SPAC Info

Gabelli Entertainment & Telecommunications Acquisition Corp filed to withdraw the registration statement for its 125 million dollars offering of the company’s securities. The company and the underwriters, Ladenburg Thalmann & Co. Inc., have determined that at this time they will not proceed with the registration and sale of the units as contemplated in the Form S-1 Registration Statement.

The SPAC, headed by well known fund manager Mario Gabelli, initially planned to raise 200 million dollars through Initial Public Offering. In November 2008, the company then reduced the target by nearly 38%.

Gabelli Entertainment & Telecommunications Acquisition Corp was founded as a blank check company which planned to engage in a merger or acquisition with company in media, entertainment, telecommunications, or financial services industries.

After this withdrawal, Mario Gabelli still has one SPAC in registration, Greenwich PMV Acquisition Corp, which also planned to raise $200 million.

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Navios Maritime Acquisition Corp (NNA) announced today that the special meeting for voting of the proposed 13 tanker ships acquisition by Navios Acquisition will take place on Tuesday, May 25, 2010 at 10:00 a.m., Eastern Standard Time, at the offices of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., The Chrysler Center, 666 Third Avenue, New York, New York 10017.

Accordingly, Navios Acquisition’s board of directors have set the record date to April 30, 2010. This record date determines which stockholders are entitled to receive notice of, and, to vote at, this special meeting. To become an owner of record, purchases of shares must be executed by the close of trading on Tuesday, April 27, 2010, assuming a three business day settlement period following the trade date.

This press release is not a solicitation to vote and further information about the ship acquisition and related information can be found in Navios Acquisition’s filings with the Securities and Exchange Commission, including a Preliminary Proxy regarding the vessel acquisition under cover of a Report on Form 6-K filed on April 8, 2010 and Definitive Proxy to be filed following the record date of April 30, 2010.

Navios Maritime Acquisition Corp (NNA), a $123.4 million SPAC focused on a target business in the marine transportation and logistics industries,  announces an agreement today to purchase 13 tanker ships for almost half a billion dollars.  With this purchase agreement, Navios Maritime Acquisition will operate a fleet consisting of eleven product tankers and two chemical tankers.

All of the purchased ships are still being constructed at shipyards in South Korea, with the first two ships scheduled for delivery in May. It looks like Navios acquired them from a company or a group that ran into financial troubles after placing the orders for these ships.

The Greek-sponsored SPAC will use all $123.4 million funds raised from its IPO in June 2008 to finance the purchase. The rest will come from loans. The shareholders are expected to approve the deal as of April 26 in order to complete the agreement. Currently, a date for the vote has not been scheduled.