Phoenix India Acquisition Corp: Why this One Is Interesting

On March 7, Phoenix India Acquisition Corp announced that they are going to dissolve after being unable to complete their transaction in enough time.

Says the Chairman of Phoenix India, Raju "Mr. Morgan Stanley" Panjwani:

"...The provisions of ... our Certificate of Incorporation govern our conduct as a special purpose acquisition corporation and require us to, among other things, take action to dissolve and liquidate the Company in the event we have not completed an acquisition by April 5, 2008. We believe that it is in the best interests of the Company to continue the existence of the Company after the distribution of the funds in the IPO trust account to permit us to complete the acquisition of Citius Power Limited. We intend to obtain the funds for that acquisition through a private placement transaction..."

So they're going to use the SPAC as a ShellCo that essentially cost them nothing to put together and reverse merge their private target into it by doing a private placement. Why didn't they just do a reverse merger in the first place? We don't like it, and we don't approve. We can't even look it in the eye.

Here's the filing again