SPAC Info

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

$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, 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

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 (NYSE Amex: HOL) announced that it has withdrawn its pre-conditional voluntary $255 million cash offer (first announced on July 21, 2008) to acquire all the issued shares of publicly-traded Bright World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