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

By Douglas A. McIntyre Published Feb 1, 8:56AM EST

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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.

Brought exclusively by SPACUpdate.com.

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.