There is quite a bit changing in the land of special purpose acquisition companies, a.k.a. SPACs. We have been provided some key special purpose acquisition data by SPACupdate.com, which tracks major stock and warrant purchases in blank check companies through its bimonthly investor updates. Below, are investments and stake sales compiled from the last two weeks of August. Integrated Core Strategies exited investments in SPACs with fast-approaching vote dates and Westway Group, brought public through Shermen WSC Acquisition earlier this year, saw substantial shareholder turnover recently.
As of August 25, 2009, Arrowgrass Capital Partners announced an 8.4% stake in Secure America Acquisition Co. (AMEX: HLD). The SPAC is yet to identify a target. Weiss Capital stated in a 13G it has a 1.8% stake in China Fundamental Acquisition Co. (OTC: CFQCF). The SPAC is yet to identify a target. Weiss Capital sold its stake in Chardan China 2008 Acquisition Co.; previously it held a 5.7% stake (NASDAQ: CACA). The SPAC is yet to identify a target.
As of August 19, 2009, HBK nearly doubled its stake in Westway Group, the company brought public via Shermen WSC Acquisition Co., to 17.4% (OTC: WTWG).
As of August 18, 2009, Victory Park Capital Advisors sold a stake of about 8.5% in AutoChina Intl., the company brought public via Spring Creek Acquisition Co. (OTC: AUCUF). Integrated Core Strategies, the investment arm of Israel Englander, reduced 11% to 2% its holdings in Global Consumer Acquisition Co. (AMEX: GHC). The SPAC is currently having difficulty securing assets it planned to buy from Colonial BancGroup after that entity failed and was absorbed into BB&T.
As of August 17, 2009, Integrated Core Strategies, took a 5.5% stake in CS China Acquisition Co. (OTC: CSAQF). The SPAC, which has until 2011 to declare a target, has not yet done so.
As of August 14, 2009, Integrated Core Strategies, revealed in a 13D it has a stake of nearly 50% in Westway Group (OTC: WTWG).
As of August 12, 2009, Integrated Core Strategies, reduced its stake in Ideation Acquisition Co. (AMEX: IDI) to 3.3%. A 2007 filing by the investor revealed an 8% stake. The SPAC aims to bring public SearchMedia, a China-based advertiser, by this November.
SPACUpdate also welcomes tips on smaller stake buys at [email protected].
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