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Banking, finance, and taxes

SPAC/Blank Check IPO Filing: 57th Street General Acquisition Corp.

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By Douglas A. McIntyre Updated Published
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The world of special purpose acquisition companies may get yet another new entrant.  After the close of trading on Monday came the filing for 57th Street General Acquisition Corp. to come public via an initial public offering.  This deal is being brought by Morgan Joseph and by Ladenberg Thalman & Co.   57th Street plans to sell 5,000,000 Units, each at a purchase price of $10.00 per unit and consisting of one share of common stock and one warrant to purchase one share of our common stock with an $11.50 strike price.

57th Street is a newly organized blank check company formed for the purpose of acquiring (or merging with) one or more operating businesses or assets that have not yet been identified.  This blank check has a bit shorter of a lease as it will only have 15 months from the date of this prospectus to consummate its initial business transaction.

Unfortunately, this one plans to trade OTC on the Bulletin Board.

Jon C. Ogg

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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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