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Banking, finance, and taxes

Advanced Technology, Israeli Blank Check Company Bites the Dust (AXC)

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By Douglas A. McIntyre Updated Published
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Burning Money PicAdvanced Technology Acquisition Corp. (NYSE/AMEX: AXC) is a special purpose acquisition company, or blank check company, that is about to no longer be.  The company has announced that its stockholders are voting to approve a plan of liquidation. The company has instructed its transfer agent to close its stock transfer books as of the close of business on July 6, 2009.

Upon receiving stockholder approval of its plan of liquidation, the trustee of its trust account will make a final liquidating distribution of the trust account.   There is actually no real arbitrage left here as the distribution will come to roughly $8.12 per share of common stock.  At the end of the day today, shares are at $8.12.  No payments will be made associated with the outstanding warrants, nor will any payments be made to holders of the shares owned by the initial stockholders that were owned prior to the company’s initial public offering.

The Company intends to file a certificate of dissolution with the Secretary of State of the State of Delaware and also Plans to file a Certification and Notice of Termination of Registration with the SEC to de-register shares and securities.

Advanced Technology Acquisition Corp. is (or was) a blank check company formed for the purpose of finding a merger candidate with a technology or technology-related business with operations or facilities located in Israel.

For all practical purposes, you can consider this one gone.

Jon C. Ogg
July 6, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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