SPACupdate.com monitors live deals involving blank check companies, associated stock and warrant transactions and relevant personnel moves. This week brings several issues and votes in the special purpose acquisition company sector.
GHL Acquisition Co. (AMEX: GHQ) will have its vote Wednesday, Sept. 23, to bring Iridium Holdings, a satellite company, public. Although the SPAC has until 2010 to complete its merger vote, multiple sources have indicated that, after a lengthy wait for federal approval, the blank check has secured enough votes to complete the deal. GHL’s warrants, now trading at around $3.30, support this.
Hicks Acquisition Co. (AMEX: TOH) will have its vote Thursday, Sept. 24; the SPAC recently moved its merger vote back by one day. As its vote to bring Resolute Natural Resources public nears, the blank check has increasingly sought out investors to support its deal. Ever since Hicks Acquisition dumped target Graham Packaging, investors SPO Advisory (22.5%) and Advisory Research Fund (5.56%) have taken stakes in the SPAC sources say will be voted in favor of its deal. The blank check has until Sept. 28 to complete its deal. Hicks may be closing in on getting sufficient shareholder support; more than 13 million shares of the SPAC have traded at or around its trust value since Sept. 15. Warrants are trading at around $0.56.
Capitol Acquisition Co. (AMEX: CLA), a $323 million SPAC, will have its vote Thursday, Sept. 24, to bring REIT Two Harbors Investment Corp. public. Monday, the SPAC’s shares briefly traded above trust value, signifying that Two Harbors owner Pine River Capital Management may still be buying shares. Nearly three million shares of the SPAC have been sold since Sept. 15.
Ultimate Escapes Holdings, the resort company to be acquired by Secure America Acquisition Co (AMEX: HLD) added to its portfolio 49 new club properties from smaller competitor Private Escapes appraised at around $50 million. Secure America still needs to execute buybacks to complete its deal deadline of late October, sources said. With a redemption value of $7.94 per share, the SPAC’s shares are trading at $7.88 and warrants are selling for $0.15.
Two SPACs announced deal vote dates last week: Global Consumer Acquisition Co. (AMEX: GHC) will have its shareholders meet to vote on its bank capital injection deal on Oct. 7; SP Acquisition Co. (AMEX: DSP) will meet with shareholders on Oct. 8 to bring Frontier Financial public.
To read more about any of these deals, please visit www.SPACupdate.com.
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