Many Key SPACs on Deck (PAX, TOH, EST, TCW, CFQCF, GQN, NSAQ, CIO)

Banking, finance, and taxes

Published: November 13, 2009 9:23 am

Last Updated: November 13, 2009 12:22 pm

We have been given some exclusive data from SPACupdate.com on the progress of many blank check and special purpose acquisition companies which their targets and relevant trading data. Prospect Acquisition Co. (AMEX: PAX), Hicks Acquisition Co. (AMEX: TOH), Enterprise Acquisition Co. (AMEX: EST), Triplecrown Acquisition Co. (AMEX: TCW), China Fundamental Acquisition Co. (OTC: CFQCF), Global Brands Acquisition Co. (AMEX: GQN), North Shore Acquisition Co. (OTC: NSAQ), and Asia Special Situation Acquisition Co. (AMEX: CIO) all have very recent or pending data important for SPAC and special situations investing.

Prospect Acquisition Co. (AMEX: PAX) has entered into forward sale or buyback contracts to get more than 3 million of its shares voting in favor of its deal, the SPAC announced. Prospect Acquisition’s deal vote to bring public Kennedy-Wilson Inc. is set for today—the SPAC’s deal deadline is tomorrow. Sources have indicated that with its latest agreements, set up with Victory Park Capital Advisors, Credit Suisse, Malibu Partner and other investors, the merger will have enough votes to pass.

Lately, Victory Park has helped several SPACs make it across the finish line, including Hicks Acquisition Co. (AMEX: TOH), Enterprise Acquisition Co. (AMEX: EST) and Triplecrown Acquisition Co. (AMEX: TCW). Earlier this week, Guardian Life Insurance Co., a lender to Kennedy-Wilson, bought into the blank check and was allowed to appoint one of its board members.

China Fundamental Acquisition Co. (OTC: CFQCF) has a deal. The SPAC has not revealed its merger target, so there’s not much more to report than that. The blank check’s warrants, at around $0.95, were trading higher than any other SPAC that had not declared a merger, prior to its announcement. China Fundamental told its shareholders it could look to extend its deal deadline by up to a year, to May 2011.

Global Brands Acquisition Co. (AMEX: GQN) has less than a month to complete a merger, but there is no time to get started like the present. As several SPACs have already done this fall, Global Brands will look to take Gerrity International, a West Coast REIT, public.

North Shore Acquisition Co. (OTC: NSAQ), which was working to get its merger with a Korean offshore drilling company completed by early December, announced that it is now attempting to push its deal deadline back to March 2010.

Asia Special Situation Acquisition Co. (AMEX: CIO) saw its deal with White Energy collapse when its target took a $100 million investment from another bidder. The SPAC now has until Jan. 10, 2010 to identify a new target and get a merger completed.

For more on these mergers and other deal votes, please visit www.SPACupdate.com.

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