SPAC Deals Keep Rolling; More Blank Checks Set to Emerge (NLX, CSAQF, AXG, CFQCF, AMRR)

We have been given some exclusive coverage on the recent developments in special purpose acquisition companies and blank check companies from SPACupdate.com this morning.  Deals with news on deck are in Overture Acquisition Co. (AMEX: NLX),
CS China Acquisition Co. (OTC: CSAQF), China Fundamental Acquisition Co. (OTC: CFQCF) and Atlas Acquisition Co. (AMEX: AXG).

Overture Acquisition Co.’s (AMEX: NLX) deal to merge with an insurer was torpedoed at the last second by reluctant shareholders, despite the SPAC’s hiring Victory Park Capital Advisors to rein in no-votes.

Tomorrow, CS China Acquisition Co. (OTC: CSAQF) will have its deal vote to bring public Asia Gaming & Resort Ltd., which has gotten a positive reception from warrant holders and shareholders. Warrants have traded well, at $0.58 each, and shares are trading $0.16 off trust, at $5.80. Thanks in part to the SPAC’s small size, we project this merger will be approved by shareholders Tuesday.

Atlas Acquisition Co. (AMEX: AXG) will also have a deal vote later this month; the SPAC’s shares are trading about $0.19 off trust and warrants are trading at a low $0.25 each. As the SPAC works to bring public Koosharem Corp.’s Select Staffing, it is expected that buybacks will be announced prior to its Feb. 12 vote date. SPACupdate.com will continue to monitor the ongoing situation.

Also set for a Feb. 12 vote date is China Fundamental Acquisition Co. (OTC: CFQCF); this deal vote’s tea leaves read a little more clearly. With warrants trading in excess of $1 each, it is expected the SPAC’s deal to buy Beijing Wowjoint Machinery Co. will be approved by shareholders eager to latch onto China’s ongoing economic renaissance.

Today, ARMOUR Residential REIT Inc. will de-list from the AMEX and onto the OTC Bulletin Board after failing to meet exchange requirements. The company’s new ticket symbols for shares and warrants will be AMRR (common) and AMRRW, respectively. The REIT was brought public via Enterprise Acquisition Co.

Finally, there is more news from the SPAC world regarding upcoming blank checks. With just one SPAC issued since the 2008 markets crash, Helikos SE, which will list on the Frankfurt Stock Exchange, could IPO within weeks, sources confirm. Additionally, Spring Creek Acquisition Co.’s management team is said to be speaking to investment banks to prepare a follow up SPAC to one of the most successful blank checks of 2009.

With more merger votes coming soon, SPACupdate.com will continue to monitor blank checks and their ongoing deal situations.

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