Granahan McCourt Acquisition Corporation SPAC Cuts it Close, Qualifying for Acquisition Extension on Last Possible Day

Granahan McCourt Acquisition Corporation, a $90 million SPAC priced in October of 2006, has announced that it has agreed in principle to acquire a target company, but has not yet disclosed the name. The company now has an additional 6 months to complete the transaction. According to the press release:

"Granahan McCourt Acquisition Corporation (AMEX:GHN, GHN.U, GHN.WS) (the “Company”) announced today that it has met the condition under its Fourth Amended and Restated Certificate of Incorporation that permits it until October 24, 2008 to complete an appropriate acquisition meeting the criteria set forth therein. The Company expects to announce a definitive agreement for a business combination shortly."

Click here for the press release