are pleased to have Mr. Kim join North Shore. We believe his addition will greatly benefit our public stockholders as he has access to significant deal flow and should assist us in successfully completing a transaction.”

The SPAC also announced that Arthur H. Goldberg resigned his position as a member of the Board of Directors. Such resignation was made solely to allow Mr. Kim to join the Board inasmuch as North Shore’s by-laws permit a maximum of four directors.

Read the release here

Alyst Acquisition Corp Target China Networks Media Signs Letter of Intent With Zhuhai Broadcasting and Television Station

Alyst Acquisition Corp. (NYSE Amex: AYA) announced that its merger target, China Networks Media Limited has entered into a letter of intent with Zhuhai Broadcasting and Television Station to form a 50:50 joint venture. If the transactions contemplated by the LOI are consummated, Zhuhai TV will join the China Networks’ television joint ventures in Kunming and Yellow River, expanding the population reach of China Networks to a total of approximately 38 million viewers.

Under terms of the LOI, Zhuhai TV will enter into contracts under which China Networks will act as the exclusive advertising arm for all Zhuhai TV’s television channels for 20 years. Zhuhai TV will also contribute its library of media content to the Joint Venture. China Networks will pay approximately $11 million to Zhuhai TV to obtain a 50% ownership stake in the Joint Venture. China Networks will manage and control the Joint Venture and will consolidate the financial results thereof. Zhuhai TV will retain control over broadcasting operations and content decisions.

Read the release here

Victory Acquisition Corp. To Acquire Digital Jukebox Manufacturer in All-Stock Transaction

Victory Acquisition Corp., a $330 million SPAC priced in April 2007, has announced the $360 million acquisition of TouchTunes Corporation, an interactive digital entertainment system manufacturer. Shareholders can expect to vote on the transaction this April, because the SPAC has just over 30 days to complete the transaction before it expires.

The holders of common stock of TouchTunes will receive in the merger 28,322,760 shares of Victory common stock. Additionally, all outstanding TouchTunes’ options and warrants shall be cancelled and substituted with options and warrants of similar tenor to purchase an aggregate of 4,677,416 shares of Victory common stock.

TouchTunes develops, manufactures and sells interactive digital entertainment systems, principally digital jukebox systems, that provide digital entertainment content and-targeted advertising services to a network of approximately 38,000 bars, restaurants, retailers and other businesses, in North America. In addition, TouchTunes offers a wireless portable digital entertainment system and digital advertising. These services are provided, under a recurring revenue model, through long-term agreements with the company’s distribution channel of more than 2,800 amusement vendor operators and, more recently, through direct sales to national and regional chains, primarily restaurants.

The sponsors -- Eric J. Watson, Chairman, and Jonathan J. Ledecky, President (U.S. Office Products, Building One Services Corporation -- have been spending money on consumer-focused businesses. Ledecky and Watson have priced three SPACs (Triplecrown Acquisition Corp, Victory Acquisition Corp, and Endeavor Acquisition Corp), raising over $1 billion in proceeds and have thus far purchased American Apparel in a $240 million transaction in 2007.

They have two other SPACs on file: Grand Slam Acquisition Corp and Performance Acquisition Corp, which, if they ever price, could raise another $1.25 billion for the duo.

Read the release here

Trian Acquisition I Corp Files Annual Report

Trian Acquisition I Corp, a $920 million SPAC priced in January 2008, has filed its annual report. The SPAC, which has not specified a target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until January 2020 2010 to identify and complete an acquisition.

Read the report here

Polaris Acquisition Corp. Files Definitive Proxy Materials

Polaris Acquisition Corp. has filed definitive proxy materials in advance of its March 30, 2009 shareholder meeting.

Shareholders will be asked to vote upon the SPAC's proposal to acquire HUGHES Telematics, Inc., with Polaris continuing as the surviving corporation.

The proxy gives new details on:

• the completion by HUGHES Telematics of a $50.0 million private placement of Series B convertible preferred stock;
• interests of certain members of the SPAC's board of directors and officers in HUGHES Telematics’ Series B financing and ancillary transactions;
• the new merger agreement;
• revisions to the shareholders’ agreement term sheet;
• anticipated private purchases of Polaris common stock;
• updated pro forma and historical financial information.

Read the proxy here

Ideation Acquisition Corp Files Annual Report

Ideation Acquisition Corp, a $80 million SPAC priced in November 2007, has filed its annual report. The SPAC, which has specified digital media as its target industries for acquisitions, has yet to identify an acquisition.

The SPAC has until the end of November to identify and complete an acquisition.


Read the report here

Spring Creek Sets Shareholder Vote for Acquisition of AutoChina

Spring Creek Acquisition Corp. (OTCBB: SCRQF, SCRWF, SCRUF), a SPAC that raised $41 million in February of 2008, has announced that it will hold the shareholder vote for its acquisition of AutoChina on March 26, 2009.

The initial value for this transaction is $68.9 million based on a per share price of $8.00.

AutoChina is a commercial and consumer auto sales and financing company in China.

Read the proxy here

Asia Special Situation Acquisition Corp SPAC Formalizes Acquisition of Clean Coal Producer

Asia Special Situation Acquisition Corp SPAC, which had previously announced the acquisition of White Energy, a public company traded on the Australian Stock Exchange (ASX: WEC) that specializes in clean coal upgrading technology, has announced that it has entered into a Share Exchange Agreement to officially acquire the company.

The White Energy transaction value has been fixed at approximately $157 million not including the assumption of approximately $30 million in debt.

Read the release here

Prospect Acquisition Corp. Files Annual Report

Prospect Acquisition Corp., a $250 million SPAC priced in November 2007, has filed its annual report. The SPAC, which has specified financial services as its target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until mid-November to identify and complete an acquisition.

Read the report here

Capitol Acquisition Corp Files Annual Report

Capitol Acquisition Corp , a $263 million SPAC priced in November 2007, has filed its annual report. The SPAC, which has specified technology, media and telecommunications as its target industries for acquisitions, has yet to identify an acquisition.

The SPAC has until early-November to identify and complete an acquisition.

Read the report here

Alternative Asset Management Acquisition Corp. Files Annual Report

Alternative Asset Management Acquisition Corp, a $414 million SPAC priced in August 2007, has filed its annual report. The SPAC, which specified Alternative asset management as its target industry for acquisitions, has yet to identify an acquisition.

Alternative Asset Management Acquisition Corporation had previously announced its intent to purchase Halcyon Asset Management, a $12 billion hedge fund, in a $974 million acquisition, but that merger was called off.

The SPAC has until the end of August to identify and complete an acquisition.

Read the report here

MBF Healthcare Acquisition Corp Files Annual Report

MBF Healthcare Acquisition Corp., a $173 million SPAC priced in April 2007, has filed its annual report.

The SPAC has until mid April to complete its $479 million acquisition of home infusion therapy and specialty infusion services company Critical Homecare Solutions Holdings, Inc.

Read the report here

Polaris Acquisition Corp. Acquisition Target HUGHES Telematics Completes $50 Million Private Placement

Polaris Acquisition Corp. SPAC (NYSE Alternext: TKP) has announced that its target HUGHES Telematics completed a $50 million private placement of Series B convertible preferred stock with several institutional investors, including current shareholders of Polaris and affiliates of Apollo Management, L.P. The gross consideration to HUGHES Telematics for the Series B preferred stock consists of $37 million of cash and the payment of a $13 million trade payable.

As a result, Polaris will increase the number of shares of Polaris common stock issued to HUGHES Telematics holders at closing by approximately 5 million to a total of approximately 20 million shares.

The two parties ahave also agreed to extend the termination date for the merger agreement from April 15, 2009 to May 15, 2009 and allow Polaris and HUGHES Telematics to purchase shares of Polaris common stock to facilitate the closing of the merger, subject to certain limitations.

March 5, 2009 will be the vote date for its $704 million acquisition of Atlanta-based HUGHES Telematics (a privately-owned automotive telematics services company that currently provides and is developing a suite of real-time automotive services and applications). Hughes Telematics is majority-owned by Apollo management, a private equity firm.

Read the release here

Tremisis Energy Acquisition Corp II SPAC Announces Board Resignations, Appointments

In a top-level shuffle at Tremisis Energy Acquisition Corp II, each of Lawrence S. Coben, Stephen N. Casati, Jon Schotz and Charles A. Norris resigned from his position as officer and/or director of the SPAC.

Also, Ronald D. Ormand, the Company’s president, chief financial officer and director, resigned from his position as president and was appointed as co-chief executive officer of the Company and chief financial officer and director, until the Company files its Annual Report at which time he will resign from all of his positions except as a member of the Board of Director.

Finally, Mr. Kim was appointed as chairman of the board and co-chief executive officer and each of Seung Jung Ro, Jhong Won Kim and David Jin Yoo was appointed as a member of the Board of Directors. Additionally, Yeon-su Kim was appointed as secretary and will be appointed as chief financial officer upon Mr. Ormand’s resignation.

Read the release here

KBL Healthcare Acquisition Corp. III SPAC to Acquire PRWT Services, Inc. in $142 Million Transaction

KBL Healthcare Acquisition Corp. III (NYSE Alternext US:KHA, KHA-U, KHA-WT), a specified purpose acquisition company (SPAC), announced that it has entered into a definitive agreement to acquire privately-held PRWT Services, Inc., a national, diversified enterprise operating in pharmaceutical manufacturing and distribution, facilities management and maintenance services, and business processing services.

PRWT estimates that revenues increased to more than $165.0 million for the full year ended December 31, 2008 from $75.4 million in 2007.

The total consideration in the business combination is approximately $140.2 million, consisting of:

• 11.95 million shares of the post-merger public company being issued to the current PRWT stockholders, valued at $91.7 million, assuming a stock price of $7.67 (closing KHA stock price as of March 13, 2009)
• $3.5 million in cash being paid to the current stockholders of PRWT
• The assumption of up to $45.0 million of PRWT's net debt

Read the release here

SPAC Info Database Updated Today

We have updated the SPAC Info database as of March 16, 2009.

Look in our database for changes to the following SPACs, including updated trust value per share information, and more before you read about them on the blog:

• Alpha Security Group Corp
• Asia Special Situation Acquisition Corp
• Enterprise Acquisition Corp
• Global Consumer Acquisition Corp
• Golden Pond Healthcare
• Hicks Acquisition Co I Inc
• Highlands Acquisition Corp
• KBL Healthcare Acquisition Corp III
• North Shore Acquisition Corp
• NRDC Acquisition Corp
• Shermen WSC Acquisition Corp
• SP Acquisition Holdings, Inc.
• Stone Tan China Acquisition Corp.
• Stoneleigh Partners Acquisition Corp
• Triplecrown Acquisition Corp

(Update 3/18/2009)

• Alternative Asset Management Acquisition Corp.
• Capitol Acquisition Corp
• MBF Healthcare Acquisition Corp
• Prospect Acquisition Corp

Search the SPAC Info database

North Shore Acquisition Corp. Files Annual Report

North Shore Acquisition Corp., a $51 million SPAC priced in November 2007, has filed its annual report. The SPAC, which has not specified a target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until the end of November to identify and complete an acquisition.

Read the report here

Global Consumer Acquisition Corp. Files Annual Report

Global Consumer Acquisition Corp., a $320 million SPAC priced in November 2007, has filed its annual report. The SPAC, which has specified global consumer products and services as its target industries for acquisitions, has yet to identify an acquisition.

The SPAC has until the end of November to identify and complete an acquisition.

Read the report here

Enterprise Acquisition Corp Files Annual Report

Enterprise Acquisition Corp, a $250 million SPAC priced in November 2007, has filed its annual report. The SPAC, which has not specified a target industry for acquisitions, has yet to identify an acquisition.

The SPAC's previous announcement of a $742MM merger with Workflow Management, Inc was called off.

The SPAC has until early-November to identify and complete an acquisition.

Read the report here

Golden Pond Healthcare, Inc. Files Annual Report

Golden Pond Healthcare, Inc., a $135 million SPAC priced in November 2007, has filed its annual report. The SPAC, which has specified healthcare as its target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until early-November to identify and complete an acquisition.

Read the report here

Triplecrown Acquisition Corp. Files Annual Report

Triplecrown Acquisition Corp., a $552 million SPAC priced in October 2007, has filed its annual report. The SPAC, which has specified financial services as its target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until mid-October to identify and complete an acquisition.

Read the annual report here

NRDC Acquisition Corp Files Annual Report

NRDC Acquisition Corp., a $414 million SPAC priced in October 2007, has filed its annual report. The SPAC, which has not specified a target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until mid-October to identify and complete an acquisition.

Read the report here

Stone Tan China Acquisition Corp. Files Annual Report

Stone Tan China Acquisition Corp., a $263 million SPAC priced in October 2007, has filed its annual report. The SPAC, which has specified paper product manufacturers in China as its target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until mid-October to identify and complete an acquisition.

Read the report here

Highlands Acquisition Corp Files Annual Report

Highlands Acquisition Corp, a $138 million SPAC priced in October 2007, has filed its annual report. The SPAC, which has specified healthcare as its target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until early October to identify and complete an acquisition.

Read the report here

Hicks Acquisition Co I Inc Files Annual Report

Hicks Acquisition Co I, a $552 million SPAC priced in September 2007, has filed its annual report.

The SPAC, which not specified a target industry for acquisitions, has announced the $3.2 billion acquisition of Graham Packaging Holdings Company, producer of custom plastic containers.

Read the report here

KBL Healthcare Acquisition Corp III Files Annual Report

KBL Healthcare Acquisition Corp III, a $138 million SPAC priced in July 2007, has filed its annual report. The SPAC, which has specified healthcare as its target industry for acquisitions, has yet to identify an acquisition.

The SPAC has until mid-July to identify and complete an acquisition.

Read the report here

Shermen WSC Acquisition Corp SPAC Files Annual Report

Shermen WSC Acquisition Corp, a $138 million SPAC priced in May 2007, has filed its annual report.

The SPAC, which specified agriculture as its target industry for acquisitions, has announced the $300 million acquisition of Westway Group, a bulk liquid storage and liquid animal feed supplements company and just filed its preliminary proxy regarding the acquisition.

Read the report here
Read the preliminary proxy here

Victory Acquisition Corp SPAC Files Annual Report

Victory Acquisition Corp., a $330 million SPAC priced in April 2007, has filed its annual report. The SPAC, which has not specified a target industry for acquisitions, has yet to identify an acquisition.

The SPAC has just until the end of April to identify and complete an acquisition, making its dissolution likely.

Read the annual report here

Alpha Security Group Corporation SPAC Cancels Acquisition of Soya China, Announces Dissolution

Alpha Security Group Corporation (NYSE Alternext US LLC: HDS), a $60 million SPAC priced in March 2007, announced that it will no longer pursue the acquisition of Soya China Pte. Ltd., as contemplated by its previously announced Merger Agreement with Soya China Pte. Ltd. and its shareholders.

The company had previously announced the acquisition of all of the outstanding shares of Soya China Pte. from its three stockholders in exchange for a purchase price consisting of $30 million in cash and 6.3 million shares of Alpha’s common stock (approximately $90 million total at $9.80 per share of Alpha Security).

According to the SPAC Info database, the SPAC's trust is currently valued at approximately $10.16 per share.

Read the release here

Chief Executive Officer of BPW Acquisition Corp. Resigns, Replaced by Partner from Perella Weinberg Partners

Michael E. Martin (pictured) has resigned from his position as Chief Executive Officer of $350 million SPAC BPW Acquisition Corp. but will continue to serve as Chairman of the Board.

The Board of Directors subsequently appointed Gary S. Barancik as Chief Executive Officer of the SPAC. Mr. Barancik, 44, has been a Partner since October, 2006 in Perella Weinberg Partners LP’s strategic advisory group and has approximately 20 years of investment banking experience. Mr. Barancik has held various positions, including Managing Director, in Morgan Stanley’s Mergers and Acquisitions Department.

Read the release here

Tailwind Financial Inc. SPAC FIles Proxy, Sets Allen-Vanguard Corporation Merger Vote Date

Tailwind Financial Inc SPAC has filed the preliminary proxy for its acquisition of Allen-Vanguard, stating that shareholders will now vote on the $338 million on April 16, 2009.

Allen-Vanguard is a provider of solutions for protection and counter-measures against hazardous devices and materials, including improvised explosive devices (IEDs).

Tailwind raised $100 million in its April 2007 IPO.

Read the preliminary proxy here

China Opportunity Acquisition Corp SPAC Management Delays Shareholder Vote on Steel Manufacturer; Purchases "No" Votes From Shareholders

China Opportunity Acquisition Corp. SPAC entered into agreements to purchase 1,406,050 of the shares of its common stock in privately negotiated transactions from six stockholders who would otherwise vote against the SPAC’s proposed merger for an aggregate of $8,499,363 (approximately $6.04 per share).

These shares represent approximately 20.4% of the SPAC’s Public Shares.

The number of the SPAC’s Public Shares that could be acquired, when added to the number of Public Shares owned by SPAC management, constitute more than 60% of the total number of Public Shares. This will be enough to exceed the 40% "no vote" threshold, resulting in the likely approval of the $168 million acquisition of Golden Green Enterprises Limited (Owner of cold-rolled specialty steel products manufacturer Henan Green Complex Materials Co., Ltd).

The vote, which now appears to be a done-deal, will take place on March 13, 2009.

Update (3/12/2009): The day before the vote, China Opportunity Acquisition Corp. entered into agreements to purchase an additional 2,953,057 of the shares of its common stock in privately negotiated transactions from five stockholders who would otherwise vote against the Registrant’s proposed merger for an aggregate of $17,811,882.

Read more here
Read the update

SP Acquisition Holdings, Inc. Files Annual Report

SP Acquisition Holdings, Inc., a $432 million SPAC priced in October 2007, has filed its annual report. The SPAC, which has not specified a target industry for acquisitions, has yet to identify an acquisition.

The SPAC has just under 10 months to identify and complete an acquisition.

Read the annual report here

Stoneleigh Partners Acquisition Corp. SPAC Files Quartery Report

Stoneleigh Partners Acquisition Corp, a $223 million SPAC priced in June 2007, has filed its annual report. The SPAC, which has specified Businesses with Real Estate as main asset as its target industry for acquisitions, has yet to identify an acquisition.

The SPAC has approximately 3 months remaining to identify and close an acquisition.

Read the 10-Q Here

Polaris Acquisition Corp SPAC Sets New Date for Hughes Telematics Acquisition Vote

Polaris Acquisition Corp. SPAC (NYSE Alternext: TKP), announced that it is postponing the previously announced special meeting originally scheduled for March 5, 2009 at which its stockholders were to have considered and voted on the proposal to approve the merger between Polaris and Hughes Telematics, Inc., to March 25, 2009 at its original location. The record date for the special meeting remains February 6, 2009.

Additionally, Polaris announced that it has been advised by Hughes that Hughes is in final discussions with third parties regarding a transaction that will provide funds for working capital purposes and to support the shareholder vote at the meeting.

Read the release here

Atlas Acquisition Holdings Corp SPAC Files Annual Report

Atlas Acquisition Holdings Corp, a $200 million SPAC priced in January 2008, has filed its annual report. The SPAC, which has not specified a target industry for acquisitions, has yet to identify an acquisition.

Read the report here

TM Entertainment and Media, Inc. SPAC Hires MacKenzie Partners, Inc. to Handle Proxy Battle With Opportunity Partners

TM Entertainment and Media, Inc. (AMEX: TMI) announced that it has hired MacKenzie Partners, Inc. as the Company’s proxy solicitor and advisor in connection with (1) the Company’s consent revocation solicitation against Opportunity Partners L.P., (2) the Company’s 2009 annual meeting of stockholders and (3) any special meeting of stockholders to approve a business combination between the Company and a target company.

The $550 million SPAC has until mid October 2009 to announce an acquisition target.

The SPAC is engaged in a proxy fight with Opportunity Partners which is arguing for an early dissolution

Read the release here

SPAC Info Database Updated Today

We have updated the SPAC Info database as of February 20, 2009. We have also started notifying readers of the SPACInfo.com blog when updated 10-Ks and 10-Qs are filed by each SPAC that has yet to complete an acquisition.

Look in our database for changes to the following SPACs and more before you read about them on the blog:

• Apex Bioventures Acquisition Corp
• Atlas Acquisition Holdings Corp
• Columbus Acquisition Corp
• Enterprise Acquisition Corp
• GSC Acquisition Co
• Santa Monica Media Corp
• Spring Creek Acquisition Corp

Search the SPAC Info database

Enterprise Acquisition Corp. SPAC Terminates Merger Agreement With WF Capital Holdings, Inc.

Enterprise Acquisition Corp. (NYSE Alternext US, Units: “EST.U”, Common Stock: “EST,” Warrants: “EST.WS”) announced that its previously announced Merger Agreement with business management outsourcing solutions company WF Capital Holdings, Inc. (Workflow Management Inc.) has been terminated due to the fact that the closing of the merger transaction did not occur by February 28, 2009, the termination date set forth in the Merger Agreement.

The SPAC had previously announced that it had agreed to acquire a majority stake in Perseus LLC portfolio company Workflow Management Inc. for $742 million, including debt.

Enterprise will actively seek an alternative business combination with a target business prior to November 7, 2009.

Read the release here

Apex Bioventures Acquisition Corporation Board To Dissolve SPAC and Return Trust to Shareholders

Apex Bioventures Acquisition Corporation (NYSE Alternext US: PEX) (“Apex”), a $70 million SPAC priced June 2007, announced that its board of directors has determined that Apex will not consummate a business combination in the time frame required (by the first week in June 2009), and that it is advisable that Apex be dissolved.

The SPAC's trust is currently worth approximately $7.87 per share.

The Company will not proceed to liquidate until a plan of liquidation is approved by the Company and its stockholders.

Apex had previously announced a merger with merger with Dynogen Pharmaceuticals, a Waltham, MA-based drug developer. Dynogen filed for bankruptcy protection on February 24, 2009 under the weight of $10.6 million in liabilities.

The SPAC was led by Darrell J. Elliott, CEO (Isuma Strategies, MDS Capital Corp), K. Michael Forrest, President & COO (Apex Bioventures, LLC, AVI BioPharma, Cellegy Pharmaceuticals), and Gary E. Frashier, CFO (OSI Pharmaceuticals, Genex Corporation).

Click here for the release

Santa Monica Media Corporation SPAC Sets Shareholder Vote Date to Extend Timeframe to Acquire "Healthy Kids Lifestyle" Company

Santa Monica Media Corporation, a $100 million SPAC priced in March 2007, has set April 1st, 2009 as the date its shareholders will vote to (i) extend the date before which SMMC must complete a business combination from April 2, 2009 to December 15, 2009, and (ii) amend the threshold regarding the limit on the amount of the SPAC’s shares that may seek a conversion from less than 20% to less than 40% of such shares

The SPAC has simultaneously announced the name of the company with which it had entered into an LOI last September, California-based NUI, LLC, (http://www.nui.com/) a “healthy kids lifestyle” company.

NUI’s current and planned food and beverage products and media properties include NUI Hybrid Beverage,™ a fruit juice beverage, the NUI Island Eco-Logical Adventures book series, NUI.com (a planned online-community, social networking, and virtual world website) and the NUI Island Animated Television Series, currently in development.

Details of the transaction have not yet been disclosed.

Click here for the preliminary proxy

Columbus Acquisition Corp and Integrated Drilling Equipment Company Boards Vote to Approve Transaction and File Preliminary Proxy for Shareholder Vote

The boards of directors of Columbus Acquisition Corp. and Integrated Drilling Equipment Company have each unanimously approved the acquisition of IDE by Columbus.

Under the merger agreement, all of the outstanding shares of capital stock of IDE will be acquired by Columbus in exchange for:

• $43 million in cash;
• shares of Columbus common stock having a value of $50 million; and
• additional shares of Columbus common stock having a value of up to $156 million (Columbus will have the right to offer to pay up to 20% of the additional consideration in cash rather than in shares of Columbus common stock)

Immediately following the completion of the merger, the former stockholders of IDE are expected to own between 26.3% and 32.1% of the outstanding shares of Columbus common stock (or between 59.5% and 66.1% if additional consideration is paid in full in shares of Columbus common stock), depending on the number of Columbus stockholders that exercise their right to have their shares converted into cash.

Columbus intends to use the cash on its balance sheet following completion of the transaction to finance its operations and provide capital for acquisitions.

If stockholders do not approve the merger proposal, it is likely that Columbus will not be able to consummate the merger and will be forced to liquidate.

Click here for the preliminary proxy

GSC Acquisition Corp Files its Annual Report

GSC Acquisition Corp has filed its annual report. The $200 million SPAC is expected to close its $1.4 billion acquisition of power generating company Complete Energy Holdings by the end of June.

Annual Report

GHL Acquisition Corp SPAC and Iridium Satellite Report Positive Fourth Quarter Results

GHL Acquisition Corp, a $400 million SPAC priced in February 2008, held a joint conference call with its proposed acquisition target, satellite mobile telephone provider Iridium Satellite LLC, to announce fourth quarter results for Iridium.

Highlights include:

‐Total Subscribers Approximately 320,000; Up 37% for 2008 over 2007
‐Revenue Up 14% From Fourth Quarter 2007; Up 23% for 2008
‐Operational EBITDA Up 33% From Fourth Quarter 2007; Up 42% for 2008
‐Net Income Down 83% From Fourth Quarter 2007; Up 23% for 2008
‐Iridium Network Proves Resilient in Wake of Satellite Collision

The acquisition, which was announced last September, has until February 2010 to be completed by the two parties.

Click here for the release
Click here for the transcript of the call

China Healthcare Acquisition Corp SPAC Announces Record Date for Trust Fund Distribution

$57 million SPAC China Healthcare Acquisition Corp. (NYSE Alternext US: CHM, CHM-U, CHMW) announced today that its Board of Directors has set March 5, 2009 as the record date for determining the stockholders entitled to receive liquidating distributions from its trust fund.

The Company has instructed its transfer agent, American Stock Transfer & Trust Company, to close its stock transfer books as of the close of business on March 5, 2009.

Public stockholders at the close of business on March 5, 2009 will receive approximately $5.89 per share of common stock issued in the Company’s IPO, pending shareholder approval.

The SPAC, which priced its IPO in April 2007, is helmed by Alwin Tan, CEO & President (International Medication System, Ameribankers Corp) and Steven Wang, CFO (Cosmos Machinery Corp, Quality Pre-Cast Company).

Click here for the release

Columbus Acquisition Corp. SPAC Files Annual Report; Gives Presentation at Oil & Gas Conference

$110 million SPAC Columbus Acquisition Corp has filed its 2008 annual report in which it has clarified the corporate structure of its $93 million acquisition target, Integrated Drilling Equipment (IDE) Company.

According to the SPAC, IDE is a private holding company formed in 2008 to acquire the businesses of IEC Systems, L.P., and Advanced Rig Services, LLC, each of which were affiliated companies engaged in the business of designing, manufacturing, installing and servicing oil and gas drilling equipment.

Through IEC, IDE designs, builds and provides Silicon Controller Rectifier drive systems and provides rig electrical system design, installation and repair services for the land and offshore drilling industry. Through ARS, IDE is a provider of drilling rigs and their components used in the domestic and international land drilling industry. See the chart below for how it all fits together:
During Columbus Acquisition Corp's presentation at EnerCom’s, The Oil & Gas Conference^®, , Michael W. Ernestus, President and Executive Director of Columbus Acquisition Corp., was joined by Stephen Cope, Chief Executive Officer and Chairman of the Board and Stephen Goodland, Chief Financial Officer and Director of the Board, of Integrated Drilling Equipment to discuss the proposed merger.

Mr Ernestus discussed merger consideration:

"In addition to the $93 million [acquisition value] that we are proposing, we have earn-out payments to the shareholders, which are mostly the existing management of IDE. This earn-out is based on meeting certain EBITDA targets. Right now, the company is reporting $28.7 million in EBITDA and our earn-out target for 2009 this year is $55 million. If management achieves this $55 million, they will get an additional consideration of 50 million in shares, 20% of which can be cash. If they then proceed to the next earn-out target and earn $78 million in EBITDA, we will pay them an additional consideration of $106 million, again 20% cash, 80% stock, which basically what that means is the current owners of IDE put 60% of the total consideration basically up on their own projections that they meet these particular targets.

In addition, their management ... have committed to take up to $14.5 million of the $43 million in cash that they received and buy back in shares up to $14.5 worth of Columbus shares in the market in order to get this transaction going, in particular, if we have to buy out any no votes. We think that this is an extremely interesting company, with very high growth prospects."

... and Mr. Cope discussed IDE's strategy and the oil business in general:

"As most of you know, the market is dominated by one large player who probably controls 80% of the market. We have positioned ourselves to be a strong second place player in the market. We feel like that it’s needed. We feel like most of the contractors need an alternative, both from a delivery standpoint as well as service standpoint.

We also feel like that in a down market, refurbishment services are much more important than they are even in an up market where a lot of the smaller contractors don’t have the CapEx to go out and buy new rigs for $12 million or $14 million. They still have drilling contracts they have to fulfill and they still need to refurbish their rigs. Refurbishments can generally run anywhere from $3 million to $5 million to $8 million, so that refurbishment market it is historically been one of our major markets and we feel like that will continue even in 2009. "

And Mr. Goodland spoke briefly regarding use of proceeds and acquisition schedule following the proposed acquisition:

"... post-transaction we will have approximately $72 million in cash. The principal use for that is going to be to add to some acquisitions. We’ve got several people working on M&A pretty actively right now and we feel that once we would be able to close this transaction which is expected to be sometime during the month of April that we would start seeing some acquisitions and some uses of those cash pretty quickly. The plan is to do the acquisitions as similar of a mode as we’re doing right now with the combination of cash in the public company currency with earn-out targets and again, aligning everybody’s interest to grow the company and to perform for our shareholders."

Click here for the Transcript of the Meeting

Click here for the 10-K

Polaris Acquisition Corp. SPAC Sets Vote Date for $704 Million Acquisition of HUGHES Telematics

Polaris Acquisition Corp. SPAC (NYSE Alternext: TKP) has announced that March 5, 2009 will be the vote date for its $704 million acquisition of Atlanta-based HUGHES Telematics (a privately-owned automotive telematics services company that currently provides and is developing a suite of real-time automotive services and applications). Hughes Telematics is majority-owned by Apollo management, a private equity firm.

Polaris, which raised $150 million on January 17, 2008 and trades on the NYSE Alternext, is helmed by Marc V. Byron, CEO, Lowell D. Kraff, President, David F. Palmer, VP, and Jerry Stone, VP are all employees of Trivergance, a middle market investment bank which invested $4,500,000 in the SPAC.

Click here for the definitive proxy

Twenty-Eight SPACs Are Threatened With AMEX Delisting Notices

Last week, twenty-eight SPACs, including the two we already reported on (KBL Healthcare Acquisition Corp. III and Tremisis Energy Acquisition Corp II), were issued notices for violating Section 704 of the NYSE Alternext US Company Guide because each of the nearly thirty SPACs did not hold an annual meeting of its stockholders during the year ended December 31, 2008.

A number of the SPACs, including Hicks Acquisition Company I, Inc., Columbus Acquisition Corp., and Alyst Acquisition Corp. have appealed to the Exchange to combine the annual meeting that they need to have with their upcoming acquisition meetings (during which shareholders will vote to approve or deny any proposed transactions).

Those without any upcoming acquisitions votes will most likely be compelled to hold a separate annual meeting, as will those SPACs that have appealed to the exchange, if the exchange denies their requests.

Here is the complete list of the affected SPACs:

• Advanced Technology Acquisition Corp
• Alternative Asset Management Acquisition Corp.
• Alyst Acquisition Corp.
• Apex Bioventures Acquisition Corporation
• Capitol Acquisition Corp
• China Holdings Acquisition Corp.
• Columbus Acquisition Corp.
• Enterprise Acquisition Corp.
• Global Brands Acquisition Corp
• Global Consumer Acquisition Corp
  
• Golden Pond Healthcare, Inc.
• GSC Acquisition Co
• Hicks Acquisition Company I, Inc.
• Ideation Acquisition Corp
• Inter-Atlantic Financial, Inc.
• KBL Healthcare Acquisition Corp. III
• MBF Healthcare Acquisition Corp
• NRDC Acquisition Corp.
• Prospect Acquisition Corp
• Santa Monica Media Corp
• Secure America Acquisition Corporation
• SP Acquisition Holdings, Inc.
• Stoneleigh Partners Acquisition Corp
• TM Entertainment and Media, Inc.
• Tremisis Energy Acquisition Corp II
• Triplecrown Acquisition Corp.
• United Refining Energy Corp
• Victory Acquisition Corp

Oceanaut, Inc. SPAC Announces Plans to Dissolve

Oceanaut, Inc., a $150 million AMEX-listed SPAC priced in March 2007, has announced plans to dissolve, citing a board of directors' determination that there is not enough time for it to complete its acquisition of four dry bulk vessels for $352 million.

The SPAC, helmed by Christopher J. Georgakis, CEO & President, Eleftherios (Lefteris) A. Papatrifon, CFO and George Agadakis, COO, all employees of Excel Maritime Carriers, will proceed with liquidation proceedings at a special meeting on March 16, 2009.

This SPAC is an example of a blind pool that was raised by a corporation, as opposed to private sponsors, with Excel Maritime Carriers (Excel Maritime Carriers Ltd is an owner and operator of dry bulk carriers and a provider of seaborne transportation services for dry bulk cargo) investing (and losing by ultimately paying out to shareholders) $11 million in the IPO.

Click here for the release

SPAC Statistics: Tracking Acquisition Deadlines of Remaining SPACs

Today we're taking a look at data directly from the SPAC Info database to examine the deluge of SPAC acquisition deadlines on the way. The following chart details the months during which the SPACs that have priced over the past two years will be required to complete their acquisitions, barring any extensions.

There is only one more deadline remaining this month, Oceanaut, Inc., but we'll see another 47 SPACs reach their deadline by this time this year, with seventeen in October-November 2009 alone. After that point, there will only be a trickle of deadlines reached, culminating in the final SPAC, North Asia Investment Corp, which will reach its deadline to acquire a company in July 2011.

Now, shareholders may have the opportunity to extend the deadlines by which time the SPACs below must complete an acquisition, as we've seen in recent SPACs, but this is by no means a guarantee of an approval.

Upcoming SPAC Acquisition Deadlines
February 2009 - July 2011

Search the SPAC Info database to learn more about upcoming SPAC acquisition deadlines.

SPAC Info Database Updated

We have updated the SPAC Info database as of February 20, 2009. We will also start notifying readers of the SPACInfo.com blog when updated 10-Ks and 10-Qs are filed by each SPAC that has yet to complete an acquisition.

Look in our database for changes to the following SPACs and more before you read about it on the blog:

• Liberty Acquisition Holdings Corp
• Oceanaut, Inc.

Search the SPAC Info database

Trans-India Acquisition Corp SPAC Unable to Complete Solar Semiconductor Acquisition, Sets Vote Date to Dissolve

Trans-India Acquisition Corp, a SPAC which raised approximately $90 million in February 2007, has filed a preliminary proxy statement announcing plans to dissolve and setting the shareholder vote date to March 10, 2009.

The SPAC, which was intended to acquire life sciences businesses in India was helmed by sponsors Bobba Venkatadri, President & CEO (Aradigm Corporation, Akzo Nobel), Nalluru Murthy, and EVP (ACM Business Solutions, MZI Healthcare).

Trans-India had previously announced a $285 million acquisition of solar voltaic cells manufacturer Solar Semiconductor Ltd. on October 24, 2008 and had expected to vote on the proposed acquisition on February 11, 2009.

Click here for the proxy statement

New Feature Added to the SPAC Info Database: Up-to-Date and Future Trust Value Information

We're sure that many of our subscribers have noticed this brand-new feature already, but we wanted to officially let the rest of you know that we have enabled a deeper dive into current and future trust values for SPACs that still have yet to complete an acquisition.

As an example of what we've just introduced, please take a look at a snippet from the record for the $450 million SPAC United Refining Energy Corp (UREC):

Detailed Current SPAC Trust Information (UREC)
Date Trust Amount Was Last Reported (From 10-K or 10-Q)	Sunday, November 30, 2008
Current Trust Amount (on Reported Date Above)	$454,895,284
Trust Value Per Share (on Reported Date Above)	$10.11
Approximate Trust Value Per Share on 2/15/2009	$10.13
Approximate Trust Value Per Share on Date of SPAC Expiration	$10.25
The two "Approximate Trust Value Per Share" fields above assume that the monies in trust earn interest compounded every 6 months using an average 180-Day US Treasury yield of 0.45%. If the period remaining is greater or less than six months a compounding multiple or fraction was used. These values are approximate and may not take into consideration varying rates of return (we used an average yield on 6-month treasuries of 0.45% -- Source: Bloomberg as of 2/17/2009), or monies removed from the trust of SPACs to pay for overhead, acquisition or related other costs. The date of SPAC expiration is the final date by which shareholders must vote to approve an acquisition or dissolve the SPAC. This is the amount that SPAC shareholders can expect to receive on that date if they vote against a proposed acquisition or the SPAC dissolves.

You'll see that not only do you get the latest reported trust value (which is a new feature here at SPAC Info -- it previously was only the trust value at IPO), but you'll also see us perform some calculations for you so you can see, based on current 180-Day Treasury yields, what the recent and future (i.e. date of expiration) trust values are for each SPAC.

Like what you see? Take a moment to subscribe to the SPAC Info database

KBL Healthcare Acquisition Corp. III and Tremisis Energy Acquisition Corp II SPACs Threatened With Delisting for Not Holding an Annual Meeting in 2008

$134 million SPAC KBL Healthcare Acquisition Corp. III and $78 million SPAC Tremisis Energy Acquisition Corporation II announced that they had received notice from the NYSE Alternext indicating that the Companies have not held an annual meeting of stockholders in 2008.

The notification from the Exchange indicates that the Companies have until March 10, 2009 to submit a plan advising the Exchange of action they have taken, or will take, that would bring the Companies into compliance with all continued listing standards by August 11, 2009.

If the two SPAC’s plans are not accepted, the Exchange could initiate delisting procedures against the SPACs.

Click here for the release

SPAC Info Weekly Email Newsletter Now to Be Sent Out Every Monday Morning

Our heartfelt apologies to those of you who have signed up for our mailing list newsletter to have only received sporadic emails over the past months.

Our mailing list will now be automatically sent every Monday morning, starting next Monday, January 23, 2009. We welcome you to subscribe for free using the grey box on the right side of every page.

You will receive a list of the previous week's postings in this email to peruse at your leisure, without having to visit the spacinfo.com blog.

We have also added the ability to subscribe via the form on every page, unsubscribe via the "My Account" page and manage your subscription to the email list within the emails you receive.

Arcade Acquisition Corp. SPAC Announces Termination Of Definitive Agreements To Purchase Ten Container Vessels From Palmosa Shipping Corporation

Arcade Acquisition Corp. (OTC Bulletin Board: ACDQU; ACDQ; ACDQW) announced that it and Palmosa Shipping Corporation have agreed to terminate their $262 million agreement announced last September where Arcade would acquire ten feeder service containerships from Palmosa.

Jonathan Furer, Arcade’s Chief Executive Officer, stated:

The fundamentals in the shipping industry have changed sharply since we announced our transaction. Despite our best efforts and the cooperation of Palmosa, we have been unable to recraft the transaction into one that fits today’s industry fundamentals. We will continue to evaluate all alternatives for Arcade’s stockholders.

Given that Arcade now has just over 100 days to announce and complete an acquisition, dissolution is now the most likely outcome for the SPAC.

Click here for the press release

Spring Creek Acquisition Corp. SPAC Announces $69 Million Acquisition of Chinese Car Dealership Network

Spring Creek Acquisition Corp. (OTCBB: SCRQF, SCRWF, SCRUF), a SPAC that raised $41 million in February of 2008 and privately-held AutoChina Group Inc. announced that they have entered into a definitive share exchange agreement whereby Spring Creek will issue 8.6 million ordinary shares in exchange for 100.0% of AutoChina, subject to Spring Creek shareholder approval.

The initial value for this transaction is $68.9 million based on a per share price of $8.00.

AutoChina is a leading one-stop commercial and consumer auto sales and financing company in China. Founded in 2005 by Chairman and CEO, Yong Hui Li, AutoChina operates in two primary business segments: commercial vehicle sales and financing and sales of branded passenger automobiles through its nationally recognized dealer network.

Click here for the release

Dekania Corp SPAC Announces Dissolution After Shareholders Vote Against Financial Services Firm Acquisition

Dekania Corp, a $100 million SPAC priced in February 2007, has announced that its shareholders have overwhelmingly voted to liquidate the firm. Shareholders were not impressed with Dekania's $200 million proposed acquisition of financial services firm Advanced Equities Financial Corp., announced last September.

Dekania has announced that it intends to file its Certificate of Dissolution with the Secretary of State of the State of Delaware as soon as practicable. Following the dissolution, and pursuant to the plan of liquidation, the Company's securities will be delisted from NYSE Alternext US and it will deregister its securities from the Securities and Exchange Commission.

Click here for the release

Geneva Acquisition Corp Shareholders Vote Aainst Acquisition of Indian Steel Producer, SPAC to Dissolve

Geneva Acquisition Corp, a $70 million SPAC priced in February 2007, was set to merge with Gobal Hi-Tech Industries Ltd., an Indian steel producer, in a $44,450,000 transaction, but had the acquisition voted down by shareholders.

The AMEX-listed SPAC was helmed by sponsors James E. McGrath, President (Fairfax Capital Partners, Xycom Automation) and John F. Rousseau, Jr., COO (New England Partners, Nexus Medical Partners).

The company will now begin the process of liquidation.

Click here for the release

SPAC Info Database Updated

We have updated the SPAC Info database as of today, February 2, 2009. Look for changes to the following SPACs and more:

• Arcade Acquisition Corp
• Dekania Corp
• Geneva Acquisition Corp
  
• Polaris Acquisition Corp
• Shermen WSC Acquisition Corp
  
• Spring Creek Acquisition Corp.
• Trans-India Acquisition Corp

Click here to search the SPAC Info database

Third Wave Acquisition Corporation SPAC Withdraws $350 Million IPO Registration

Third Wave Acquisition Corporation, a $350 million SPAC filed in November 2007 has withdrawn its IPO registration with the SEC, citing "current market conditions."

The SPAC, which was to be listed on the AMEX, was focused on acquisitions NOT related to real estate, lodging and/or hospitality, energy, or infrastructure and was helmed by sponsors Barry S. Sternlicht, (pictured) CEO (Starwood Capital Group, Starwood Hotels & Resorts Worldwide), Alexandre von Fürstenberg, President (Arrow Capital Management) and Matthew Eby, CFO and Treasurer (J.A.W.S. Estates Capital).

Click here for the release

Polaris Acquisition Corp SPAC Sets Record Date for Stockholder Approval of Hughes Telematics Acquisition

Polaris Acquisition Corp. SPAC (NYSE Alternext: TKP) which had been looking to acquire a growing subscription-based business or assets, announced that stockholders of record as of the close of business on February 6, 2009 will be entitled to vote on the acquisition of Hughes Telematics Inc.

Polaris raised $150 million on January 17, 2008 and trades on the NYSE Alternext.

Hughes Telematics, Inc. is an Atlanta-based automotive technology solutions company that focuses on in-vehicle telematics. Hughes Telematics is majority-owned by Apollo management, a private equity firm.

Click here for the release

China Opportunity Acquisition Corp Sets Vote Date for Acquisition of Steel Manufacturer

Stockholders of China Opportunity Acquisition Corp. (“COAC”), will vote at 10:00 a.m. eastern time, on Tuesday, March 10, 2009, at the offices of Graubard Miller, on the $168 million acquisition of Cold-rolled specialty steel products manufacturer Henan Green Complex Materials Co., Ltd.

China Opportunity raised $41.7 million on March 20, 2007.

They will be asked to vote upon a proposal to approve the Agreement of Merger and Plan of Reorganization, dated as of November 12, 2008, among COAC, Golden Green Enterprises Limited, Wealth Rainbow Development Limited, Henan Green Complex Materials Co., Ltd and the shareholders of BVICo, which, among other things, provides for the merger of COAC with and into BVICo, with BVICo being the surviving entity of such merger.

Click here for release

Hicks Acquisition Company I SPAC and Graham Packaging Holdings Company Amend $3.2 Billion Acquisition Agreement

Hicks Acquisition Company I, Inc. (AMEX: TOH), a Dallas-based SPAC, and Graham Packaging Holdings Company and The Blackstone Group (NYSE: BX) have announced that they have amended their previously announced agreement under which Graham Packaging will go public through a transaction with Hicks Acquisition in partnership with Blackstone and the Graham Group.

The amendment stipulates, among other things, that:

• Hicks Acquisition and Blackstone will each have the right to terminate the agreement by giving written notice to the other; and
• Each party will be released from the agreement’s exclusivity provisions and will be permitted to consider other possible transactions.

The $3.2 billion acquisition was originally announced on July 2, 2008.

Click here for the release

TM Entertainment & Media, Inc. SPAC Proxy Fight With Opportunity Partners Continues

The public proxy fight between the SPAC TM Entertainment and Media, Inc. and Opportunity Partners continues with this letter from Ted Green and Malcolm Bird at TM to Phillip Goldstein at Opportunity Partners:

January 23, 2009

Phillip Goldstein
Opportunity Partners L.P.
60 Heritage Drive
Pleasantville, NY 10570

Dear Mr. Goldstein:

We received your letter dated January 12, 2009 and would like to respond to some of your statements and questions.

First, we are well aware of the requirements necessary for the Company to complete a business combination. We will address how we intend to deal with potential “no votes” at the appropriate time. However, we are confident that the Company will receive a sufficient number of votes to approve a business combination, as other SPACs have recently.

Second, certain of the Company’s warrant holders have in fact informed us that they would pursue legal actions against the Company in the event it attempts an early liquidation of the trust account. We can debate the merits of such claims, but if they are brought they could delay the distribution of funds, perhaps even beyond October, regardless of their outcome. We are aware of a few SPACs that have liquidated shortly before their two-year term, but we believe those situations are clearly different than the Company’s situation as we still have approximately nine months to complete a business combination.

Finally, we understand that due to the recent economic crisis a number of funds are experiencing liquidity issues. As we previously stated, we intend to operate the business in the best long-term interests of all stockholders and not just those who may have short-term cash needs.

As our proxy statement indicates, we reiterate to our stockholders to NOT give you their written consent so that the Company may continue its pursuit of its business combination and maximize value for all stakeholders.

Very truly yours,
/s/ Ted Green and Malcolm Bird
TM Entertainment and Media, Inc.

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Geneva Acquisition Corp. SPAC Sets Shareholder Vote Date on Acquisition of Indian Steel Manufacturer

Geneva Acquisition Corp (GAC) shareholders will vote on February 11, 2009 on Geneva Acquisition Corporation's acquisition of Indian steel manufacturer Global Hi-Tech Industries Limited (GHIL) at the offices of Loeb & Loeb LLP, 345 Park Avenue, New York, NY 10154.

Shareholders will be asked to vote upon the acquisition of approximately 51.6% Global Hi-Tech Industries Limited for 1,289,262 shares of GAC common stock (valued at $7,606,646, based on Geneva’s stock price on November 21, 2008), and approximately $6,033,746 cash (it is estimated that GHIL will have up to $18 million in long term debt at the closing).

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NTR Acquisition Corp SPAC to Dissolve

NTR Acquisition Co. a SPAC focused on the petroleum refining and marketing industry, terminated its corporate existence on January 30, 2009 and announced that it will disolve, distributing $10.03 per share to holders of record on January 30, 2009. The distribution is expected to be made on or before February 6, 2009.

The AMEX-traded SPAC, helmed by Mario E. Rodriguez, CEO (Citigroup, J.P. Morgan), William E. Hantke, CFO (Premcor, Inc., Tosco Corporation) and Henry M. Kuchta, COO (Premcor Inc, Phillips 66) raised $245 million in its January 30, 2007 IPO, and had previously announced a merger with Kern Oil Refining, which was later called off.

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